Prior period expenses charged to profit and loss account cannot be deducted from profit of year for computing book profit under Section 115JB
Held that the sale of SIL shares held by the assessee as investment is to be treated as short term capital gain and not as business income.
Corrtech Energy Ltd. Vs DCIT (ITAT Ahmedabad) The learned Counsel for the assessee, at the outset, has submitted that none of the provision for doubtful debts and provision for diminution in the value of investment made by the assessee-company is for any liability. He has contended that the same in fact were not provisions made […]
Held that the source of withdrawal of the money is being clearly demonstrated and their deposit of money on various occasions is also established by the assessee through her bank account. Accordingly, addition u/s. 69A towards deposit of demonetized currency notes unsustainable.
Rajkumar Tiwari Vs ITO (ITAT Ahmedabad) As regards the merit of the issue involved in this case relating to the addition of Rs.6,54,300/- made by the Assessing Officer under Section 69C of the Act by treating the cash payments made by the assessee against credit card purchases as unexplained expenditure, the learned Counsel for the […]
Sidiqbhai Usmanbhai Kaliwala Vs DCIT (ITAT Ahmedabad) It is seen from record, the assessee paid interest free loan of Rs. 21,67,952/- to M/s. S.S. Enterprise, out of the interest free funds available with the assessee, who has made a profit of Rs. 31,04,682/- during the assessment year 2015-16. It is not the case of the […]
Koshambh Charitable Trust Vs ACIT (ITAT Ahmedabad) We have given our thoughtful consideration and perused the materials available on record, as well as the Paper Book filed by the assessee. As it can be seen from page no. 32 of the paper book which is the screenshot of the Income Tax portal wherein for the […]
Explore the ITAT Ahmedabad ruling in Sangitaben Doshi vs. ITO case. The order discusses the disallowance of LTCG on Kappac Pharma shares based on conjectures.
Jagdishbhai R. Patel Vs ACIT (ITAT Ahmedabad) CIT(A) upheld the penalty of Rs.19,50,000/-,levied u/s 271AAB of the Act @ 30% of the undisclosed income of Rs.65 lacs, noting that the assessee had failed to fulfill the following conditions by the specified date as required by the section : a) filing its return declaring the undisclosed […]
Assessee found to be negligent, casual & noncompliant. So ITAT, refuse to condone inordinate delay of 789 days in filing appeal
