Sponsored
    Follow Us:

ITAT Surat

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

April 19, 2023 2301 Views 0 comment Print

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

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

April 17, 2023 999 Views 0 comment Print

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 business of Calcium […]

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

April 11, 2023 10569 Views 0 comment Print

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.

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

April 3, 2023 963 Views 0 comment Print

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 revenue.

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

March 31, 2023 1173 Views 0 comment Print

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.

Expense allowed based on copy of account, name and address as bill/ voucher lost due to flood

February 13, 2023 1266 Views 0 comment Print

ITAT Surat held that bill and vouchers of the expenditure claimed by the assessee was loss on account of floods. The explanation of expenses by way of copy of accounts, names and addresses, details TDS deducted and payments by crossed account payee cheques acceptable.

Addition based on unsigned/ unstamped/ unregistered Satakhat unsustainable

February 7, 2023 3264 Views 0 comment Print

ITAT Surat held that addition on the basis of un-signed/un-stamped Satakhat, which has not been registered and which is found from CD of computer of person, unsustainable.

TDS of Firm credited in PAN of Partner – ITAT directs assessee to apply under section 199 read with Rule 37BA

January 23, 2023 1956 Views 0 comment Print

Nirav Bipinbhai Vaghasiya Vs ITO (ITAT Surat) ITAT find that in the return of income the assessee claimed refund of TDS reflected in his Form-26AS. The CPC denied such refund in its intimation dated 08.10.2018. The assessee filed application for rectification under section 154. In the application under section 154, the assessee claimed such refund […]

Entire receipt cannot be treated as income, in absence of material, presumptive net profit of 8% should be considered

January 16, 2023 3174 Views 0 comment Print

ITAT Surat held that addition of entire contractual receipt is unsustainable in law as the entire receipt cannot be treated as income. In absence of any material to show net profit rate, presumptive net profit rate of 8% is to be considered as estimated income.

Concept of deemed registration of trust not prevailing under Income Tax Act

January 2, 2023 1257 Views 0 comment Print

ITAT Surat held that there is no specific provision in the Income Tax Act that non-deciding the registration application under Section 12AA within a period of six months there shall be a deemed registration.

Sponsored
Sponsored
Search Post by Date
March 2025
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31