Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) comprising of Judicial Member S.S.Godara and Accountant Member Pramod Kumar has deleted the addition under the Income Tax Act in respect of unutilized CENVAT credit.
Shri Dron Sureshkumar Rao Vs. ITO (ITAT Ahemdabad) F&O business carried out through recognized stock exchange cannot be treated as speculative loss in view of the exceptions carried out under s.43(5) of the Act. As per clause(d) of first proviso to section 43(5) of the Act inserted by the Finance Act, 2005 with effect from […]
ITAT Ahmedabad ruling on Ankur Scientific vs Dy. CIT case. Assessment of share gains as business income challenged. Disallowance of weighted deduction contested.
Bank of Baroda Vs. DCIT (ITAT Ahemdabad)-Levy of interest u/s. 201(1A) for the second month can arise only if the period of time between the date on which tax was deducted and the date on which tax was paid to the Government exceeds one month.
A.O. disallowed the payment of commission made by the assessee to the above said two doctors namely (i) Dr. Ramanbhai S. Patel Rs. 17,52,130/- and (ii) Dr. Ratilal G. Patel Rs. 23,87,001/- totaling to Rs. 41,39,131/- and added to the total income u/s. 37(1) of the Act.
Since assessee had not been served with any intimation or any other communication regarding the grant of interest under section 244A for assessment year 2009-10 and refund in question had been directly credited by department to bank account, the amount of interest had been provided in financial year 2015-16 on receiving of information from AO, therefore, addition being interest under section 244A could not be made by the AO.
The Suvikas Peoples’ Co-op. Bank Ltd. Vs. ACIT (ITAT Ahemdabad) Essence the RBI Directions, 1998 are prudential/ provisioning norms issued by RBI under Chapter IlI-B of the RBI Act, 1934. These norms deal essentially with income recognition. They force the NBFCs to disclose the amount of NPA in their financial accounts. They force the NBFCs […]
Merely because an even higher authority has expressed similar satisfaction does not obliterate the satisfaction of appropriate authorities.
ITAT Ahmedabad clarifies Section 54: Exemption on capital gains for new property. Extended filing, capital gain scheme explained. Case details.
The ld.counsel for the assessee while impugning the orders of Revenue authorities took us through section 159 of the Income Tax Act, 1961 and pointed out that as per sub-section (2) of section 159 notice upon legal heirs ought to have been issued by the AO, which the AO has failed to do so, and therefore, the assessment order is a nullity and deserves to be quashed.
