Held that there is no material/ evidence to say that the assessee was having any business connection in India. Addition unsustainable.
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.
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 […]
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
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
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.
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 […]
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 selection through CASS […]
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.
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 deleted or upheld […]
