ITAT Surat

Credit for TDS deducted cannot be denied for non-payment by Deductor

Liladevi Dokania Vs ITO (ITAT Surat)

Liladevi Dokania Vs ITO (ITAT Surat) It is evidently clear that assessee received the rent income, and the Tenant (Deductor) has deducted TDS but has not deposited the TDS so deducted into the Central Government Account. Considering these facts, we note that issue under consideration is no longer res integra. The Hon`ble High Court of [&h...

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Reassessment u/s 148, in absence of notice u/s 143(2), unjustified

ITO Vs Mukesh Mahavirprasad Sen (ITAT Surat)

Search was initiated against the assessee. However, notice was not issued u/s 143(2). AO reopened the matter and issued notice u/s 148. Held, reassessment of proceedings u/s 148, without issuance of notice u/s 143(2), is unsustainable in law...

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Deduction u/s 80IB(10) available to partly owned individuals

Ashok G Patel Vs DCIT (ITAT Surat)

Form no. 10CCB clearly states that the undertaking is partly owned. Sale proceeds are also deposited equally in individual account. Deduction u/s 80IB(10) allowed...

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AO had no power to review but having power to re-assess

Sanjit Jitendranath Biswas Vs ITO (ITAT Surat)

Reassessment was not justified as AO can exercise power to re-open, provided there was tangible material to come to the conclusion that there was escapement of income from assessment....

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Delay in depositing employee’s contribution to PF – ITAT refers matter back to CIT(A)

Soul Clothing Pvt. Ltd. Vs DCIT (ITAT Surat)

Soul Clothing Pvt. Ltd. Vs DCIT (ITAT Surat) We note that the issue involved in the present appeal of assessee is covered against the assessee, as the assessee has not deposited Employees Provident Fund (EPF) with the prescribed authority within stipulated time, therefore as per the judgment of the Hon’ble Gujarat High Court in the ...

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ITAT deletes addition of unsecured loans made for non-filing of ITR of lenders

ACIT Vs Anand Jayantilal Kharbhari (ITAT Surat)

ACIT Vs Anand Jayantilal Kharbhari (ITAT Surat) We note that addition of unsecured loans of four parties totaling to Rs.3,65,00,000/- was made by the assessing officer only for want of Income Tax Returns. The assessing officer had mentioned in the assessment order about the confirmation and other details filed but because scrutiny selecti...

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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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No section 271(1)(c) penalty for additions upheld on estimation basis

Jagubhai Chhaganbhai Patel Vs I.T.O (ITAT Surat)

Jagubhai Chhaganbhai Patel Vs I.T.O (ITAT Surat) In this cases in quantum appeals assessee was granted substantial relief in deleting major part of additions and only part of capital gains only on account of cost of improvement on pucca structure was partly upheld on estimation basis. Therefore, all substantial additions were either delet...

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Expense towards minor renovation is not capital expenditure

Suvidha Fashions Vs ITO (ITAT Surat)

Suvidha Fashions Vs ITO (ITAT Surat) The repairs of small modification carried out at the premises are small scale repair which cannot be classified with capital expenditure. Facts- The appellant is a partnership firm engaged in the business of embroidery job work. During assessment, AO noted that assessee has shown purchases of GPO cloth...

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Addition should be of Net profit/ income & not of gross profit

Poonam Developers Vs ACIT (ITAT Surat)

It is the net profit and net income which has to be added and not the gross profit since indirect expenses are also incurred in the business....

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