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ITAT Ahmedabad

No Section 271D penalty for Loan to Company through journal entry

August 25, 2022 1218 Views 0 comment Print

DCIT Vs Analytical Technologies Ltd. (ITAT Ahmedabad) Assessee submitted that there is no contravention of Section 269SS of the Act relating to the loan transactions made through banking channel, the same are availed by the Director and passed to the assessee company through ‘journal entry’ wherein penalty u/s. 271D cannot be levied. The ld. CIT(A) […]

Claim of loss on share trading business of Benami business of other party not allowed

August 23, 2022 636 Views 0 comment Print

Held that the assessee was not carrying on any share trading business, and it was the benami business of other assessee. Accordingly, denial of the claim of loss justified.

TDS not deductible as patent/ copyright not used against royalty paid

August 19, 2022 2577 Views 0 comment Print

Held that TDS not deductible when neither any patent or copyright was used by the assessee against which the royalty was paid nor there was any technical know-how made available to the assessee.

Addition u/s 68 sustainable on failure to establish genuineness and creditworthiness of lender

August 19, 2022 1356 Views 0 comment Print

Held that since the receiver has failed to establish the creditworthiness of the lender and genuineness of the transaction, addition u/s. 68 as unexplained cash credit sustainable.

Earlier year decision is not binding on assessee or department in subsequent year

August 13, 2022 1953 Views 0 comment Print

Held that principle of res judicata is not applicable to decision of revenue authorities and, therefore, decisions given in an assessment for an earlier year are not binding either on assessee or on department in a subsequent year.

CPC must rectify mistake apparent from records despite non-filing of revised Return

August 13, 2022 4125 Views 0 comment Print

Markand Induprasad Bhatt Vs DCIT (ITAT Ahmedabad) However, we note that the power of rectification u/s 154 of the Act can be exercised only if there is a mistake apparent from the record which is one of the pre-condition meaning thereby the mistake should be apparent, obvious from the record. In other words, in order […]

Replacement of machinery parts is revenue expenditure

August 13, 2022 4659 Views 0 comment Print

ITAT Held that replacement of parts of an existing machinery in the course of their working will be a revenue expenditure.

ITAT confirms addition by AO for non-cooperative attitude of Assessee during Assessment & Appeal

August 8, 2022 645 Views 0 comment Print

Nitaben Shaileshbhai Patel Vs ITO (ITAT Ahmedabad) ITAT noted from orders of the authorities below that the assessee has remained non-cooperative throughout assessment and also appellate proceedings. Both the assessment order and appellate orders are ex parte orders passed after noting the fact of non-compliance by the assessee to various notices issued to it by […]

ITAT Refuses To Condone Delay of 2985 Days in Appeal filing

August 5, 2022 966 Views 0 comment Print

Bharatkumar Somabhai Patel Vs ITO (ITAT Ahmedabad) The assessee is in appeal before us filing the above appeal with a delay of 2985 days. Even before this Tribunal, 10 opportunities given to the assessee. The assessee is not responded to the hearing notices. The present Affidavit filed by the assessee is without material on record […]

Expenses related to interest income allowable under Section 56

August 5, 2022 2331 Views 0 comment Print

Income from FDRs are treated as income from other sources under Section 56 of the Act. The expenses related to the said interest income earned by the assessee has to be allowed which is permissible under the Statute of law.

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