ITAT Ahmedabad held that when genuineness of the transaction is proved and more than 99% of the payment was received by cheque, capital gain on sale of property should be computed by applying amended proviso to section 50C of the Income Tax Act.
Shashank Shekhar Singh Vs DCIT (ITAT Ahmedabad) ITAT have given our thoughtful consideration and perused the materials available on record including the paper book filed by the assessee wherein the additional evidences produced by the assessee before the Ld. CIT(A) namely the Mutual Funds statement was issued on 01.04.2014 whereas the reassessment was passed on […]
ITAT Ahmedabad held that addition u/s 68 alleging bogus capital gain simply on the basis of some report finding unearthed in case of third party without cogent material is unsustainable
ITAT Ahmedabad held that exercising revisionary jurisdiction u/s 263 of the Income Tax Act for not dealing with alternative claim and claiming the order of AO as prejudicial to the interest of revenue is not sustainable as anyhow deduction was available to the assessee.
ITAT Ahmedabad held that as the additional evidence produced clearly indicates that company has put to use the windmill turbine in the year, depreciation on the same is available.
ITAT Ahmedabad held that the transfer of copyright including the right to make copy of software for international business, any payment made in that regard would constitute Royalty. Thus, TDS is deductible u/s 195 on the payment made by the assessee to the non-resident supplier.
ITAT Ahmedabad held that donations which are not voluntary in nature cannot be treated as corpus donation and hence not eligible for deduction u/s 11(1)(d) of the Income tax Act
ITAT Ahmedabad held that denial of exemption u/s 54F of the Income Tax Act for a mere technical default, beyond the control of assessee, in not getting the new property registered within the stipulated time period of two years is unjustified.
Dipakkumar Ishwarlal Panchal Vs ITO (ITAT Ahmedabad) Admittedly the concealment/furnishing of inaccurate particulars of income, for which act penalty under section 271(1)(c) in the present case has been levied, related to the income added as per the provisions of section 56(2)(x) of the Act. More particularly on account of the fact that actual consideration paid […]
ITAT Ahmedabad held that as per Accounting Standard 11 premium on forward exchange contracts is to be amortized as expense means writing it off as revenue expenditure in the profit and loss account.
