Sejalbhai G. Patel Vs ITO (ITAT Surat) Learned Departmental Representative (ld. DR) for the Revenue submitted that in order to claim the exemption under section 54B of the Act, the agricultural land should be purchased within two years from the date of sale of the original agricultural That is, the agricultural land must have been […]
ITAT Surat held that Assessing Officer is not entitled to admit or entertain additional claim during the assessment proceedings, however the appellate authority has such jurisdiction to admit such additional claim.
Section 250(6) of the Act mandates that the Ld. CIT(A) while deciding the appeal is required to pass order on points of determination (grounds of appeals), decision therein on and reasons for such decision.
ITAT Surat held that the addition on account of unaccounted profit on estimation basis, in trading/ manufacturing of diamonds, restricted at 10% of the sales in view of CBDT instructions vide circular no. 2/2008 dated 22nd February 2008.
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 the money required to […]
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.
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
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
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.
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
