ITAT Rajkot

TDS U/s. 194J deductible on investigation charges paid by Bank on assessee’s behalf

Addl. CIT Vs Hiravati Marine Products Pvt. Ltd. (ITAT Rajkot)

Merely the payment of investigation charges to the chartered accountant firm was made by the bank on behalf of the assessee did not mean that the transaction was covered under the provisions of section 194A read with section 2(28A). As such the assessee was liable to deduct the TDS under section 194J and thus, assessee was not eligible fo...

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Commission to Sahayak for collecting milk liable for TDS u/s 194C

DCIT Vs M/s. Maahi Milk Producer Co. Ltd. (ITAT Rajkot)

Commission payments made by assessee to Sahayak was on percentage basis depending on various parameters like number of farmers pouring milk, fat and SNF factor in milk, quantity of milk collected etc. which ensured payment was commensurate with work performed and thus, the nature of work carried out by the Sahayak were covered by provisio...

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Usance interest for delayed payment to holding company liable to TDS

ACIT Vs M/s. Overseas Trading and Shipping Co. Pvt. Ltd. (ITAT Rajkot)

Usance interest paid for the delayed payment to its holding company was not any part of purchase price of goods and was interest within the definition of term ‘interest’ under section 2(28A), therefore, assessee was liable to withhold tax under section 195 from said payment....

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Penalty U/s. 271(1)(c) justified on income disclosed during survey

Kashish Enterprise Vs ITO (ITAT Rajkot)

Assessee did not disclose income voluntarily but it was disclosed in pursuance to survey conducted under section 133A. Had there not been survey, the assessee would not have offered such undisclosed income, penalty under section 271(1)(c) was correctly levied by AO....

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Deduction U/S 54 Claimed Against House Boat, Not Acceptable

Kiranbhai Jamnadas Sheth (HUF) Vs ACIT (ITAT Rajkot)

In absence of registered sale deed, the house boat purchased cannot be said as residential house and hence deduction u/s 54 cannot be allowed. Further The same cannot be equated with the residential house which is immovable property and hence deduction u/s 54 not allowed....

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No exemption U/s 54 on purchase of houseboats for residence

Kiranbhai Jamnadas Sheth (HUF) Vs ACIT (ITAT Rajkot)

Assessee was not entitled to capital gain exemption under section 54 for purchase of houseboat as the same could not be equated with the residential house which was immovable property....

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Addition merely on the basis of rough papers found from premises of wife of assesse not sustainable

DCIT Vs. Smt. Manishaben N. Mashru (ITAT Rajkot)

Rajkot bench of Income Tax Appellate Tribunal (ITAT) recently held that the notebooks and diaries found from assessee’s wife cannot be treated as Books of Accounts for the purpose of making addition under the Income Tax Act, 1961. ...

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Income on Agricultural land sale cannot be treated as business gain merely for higher volume of sale consideration

Shailesh Gangaram Ramani Vs. ITO (ITAT Rajkot)

Income Tax Appellate Tribunal (ITAT), Rajkot bench, while allowing the assessees’ appeal, held that the sale of land cannot be treated as business activity for the purpose of levying income tax even though there is a higher volume of sale consideration. ...

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GP on unaccounted Sales cannot be less than that of Accounted Sales

Income Tax Officer Vs Paraskumar V.Kataria Prop. (ITAT Rajkot)

We note that GP rate on the accounted sales estimated by the assessee himself stands at 07.29%. We thus fail to understand as to how the GP for the unaccounted sale should be so lower at 03.56% which is less than half of the GP rate declared by the assessee himself on accounted sales....

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No disallowance for Non deduction of TDS on amount paid to Tata Group Companies

Shri Navubha J. Chavda Vs Income Tax Officer (ITAT Rajkot)

In the present appeal, the assessee is aggrieved by the action of the Commissioner of Income Tax (Appeals)-Jamnagar [CIT(A)- in short] in confirming the addition of Rs.3,25,528/- made by the Assessing Officer (AO) under s.40(a)(ia) of the Income Tax Act, 1961 (hereinafter referred to as the Act)....

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