ITAT Guwahati

Capital subsidy liable to be excluded from computation of book profit

Sunrise Biscuit Co. Pvt. Ltd. Vs ITO (ITAT Gauhati)

Sunrise Biscuit Co. Pvt. Ltd. Vs ITO (ITAT Gauhati) VAT subsidy received by the Assessee – subsidy received for substantial expansion of the undertaking – subsidy is capital in nature – capital subsidy liable to be excluded from the computation of books profit Facts- The assessee has received subsidy of INR 8,78,84,902/- from the In...

Read More

AO cannot made addition under section 68 despite furnishing of confirmations on flimsy Grounds

Nirja Khatuwala Vs ITO (ITAT Gauhati)

Nirja Khatuwala Vs ITO (ITAT Gauhati) I note that the out of total outstanding credits of Rs. 2,23,89,337/-[total number of sundry creditors were eleven (11)], the Assessing Officer was not satisfied about the genuinity in respect of credit worth Rs. 34,35,509/- i.e. only in respect of three sundry creditors which comes to 16% of total [&...

Read More

Valid issuance of notice u/s 143(2) mandatory for framing scrutiny assessment

Balaji Enterprise Vs ACIT (ITAT Guwahati)

Balaji Enterprise Vs ACIT (ITAT Guwahati) The case of the assessee was reopened u/s 148 by the ACIT, Investigation, Delhi, on the basis of CBI search. When the question of jurisdiction came before the Hon’ble High Court, it was held that where the assessee shifts his residence etc., the AO of the place where the […]...

Read More

Higher profit rate cannot be estimated merely based on suspicion & conjectures

Sayqul Islam Vs ITO (ITAT Guhahati)

Assessee produced all books of account, vouchers, bills and other documents but AO without pointing out any mistake and error in the bills/vouchers and without rejecting books of account, made addition @8%. On basis of suspicion and conjectures that assessee might be inflating its expenses and showing net profit ratio at a very low rate. ...

Read More

No Addition u/s 40A(3) for Advance Returned Back to Customer in Cash

M/s Ashok Motors Vs DCIT (ITAT Guwahati)

The issue under consideration is whether the addition u/s 40A(3) for advance which is returned back to the customer in cash is justified in law?...

Read More

Important Insights from the case of Abdul Hamid Vs ITO

Shri Abdul Hamid Vs ITO (ITAT Gauhati)

Shri Abdul Hamid Vs ITO (ITAT Gauhati) Important facts of the case: 1) The assessee was engaged in the retail business of eggs & was also the partner of a partnership firm M/s Nihar Enterprises. 2) During the Regular Assessment Proceedings for Assessment year, 2014-15 AO found that a Bank Account @ Central Bank of […]...

Read More

Limited Scrutiny cannot be converted to Complete Scrutiny without following CBDT Circular

Shri Prabir Das Vs ITO (ITAT Guwahati)

whether the AO can expand the assessment from ‘Limited Scrutiny’ to ‘Complete Scrutiny’ without following the procedure as laid by the CBDT Circular?...

Read More

Section 271(1)(c) Notice should clearly specify charge of Penalty

ITO Vs Shri Bimal Talukdar (ITAT Guwahati)

ITO Vs Shri Bimal Talukdar (ITAT Guwahati) The issue under consideration is whether the penalty proceeding u/s 271(1)(c) initiated by the AO sustain Under Income Tax Law? In the present case, the ITAT earlier had allowed the appeal of the assessee and cancelled the penalty levied u/s. 271(1)(c) of the Act by taking note of […]...

Read More

No Adjournment in absence of ‘Vakalatnama’ based on Principle of Natural Justice

RNB Carbide & Ferro Alloys Pvt. Ltd. Vs ITO (ITAT Guwahati)

Adjournment can be granted in the absence of 'Vakalatnama' based on Principle of Natural Justice. Therefore, all the Misc. Applications of the assessee are allowed....

Read More

ITAT explains legal effect of Omission of clause (i) of Section 92BA

M/s. Bhartia-SMSIL (JV) Vs ITO (ITAT Guwahati)

Since clause (i) section 92A was omitted with effect from 1st April, 2017 and the effect of such omission is that the said clause(i) was never existed in the statute. Hence, Ld. PCIT can not exercise the jurisdiction u/s 263 of the Act....

Read More

Browse All Categories

CA, CS, CMA (5,807)
Company Law (7,811)
Custom Duty (8,844)
DGFT (4,671)
Excise Duty (4,562)
Fema / RBI (4,901)
Finance (5,283)
Income Tax (38,962)
SEBI (4,219)
Service Tax (3,821)

Search Posts by Date

December 2021
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031