ITAT Surat

FMV determined by registered valuer after considering relevant factors cannot be ignored

Harivadanbhai Maganlal Patel Vs ITO (ITAT Surat)

ITAT Surat held that fair market value (FMV) by the registered valuers is determined after taking into account all the relevant factors like size, shape, situation, location, utility, future potentiality, etc. accordingly, the same cannot be ignore....

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Gift from HUF not to be added to income of Karta of such HUF

Ranjitbhai Dhayabhai Panchal Vs ITO (ITAT Surat)

ITAT Surat held that gift received from HUF cannot be added back to the total income of the assessee being Karta (Manager) of such HUF....

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Amendment to section 115BBE cannot be applied to search conducted prior to effective date

Samir Shantilal Mehta Vs ACIT (ITAT Surat)

ITAT Surat held that provision of section 115BBE of the Income Tax Act as amended vide Taxation Laws (Second Amendment) Bill 2016 which is effective from 01.04.2017 cannot be applied to search conducted prior to the effective date....

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Unexplained investment addition in one co-owner unsustainable if no addition in other co-owners

Sanjaykumar Ramanbhai Patel Vs ITO (ITAT Surat)

ITAT Surat held that addition as unexplained investment in the hands of one of the co-owner unsustainable as department didn’t made proportionate addition in the hands of other co-owners....

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Addition u/s 68 unsustainable as repayment of loan is made in assessment year itself

Ganesh Ganpat Alim Vs ITO (ITAT Surat)

Ganesh Ganpat Alim Vs ITO (ITAT Surat) ITAT Surat held that addition under section 68 of the Income Tax Act should not be made when repayment of loan is made in the assessment year itself. Facts- During the assessment proceedings, AO got information from investigation wing that M/s Delight Diam P Ltd. and M/s Bafna […]...

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One minute delay in return filing – ITAT allows section 80IA(4) deduction

Hi-Tech Water Solution Pvt. Ltd. Vs DCIT (ITAT Surat)

Return of income so filed was late by one minute. Therefore, deduction claimed by assessee under section 80IA(4) of Act was denied by CPC...

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Sec. 41(1) can’t be invoked for liability against purchase of defective machinery that was never put to use

Marvelore Mining & Allied Industries Pvt. Ltd. Vs ITO (ITAT Surat)

Marvelore Mining & Allied Industries Pvt. Ltd. Vs ITO (ITAT Surat) Sec. 41(1) can’t be invoked for liability against purchase of defective machinery that was never put to use: Marvelore Mining & Allied Industries (P.) Ltd. v. ITO – [2023] (Surat-Trib.)  Assessee was a private limited company. It was engaged in the busines...

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Penalty u/s. 271(1)(b) not leviable as non-compliance was due to bonafide reasons

Pareshbhai Harshadbhai Gohel Vs DCIT (ITAT Surat)

ITAT Surat held that penalty under section 271(1)(b) of the Income Tax Act not leviable merely because the assesse couldn’t make compliance due to some bonafide reasons....

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Order passed after due application of mind not treatable as erroneous & prejudicial to interest of revenue

Rajendrakumar Kantilal Patel Vs PCIT (ITAT Surat)

ITAT Surat held that issues raised by PCIT in his order u/s 263 are already examined by AO and AO passed the assessment order after calling for all the details and considering the reply/ documents. Accordingly, assessment order passed after due application of mind cannot be termed as erroneous and prejudicial to the interest of the revenu...

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Revisional power u/s 263 unsustainable as order passed is neither erroneous nor prejudicial to interest of revenue

Gujarat Narmada Valley Fertilizers & Chemicals Ltd Vs PCIT (ITAT Surat)

ITAT Surat held that AO already examined the issue and took a plausible view that addition should not be made. Accordingly, revisional jurisdiction u/s 263 unsustainable as order passed by AO is neither erroneous nor prejudicial to the interest of revenue....

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