CIT (A) has erred in facts and law in holding that loss from sale of shares was short-term capital losses and hence not eligible for set of against income from profession of assessee.
Bhikhabhai Ambalal Patel Vs ITO (ITAT Ahmedabad) Ld. AR submitted that mere existence of addition during the assessment proceedings does not attract provisions of Section 271(1)(c) of the Act. In the present case, the CIT(A) has not pointed out as to on what basis the penalty was imposed. In fact, notice under Section 274 read […]
ITAT Ahmedabad upholds disallowance of Amay Pharma’s expenditure on gifts to doctors. Setback on c/f loss setoff. Latest SC ruling cited.
Chirag M. Shah Vs ITO (ITAT Ahmedabad) It is observed that it is crystal clear that there are provisions under the IT Act; namely, section 199 of the IT Act, 1961 and Rule 37BA of the IT Rules, 1962 and the proper mechanism is also provided under the Act and Rules. Thus, respectfully following the […]
Where AO made disallowance of transportation expenses claimed by assessee for non-deduction of tax at source under section 194C; in view of the fact that there was no contract between the assessee and transporters, the provisions of section 194C could not be invoked
ACIT Vs Blind Peoples Association India (ITAT Ahmedabad) The learned Counsel for the assessee has taken us through the relevant documents placed in the paper-book to point out that the proper and sufficient opportunity was not afforded by the Assessing Officer to the assessee during the course of assessment proceedings to furnish specifically the details […]
Held that M2M loss on SWAP contract was allowable where loans were converted into foreign currency loan to take benefit of low interest rate and loss recognized on account of foreign exchange fluctuation as per notified Accounting Standard 11 was an accrued and subsisting liability and not merely a contingent or hypothetical liability.
Jyoti Ltd. Vs DCIT (ITAT Ahmedabad) Solitary issue involved therein relates to the addition by Assessing Officer and confirmed by the learned CIT(A) being provision towards contribution to Approved Superannuation Fund for the purpose of determining liability of the assessee on account of Fringe Benefit Tax. FULL TEXT OF THE ORDER OF ITAT AHMEDABAD This […]
Kamal Translifters Vs ACIT (ITAT Ahmedabad) Though the assessee’s claim that payment made to the Director, was for business expediency, but the assessee could not prove before us the nexus between the assessee-company with its subsidiary company in the nature of trade and business. Furthermore, Shri Kamal Deshraj Dogra being director of both the companies, […]
The first proviso to section 143(1)(a) make it very clear that no such adjustment shall be made unless an intimation is given to the assessee of such adjustment either in writing or in electronic mode.
