Shri Harshad M Thakkar (Gandhi) Vs DCIT (ITAT Ahmedabad) We are at loss to understand as to how the factual aspects like lack of basic amenity and a non-descript temporary makeshift shelter/ superstructure of insignificant worth can convert a land into a residential house. The vast open land with naturally grown grass, a grossly asymmetric […]
DCIT Vs M/s. Ahmedabad Vadodara Express Way Co. Ltd. (ITAT Ahmedabad) It is seen that the assessees have given only permission to the collecting entities to collect the toll fees and maintain the toll plazas by employing a specified category of persons and supervise them and deposit the toll collection in the signatory account of […]
DCIT Vs M/s. Deversons Industries Pvt.Ltd. (ITAT Ahmedabad) The Assessing Officer during the assessment proceedings found that the vehicles were registered in the individual name of the Directors. But the assessee claimed the depreciation and the vehicle expenses in its income-tax return. However, the Assessing Officer was of the view that the assessee cannot claim […]
Smt Joyti Sunil Maniyar Vs ITO (ITAT Ahmedabad) In the notice issued u/s 142(1) dated 11.10.2011 a specific query was raised by the AO about the capital gain income. After that, the assessee vide reply dated 22.11.2011 conceded the fact of non-disclosing the capital gain income. From the above, it is transpired that the assessee […]
Once the identity, creditworthiness and genuineness of the transaction has been proved, gift received from the brother-in-law is exempted in terms of provisions of section 56.
AO was not justified in making addition under section 68 where assessee had furnished evidences such as PAN and copies of bank statements of lenders which proved identity and creditworthiness of lenders and genuineness of impugned loan transactions.
Wherever special benches are constituted, the special benches shall, as far as possible, commence hearing within 120 days of the benches being constituted. In the cases in which the respective bench is not in a position to commence hearing of the matter within 120 days for any specific reason, e.g. directions of the Hon’ble Court above or blocking the hearing awaiting decision of a higher judicial forum, it shall record the reasons, in brief, for delay in commencement for hearing. Sincere endeavour shall be made for expeditious disposal of Special Bench cases.
Explore Amit Acharya’s case at ITAT Ahmedabad involving unexplained cash credit and disputed capital gains. Understand the key findings and decisions.
Shri Pankaj Chimanlal Patel (HUF) Vs DCIT (ITAT Ahmedabad) The essential controversy in the instant case is whether deduction under 54F of the Act is available in respect of capital gains arising from sale of more than one long term capital assets, not being residential house (original asset) against the construction or purchase of one […]
Smt. Ramilaben B. Patel Vs Income Tax Officer (ITAT Ahmedabad) This tribunal in the case of Rameshbhai Somabhai Patel vs. ITO (Supra) has held that the bank account of the assessee is not considered as part of the books of accounts.The relevant part of this order of the Tribunal is already reproduced above. From the […]
