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HC - Capital gain u/s 45 arises in the year of execution of deed and not when the same was registered with the office of the Sub-Registrar.
RAJENDRA KANTILAL PATEL Versus INCOME TAX OFFICER
(2017) TaxCorp(LJ) 12306 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68599&Category=Judgment&CategoryType=Zip
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HC - Statements of two farmers upon which reliance was placed by the Department were not furnished/given to the assessee to controvert the same. No addition u/s. 69B for unexplained investment in land.
PRINCIPAL COMMISSIONER OF INCOME TAX AHMEDABAD 3 Versus KANUBHAI MAGANLAL PATEL
(2017) TaxCorp(LJ) 12305 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68602&Category=Judgment&CategoryType=Zip
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HC - Expenditure of software stock and maintenance charges is a revenue expenditure.
COMMISSIONER OF INCOME TAX-II Versus H NYALCHAND FINANCIAL SERVICES LTD
(2017) TaxCorp(LJ) 12299 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68591&Category=Judgment&CategoryType=Zip
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HC - Entire issue was gone into by AO while framing scrutiny assessment u/s 143(3), thereafter reopening on very same issue is only a change of opinion, which is not permissible.
Manan Exports (P.) Ltd. v. Income-tax Officer
(2017) TaxCorp(LJ) 12281 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68407&Category=Judgment&CategoryType=Zip
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HC - Since entire amount due and payable under certificate for which property was attached was paid along with interest, transfer of attached property not void.
Nitaben Harishbhai Shah v. Tax Recovery Officer-I
(2017) TaxCorp(LJ) 12276 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68406&Category=Judgment&CategoryType=Zip
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HC - Writ Dismissed - A director holding 98% shareholding in a public limited company is in default for company’s income-tax dues by lifting the corporate veil. Sec. 179 applicable by treating the company as 'de facto' private company.
Ajay Surendra Patel vs. DCIT
(2017) TaxCorp(LJ) 12271 (HC-GUJARAT)
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HC - Receipt of non-interest bearing refundable security deposit by assessee-club is capital in nature and not taxable.
Gulmohar Green Golf And Country Club Ltd. Vs. Principal Commissioner Of Income Tax2
(2016) TaxCorp(LJ) 11791 (HC-GUJARAT)
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HC - Where AO of searched person had recorded that seized document was a copy of ledger of books of account of assessee-company evidencing certain payments, there was prima facie material to suggest that satisfaction under section 153C was recorded. Notice issued to assessee was valid.
Rajesh Sunderdas Vaswani v. Assistant Commissioner of Income-tax
(2016) TaxCorp(LJ) 11789 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66533&Category=Judgment&CategoryType=Zip
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HC - Income was to be divided amongst individual beneficiaries and same was to be accumulated for a period of 19 years in their respective specific deferred family trust, therefore income did not accrue or arise to specific deferred family trusts of individual beneficiaries in relevant year.
Minor Baku Dineshbhai Amin Oral Spe. Def. Family Trust v. Commissioner of Income-tax
(2016) TaxCorp(LJ) 11788 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68110&Category=Judgment&CategoryType=Zip
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HC - The security deposit recovered from the members by a club at the time of their enrollment is refundable and same is required to be treated as a deposit and a capital receipt.
Principal Commissioner of Income Tax Versus Gulmohar Green Golf And Country Club Ltd.
(2016) TaxCorp(LJ) 11763 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=67982&Category=Judgment&CategoryType=Zip
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HC - In case of estimation of income through GP rate, once bogus purchases were disallowed then gross profit ratio would automatically enhance.
Synbiotics Ltd. v. Union of India
(2016) TaxCorp(LJ) 11746 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66393&Category=Judgment&CategoryType=Zip
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ITAT - Reopening of assessment not valid where notice to sent in the name of dead person as even if Section 159 is attracted, the notice was required to be issued against and in the name of the heirs of deceased assessee.
Rasid Lala Versus Income Tax Officer
(2016) TaxCorp(LJ) 11736 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68038&Category=Judgment&CategoryType=Zip
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HC- Where claim of deduction under section 80-IB was duly examined by AO during assessment proceedings, then no reassessment on the ground that assessee was allowed excess deduction.
N.K. Proteins Ltd. v. Income-tax Officer (OSD)
(2016) TaxCorp(LJ) 11729 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66361&Category=Judgment&CategoryType=Zip
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HC - Where it was not even case of revenue that assessee had not offered sale proceeds to tax, no reassessment on Jeweller just because purchaser had already died on date of sale.
CVM Jewels (P.) Ltd. v. Income-tax Officer, Ward-1(1)(3)
(2016) TaxCorp(LJ) 11711 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=65908&Category=Judgment&CategoryType=Zip
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HC - Re-assessment notice would be without jurisdiction absent supply of reasons recorded for issue of re-opening notice.
Commissioner of Income-tax, (Large Tax Payer Unit), Mumbai v. IDBI Ltd.
(2016) TaxCorp(LJ) 11710 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66450&Category=Judgment&CategoryType=Zip
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HC - Before making a reference to TPO, Assessing Officer failed to deal with objection as per Instruction No. 3/2016, issued by CBDT, reference to TPO set aside.
Alpha Nipon Innovatives Ltd. v. Deputy Commissioner of Income-tax, Circle 1(1)(1)&1
(2016) TaxCorp(LJ) 11675 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=67974&Category=Judgment&CategoryType=Zip
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S. 147: If the AO reopens the assessment on information supplied by the audit party without application of mind, the reopening is invalid. Likewise, if the AO disputes the findings of the audit party, he is not entitled to reopen the assessment. The reasons must show independent application of mind of the AO
Elecon Engineering Co Ltd vs. ACIT
(2016) TaxCorp(LJ) 11619 (HC-GUJARAT) · Section 147
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Transfer Pricing: As per CBDT's Instruction No.3/2016 dated 10.03.2016, the AO is required to give an opportunity to the assessee to show cause why the reference should not be made to the TPO and thereafter pass a speaking order while making a reference to the TPO. The failure to do so renders the reference void
Alpha Nipon Innovatives Ltd vs. DCIT
(2016) TaxCorp(LJ) 11618 (HC-GUJARAT)
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HC - Benefit of section 54F before its amendment by Finance (No. 2) Act 2014, can be extended to a residential house purchased outside India.
LEENA JUGALKISHOR SHAH Versus ASSTT. COMMISSIONER OF INCOME TAX.
(2016) TaxCorp(LJ) 11597 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66892&Category=Judgment&CategoryType=Zip
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HC - Charging of higher fees by an educational trust running a school as compared to other schools by itself, would not establish that the school was running for profit making. Allows exemption u/s 11.
Shree Kamdar Education Trust Vs. Income Tax Officer
(2016) TaxCorp(LJ) 11466 (HC-GUJARAT) · Section. 11
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