When no money, bullion, jewellery or book entry was found at the time of search, and only evidence against the assessee is an admission of additional income made in the statement under section 132(4), whether such admission tantamount to disclosure of money, bullion, jewellery or diary and income disclosed is to be considered as concealed income or not?
Atul Babubhai Shah Vs JCIT (ITAT Ahmedabad) Conclusion: All the expenses incurred by assessee during the temporary lull period were eligible for deduction as the same were necessary to incur or keep its business setup in existence. Held: During assessment proceedings, AO observed that assessee for the year under consideration claimed business expenses against NIL business […]
Forward contracts in the nature of hedging transactions in course of normal import export activities to cover up losses on account of foreign exchange valuation difference results in business losses and not speculative one.
The issue under consideration is that whether the activities carried out by Surat Urban Development Authority are considered as Charitable Activities and hence entitled to the exemption under section 11 of the Income Tax Act or not?
Tariqrashid M. Munshi Vs I.T.O (ITAT Ahmedabad) ITAT held that assessee deserve to be penalized for non-appearance before theCIT (A) and Assessing Officer and imposes penalty of Rs. 5000/- upon the assessee and instructed him to deposit the same in the Income Tax Office before the commencement of his proceedings before the AO. FULL TEXT […]
The question before us is, whether the receipts derived from leasing out of the cinema hall, along with furniture & fixtures, plant & machineries and other amenities, was ‘business income’ as contended by the assessee or ‘income from other sources’ as treated by the Department.
JCIT (OSD) Vs Adani Logistics Ltd. (ITAT Ahmedabad) During the course of assessment proceedings the AO observed that the appellant has incurred an amount of Rs. 6,00,00,000/- on account of legal and professional fees paid to one M/s. Emerging India Investment Advisors Pvt. Ltd. It was further found by the Ld. AO that such expenditure […]
The issue under consideration is whether remuneration paid to a partner acting in a representative capacity as karta of HUF is allowed u/s 40(b)?
In such cases, assessments can be reopened only if an income assessable to tax has escaped on account of failure of the assessee to disclose all the material facts fully and truly. In other words, the AO has to demonstrate that income of the assessee has escaped assessment on account of its failure to disclose all material facts of the assessments in its income fully and truly.
DCIT Vs Shri Ravjibhai Manibhai Patel (ITAT Ahmedabad) If an agriculture land is situated beyond 8 kms. from the local limit of any municipal or cantonment area, whose population is more than Rs.10 lakhs, then that would not fall within the ambit of definition ‘capital assets. This demarcation of the geographical situation of the land […]
