ITAT Surat

Inclusion of tenancy period for computing indexed Long Term capital Gain

Jhonson Electric Company Limited Vs ITO (ITAT Surat)

Jhonson Electric Company Limited Vs ITO (ITAT Surat) Hon’ble Punjab & Haryana High Court in CIT Vs Ved Prakash & sons (HUF) (supra) held from the bare reading of section 2(42A), the word ‘owner’ has by design not been used by the Legislature. The word ‘held’ as per dictionary meaning means to possess, be ...

Read More

Assessee can be asked to prove Source of Credits but Not Source of Source

Lalchand P. Dhariwal Vs ITO (ITAT Surat)

The issue under consideration is whether the addition made u/s 68 against unexplained creditors will be sustainable in law? Assessee Can Asked to Prove the Source of Credits in his Books of Accounts but Not Source of Source....

Read More

Reopening of assessment before obtaining sanction of CIT is void ab initio

ITO vs. Ashok Jain (ITAT Surat)

CIT(A) has rightly quashed the assessment because the very foundation for issuance of notice under section 148 is the approval from the competent authority, i.e. Commissioner of Income Tax, and in the absence of such, such notice is void ab initio. ...

Read More

Law not bars re-conversion of business assets into capital asset and vice versa

Shri Rameshchandra Chhabildas Vs JCIT (ITAT Surat)

Shri Rameshchandra Chhabildas Vs JCIT (ITAT Surat) n the present case, the assessee has converted his stock-in trade in to capital asset and sold out the said asset after its conversion, the gains arising therefrom is therefore, required to be taxed as long-term capital gain and not as business income as held by the AO. Since […]...

Read More

ITAT deletes penalty on Failure of AO to mention specific limb of section 271(1)(c); Penalty cannot be imposed for mere valuation difference

Shah Virchand Govanji Jewellers Pvt. Ltd. v. ACIT-Valsad (ITAT Surat)

Penalty U/s. 271(c) Addition for difference on account of method of valuation of Closing Stock without any intention to to conceal income or furnishing of inaccurate particulars of income not justified...

Read More

Browse All Categories

CA, CS, CMA (6,177)
Company Law (8,627)
Corporate Law (10,953)
Custom Duty (9,580)
DGFT (4,884)
Excise Duty (4,923)
Fema / RBI (5,344)
Finance (5,756)
Income Tax (43,153)
SEBI (4,659)
Service Tax (4,088)

Search Posts by Date

November 2022