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Revenue is not entitled to collect any excess tax other than what is authorized under the law. Therefore, revenue is directed to refund the excess DDT paid or adjust the same with Assessee’s advance tax.
Adani Enterprises Ltd. Vs DCIT
(2022) TaxCorp(LJ) 29714 (ITAT-AHMEDABAD)
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DDT was paid in time, however, owing to inadvertent mistake in filling the challan, Assessee cannot be denied its vested right to credit of the DDT amount deposited within due date.
Strategic Infosystems Pvt Ltd Vs DCIT
(2022) TaxCorp(LJ) 29564 (ITAT-AHMEDABAD)
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Sec.2(22)(e) can only be invoked in case of a shareholder who is holding substantial interest.
Petal Motocon Pvt Ltd Vs I.T.O
(2022) TaxCorp(LJ) 29386 (ITAT-AHMEDABAD) · Section 2(22)(e)
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In the present case provisions of Sec. 56(2)(viib) would not be applicable since assessee has not charged premium and shares were issued at face value.
Ozone India Ltd Vs DCIT
(2022) TaxCorp(LJ) 29380 (ITAT-AHMEDABAD) · Section 56(2)(viib)
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Whenever a person takes loan it depends upon time and circumstances on which interest rate can be determined.
Laxmi Sagar Trade Link Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 29335 (ITAT-AHMEDABAD) · Section 40A(2)
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The loss is incurred during the course of conducting business and thus, the same is eligible to be allowed as business loss under Section 28.
Rajkamal Builders Infrastructure P. Ltd Vs DCIT
(2022) TaxCorp(LJ) 29263 (ITAT-AHMEDABAD) · Section 80-IA
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Assessee was not entitled to exemption of profits from turnover of the new unit since approval for the same was granted subsequently.
Quick start Resource Management India Pvt. Ltd Vs The Dy. CIT
(2022) TaxCorp(LJ) 29176 (ITAT-AHMEDABAD)
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ITAT - Revision u/s 263 not justified as the issue was duly and satisfactorily examined by the AO during the assessment proceedings and the valuation of WIP found to be correct by him, required no addition to be made to Assessee’s income.
Rushabhdev Infra Project Pvt. Ltd. Vs The Principal Commissioner of Income Tax
(2022) TaxCorp(LJ) 29124 (ITAT-AHMEDABAD)
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Intimation issued under Section 143(1) is against first proviso to Section 143(1)(a), and entire exercise under Section 143(1) is invalid in law.
Arham Pumps Vs DCIT
(2022) TaxCorp(LJ) 29071 (ITAT-AHMEDABAD) · Section 143(1)
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The AO before drawing any adverse inference against the assessee, should have cross verified from the donors by issuing notice under section 133(6)/131.
Atul H. Patel Vs I.T.O.
(2022) TaxCorp(LJ) 29030 (ITAT-AHMEDABAD) · Section 68
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Commercial expediency of a businessman's decision to incur a particular expenditure cannot be tested on the touchstone of strict legal liability to incur such expenditure.
Deloitee Haskins and Sells Vs D.C.I.T.
(2022) TaxCorp(LJ) 28989 (ITAT-AHMEDABAD)
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Acquisition of assets as reflected in CWIP did not constitute extension of existing business and thus proviso to Section 36(1)(iii) was inapplicable.
Havmor Ice Cream Limited Vs The Deputy Commissioner of Income-tax
(2022) TaxCorp(LJ) 28968 (ITAT-AHMEDABAD)
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The transaction qualifies as an adventure in the nature of trade, and hence Section 50C inapplicable.
Kanubhai M. Patel Vs The ITO
(2022) TaxCorp(LJ) 28955 (ITAT-AHMEDABAD)
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Law clearly provides for deduction u/s 80IA to be granted after set off of unabsorbed depreciation.
Atul Ltd Vs The DCIT (OSD)
(2022) TaxCorp(LJ) 28863 (ITAT-AHMEDABAD) · Section 80-IA
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Since foreign exchange fluctuation arose on account of trading transactions and excess amount received due to upward revision of foreign exchange rate was part of sale proceeds only, said fluctuation was eligible for section 80-IC deduction.
Reckitt Benckiser Healthcare India Ltd Vs Add CIT
(2022) TaxCorp(LJ) 28745 (ITAT-AHMEDABAD) · Section 80
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An ad hoc disallowance of 10% of the total expenses for failure to substantiate the claim in entirety with evidences in the impugned year is highly unjustified and a disallowance of ₹ 5 lacs would be justified.
GUJARAT STATE LAND DEVELOPMENT CORPORATION LIMITED VERSUS DY. COMMISSIONER OF INCOME TAX, GANDHINAGA
(2022) TaxCorp(LJ) 28571 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=96010&Category=ITAT&CategoryType=Zip
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The assessee cannot be escaped from the penalty provisions in a situation where the income was determined on estimated basis.
M/S. MORAKHIA COPPER AND ALLOYS PVT. LTD. VERSUS A.C.I.T., TAX, CIRCLE-2 (1) (2) , AHMEDABAD.
(2022) TaxCorp(LJ) 28561 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95982&Category=ITAT&CategoryType=Zip
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In view of the language used in Section 57(ii), depreciation is allowable from rental income from letting of machinery, plant and furniture whereas in the instant case income received is interest from investment of surplus, and holds depreciation to be inadmissible.
Sports Authority of Gujarat Vs DCIT
(2022) TaxCorp(LJ) 28552 (ITAT-AHMEDABAD)
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There are other multiple factors which are strongly suggesting that the amount of loan was not recoverable, particularly, in the situations where the subsidiary company was incurring losses from the operations.
Torrent Pharmaceuticals Ltd Vs ACIT
(2022) TaxCorp(LJ) 28511 (ITAT-AHMEDABAD) · Sections 80HHC, 115JB
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There was no basis with the Ld. CIT(E) at all for arrive at his finding that the assessment order passed in the present case was in error by allowing the assessee exemption of 15% of its income from Government grants.
SOCIETY FOR DENTAL HEALTH EDUCATION & RESEARCH CIVIL HOSPITAL CAMPUS VERSUS ITO (E) WARD-2, AHMEDABAD
(2022) TaxCorp(LJ) 28506 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95913&Category=ITAT&CategoryType=Zip
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