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HC - Since assessment came to be reopened by the very same officer, who executed the scrutiny assessment and granted exemption, the same amounts to a case of change of opinion. Notice of reassessment quashed.
Gujarat State Board of School Textbooks Versus Assistant Commissioner of Income Tax
(2016) TaxCorp(LJ) 11367 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66593&Category=Judgment&CategoryType=Zip
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HC - For the purpose of application under section 245C(1) of the Act, a case would be pending only as long as the order of assessment is not passed. Once the assessment is made by the Assessing Officer by passing the order of assessment, the case can no longer be stated to be pending. Accepting the contention that even if the order of assessment has been passed by the AO, the case may still be deemed to be pending since such order was not dispatched or served, would lead to a conflicting situation.
M/s SHALIBHADRA DEVELOPERS Versus SECRETARY AND 2
(2016) TaxCorp(LJ) 11365 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66596&Category=Judgment&CategoryType=Zip
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HC - The attempt on the part of Assessing Officer to reopen the assessment for the Assessment Year 2009-10 was by way of abundant caution. Notice is not valid, quashed
M/s AVS INFRACON PRIVATE LIMITED Versus INCOME TAX OFFICER, WARD-1 (1) (3) AND 1
(2016) TaxCorp(LJ) 11363 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66598&Category=Judgment&CategoryType=Zip
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HC - withdrawal of settlement Commission application permitted where tax-arrears settled under KVSS.
Hasmukhlal Thakordas Dalwala vs. CIT
(2016) TaxCorp(LJ) 11324 (HC-GUJARAT)
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HC - Expenditure incurred on conversion of convertible debentures into equity shares is capital in nature.
M/s. Ashima Syntex Ltd. Versus Assistant Commissioner of Income Tax
(2016) TaxCorp(LJ) 11199 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66383&Category=Judgment&CategoryType=Zip
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HC - AO's reasons establish 'prima facie' case for initiating re-assessment for alleged profits diversion using tax-haven.
Sun Pharmaceutical Industries Ltd. vs. ACIT
(2016) TaxCorp(LJ) 11141 (HC-GUJARAT)
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HC - Retrospective amendment cannot be a ground for reopening assessment beyond a period of four years.
GANESH HOUSING CORPORATION LTD Versus DEPUTY COMMISSIONER OF INCOME TAX CIRCLE - 4 AND 1
(2016) TaxCorp(LJ) 11109 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66268&Category=Judgment&CategoryType=Zip
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HC - Reassessment u/s 147 not undertaken at audit party’s behest is valid.
ELECON ENGINEERING COMPANY LTD. Vs. ACIT
(2016) TaxCorp(LJ) 11086 (HC-GUJARAT) · Section. 147
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HC - Direction of special audit u/s 142(2A) for the assessment year where assessment is not pending or without issuing SCN is not valid.
TAKSHASHILA REALTIES PVT LTD Versus DEPUTY COMMISSIONER OF INCOME TAX AND 2
(2016) TaxCorp(LJ) 11069 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66235&Category=Judgment&CategoryType=Zip
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HC - A private complaint without any further investigation by the authorities is not a tangible material to enable the AO to form a belief that income chargeable to tax had escaped assessment.
BIYANI IMPEX PRIVATE LIMITED Versus INCOME TAX OFFICER
(2016) TaxCorp(LJ) 11068 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66236&Category=Judgment&CategoryType=Zip
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HC - While calculating deduction under Chapter VI-A , depreciation, whether claimed or not, cannot be foisted upon the assessee even prior to insertion of Explanation 5 to S.32 (1) with effect from 01/04/2002.
Gujarat Flurochemicals Ltd. Versus Joint Commissioner of Income Tax
(2016) TaxCorp(LJ) 10983 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66126&Category=Judgment&CategoryType=Zip
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HC - Merely because there were some minor discrepancies in some of documents submitted by assessee would not be sufficient to conclude that the Assessing Officer did not make a proper inquiry. Revision u/s 263 not justified.
2016 (9) TMI 71 - GUJARAT HIGH COURT
(2016) TaxCorp(LJ) 10981 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66138&Category=Judgment&CategoryType=Zip
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HC - Interest on non-performing assets not taxable on accrual basis in a co-operative bank hands in view of RBI norms relating to income recognition and assets classification.
Pr. CIT. Vs. Shri Mahila Sewa Sahakari Bank Ltd.
(2016) TaxCorp(LJ) 10864 (HC-GUJARAT)
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HC - Assessee was entitled to claim setoff of loss carry forward from its old business activity in new business activity.
Master Silk Mills (P) Ltd. vs. DCIT
(2016) TaxCorp(LJ) 10863 (HC-GUJARAT)
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HC - Allotment of shares pursuant to application in Public Issue not purchase' under Explanation to Sec. 73.
AMP Spinning & Weaving Mills Pvt. Ltd. vs. ITO
(2016) TaxCorp(LJ) 10861 (HC-GUJARAT) · Section. 73
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S. 132(4): Mere voluntary disclosure of undisclosed income by assessee cannot form basis of addition if no evidence is detected in search. Fact that retraction of statement is late is irrelevant. CBDT Circular No. F.No.286/2/2003-IT (In) dated 10.03.2003 bars addition on the basis of confession
Chetnaben J Shah vs. ITO
(2016) TaxCorp(LJ) 10801 (HC-GUJARAT) · Section 132(4)
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HC - The buildings do not form part of the agricultural lands. No TDS u/s 194LA.
COMMISSIONER OF INCOME TAX (TDS) Versus SPECIAL LAND ACQUISITION OFFICER
(2016) TaxCorp(LJ) 10799 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=65868&Category=Judgment&CategoryType=Zip
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HC - Since issue of the refund order is not delayed for any period attributable to the assessee, AO has no escape from granting interest to the assessee in terms of section 244A(1)(a) of the Act
AJANTA MANUFACTURING LIMITED Versus DEPUTY COMMISSIONER OF INCOME TAX AND 1
(2016) TaxCorp(LJ) 10798 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=65869&Category=Judgment&CategoryType=Zip
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HC - The authority has not acted in the spirit in which it has to act while dealing with an issue of transfer u/s 127. By merely reproducing and taking out the words from the statutory provisions, the order cannot be said to be passed upon application of mind. - order of transfer quashed
ANUBEN LALABHAI BHARWAD Versus PRINCIPAL COMMISSIONER OF INCOME TAX-3, AND 1
(2016) TaxCorp(LJ) 10796 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=65870&Category=Judgment&CategoryType=Zip
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S. 132(4): Admission of undisclosed income by assessee is not conclusive if no evidence is found to support the admission. A retraction, though belated, is valid. Failure to provide cross-examination to assessee of persons whose statements are relied up is fatal to the addition. CBDT Directive F.No.286/98/2013 IT (INV.II] dated 18/12/2014 prohibits additions on the basis of confession
CIT vs. Ramanbhai B Patel
(2016) TaxCorp(LJ) 10769 (HC-GUJARAT) · Section 132(4)
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