ITAT Rajkot held that the capital contribution made by the partner of the firm cannot be subject to the addition in the hands of the partnership firm.
Since the quantum addition stands deleted by the ITAT in the above order, there remains no basis for levy of penalty under section 271(1)(c)
ITAT Rajkot held that Partner’s/Director’s nationality will not suffice the company’s residency as the company is incorporated in UAE and is managed and controlled only in UAE. Thus, it is a tax resident of UAE and, therefore, treaty between India and UAE (DTAA) is applicable
ITAT Rajkot held that apparent and obvious mistakes in the return can be rectified by filing an application under section 154 of the Income Tax Act. Accordingly, rejection of such application is unjustified.
ITAT Rajkot held that denial of deduction under section 80P of the Income Tax Act on the allegation of non-filing of Return of Income within the due date prescribed under section 139(1) of the Income Tax Act is unjustified.
ITAT Rajkot held that denying the exemption under Section 80P of the Income Tax Act merely on the ground of belated filing of return by the assessee is not justifiable.
ITAT Rajkot held that interest under section 234A and 234B can be levied only up to the date of self-assessment tax paid and not for period beyond that date.
ITAT Rajkot held that penalty under section 271F of the Income Tax Act not leviable as post search there was delay in providing seized documents. Further, Checking, cross checking and reconciliation of datas was a very lengthy process is also a reasonable cause for non-furnishing of income tax return.
Rudraksh Detergent & Chemicals Pvt Ltd. Vs ACIT (ITAT Rajkot) Controversy before us relates whether the expenses incurred by the assessee on the road construction amounts to capital expenditure in the given facts and circumstances. There is no ambiguity that the assessee shall gain the benefit out of the road expenses incurred by it. But […]
ITAT Rajkot held that conversion of agricultural land into non-agricultural land and sale thereof, such sale consideration is received from sale of non-agricultural land and hence the same is taxable under income tax.
