ITAT Surat

Penny Stocks – No addition on mere surmises, suspicion & conjectures

Nishant kantilal Patel  Vs ITO (ITAT Surat)

In the absence of any link between the assessee and the alleged admissions of the directors and brokers, human probability is being used as a vague and convenient medium for the department’s conjectures. No addition can be made on the basis of surmises, suspicion and conjectures. The burden of proving a transaction to be bogus has to be...

Statement recorded during survey without any supporting evidence have no Evidentiary value

DCIT Vs Shhlok Enterprise (ITAT Surat)

DCIT Vs Shhlok Enterprise (ITAT Surat) The assessing officer made addition on the basis of statement recorded during the survey without any supporting evidence or any adverse material on record. The learned Commissioner (Appeals) also concluded that it is settled legal position that statement recorded during the survey has no evidence of ...

Amended Section 55A provisions not applicable to documents registered before 01.07.2012

Jagrutiben V. Patel Vs ITO (ITAT Surat)

Jagrutiben V. Patel Vs ITO (ITAT Surat) Regarding the validity of reference to the DVO u/s.55A of the Act, first of all, it is to be noted that amendment in section 55A of the Act is effective from 01.07.2012, that is, applicable for assessment year 2013-14 and assessee`s case under consideration is for assessment year […]...

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 ...

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....

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. ...

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 […]...

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...

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