ITAT Surat

In absence of transfer Income cannot be treated as Capital Gain

DCIT Vs Virendrabhai Devjibhai Patel (ITAT Surat)

DCIT Vs Virendrabhai Devjibhai Patel (ITAT Surat) ITAT observed that the transactions were done by the assessee and the real investment in the transaction was carried out by Shri. Dharmeshbhai Patel (in short SDP). The assessee and Shri. Dharmeshbhai Patel (SDP) entered into an arrangement wherein, Shri. Dharmeshbhai Patel (SDP) provided ...

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No section 271(1)(c) penalty on additions deleted by ITAT

Jasuben Chhanabhai Ahir Vs ITO (ITAT Surat)

Where additions have been deleted by  Tribunal in quantum proceedings, penalty under section 271(1c) levied by AO not sustainable...

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Holistic view adopted for calculation of fair market value

Prafulchandra Bhaichandbhai Patel Vs ITO (ITAT Surat)

Held that tribunal in assessee’s co-owner case has taken holistic view in adoption of fair market value as DVO has himself stated in his report that the impugned land was situated at a more appropriate location as compared to sale instances considered by him....

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Section 80IB deduction to industrial undertaking manufacturing at third party premises allowable

N Core Cables Vs ACIT (ITAT Surat)

Held that deduction u/s 80IB allowable to the industrial undertaking manufacturing at third party premises using their machinery under the supervision and control of an assessee amounts to manufacturing by the industrial undertaking....

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TDS Credit denied – Corresponding income ought to have been reduced – Section 154

Nimeshkumar Kamleshbhai Thakkar Vs DCIT (ITAT Surat)

If TDS credit is disallowed than corresponding income offered by assessee for taxation also ought to have been reduced by passing rectification order u/s 154 by AO...

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Profit element to be taxed in case of bogus purchases

ITO Vs Vimalchand Manikchand Jain (ITAT Surat)

Held that if the parties are failed to prove the genuineness of entire transaction of such tainted purchases, the revenue authorities are not entitled to bring the entire transaction to tax. Authorities can tax the income component in such tainted transactions...

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Deduction u/s 80IA is allowed unit wise

DCIT Vs Gujarat JHM Hotels Ltd. (ITAT Surat)

Held that deduction under Section 80IA of the Income Tax Act is to be allowed unit wise without deducting incurred loss by the other unit of eligible business and allowed the appeal of assessee....

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No section 271F penalty for delay in Filing Income Tax Return under Bona Fide Belief of No Taxable Income

Suresh Ramanbhai Naik Vs ITO (ITAT Surat)

Assessee has shown reasonable cause for not filing the return of income before due date of return. ITAT direct AO to delete penalty levied under Section 271F ...

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Addition of income not accruing/ arising from business connection in India not sustainable

ITO Vs Alkesh Pratapchandra Bhansali (ITAT Surat)

Held that there is no material/ evidence to say that the assessee was having any business connection in India. Addition unsustainable....

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Unregistered Satakat not supported by other evidence doesn’t possess evidentiary value

Jigneshbhai Kishorbhai Bhajiyawala (HUF) Vs ITO (ITAT Surat)

Held that no part consideration of acquisition of asset/property was paid on alleged execution of possession-cum-Satakat and there is no other corroborative evidence to substantiate the claim of assessee. Capital gain treated as STCG instead of LTCG....

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September 2022