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Revenue having not clearly established the violation of provisions of section 269SS of the Act by the assessee ,its entire case resting on interpretation of entry in a diary found during search,it is not a fit case for levy of penalty u/s 271D.
M/S. MADHUVAN CORPORATION VERSUS ADDL. CIT, CENTRAL RANGE, BARODA
(2022) TaxCorp(LJ) 28497 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95896&Category=ITAT&CategoryType=Zip
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Provisions of section 11(1)(d) specifying the income in the form of voluntary contributions made with a specific direction are independent of section 11(1)(a).
JT. CIT (EXEMPTIONS) (OSD) CIR. 2, AHMEDABAD. VERSUS DIVYA JYOTI TRUST TEJAS EYE HOSPITAL SUTHAR FALIYAAT & POST – MANDVI SURAT
(2022) TaxCorp(LJ) 28479 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95832&Category=ITAT&CategoryType=Zip
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Assessment framed under section 153C read with section 143(3) of the Act is not sustainable. Once the assessment in itself is invalid then the same cannot be revised under the provisions of section 263.
M/S. GREENSTONE AGRO PRODUCT & INFRASTRUCTURE (P) LTD. VERSUS P.C.I.T. (CENTRAL), AHMEDABAD.
(2022) TaxCorp(LJ) 28474 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95787&Category=ITAT&CategoryType=Zip
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Notwithstanding addition of assessee’s income on account of undervaluation of closing stock in the absence of any circumstances justifying the interference that assessee has consciously concealed its income, penalty under Section 271(1)(c) was not warranted.
M/S. SHETH SHIP BREAKING CORPORATION VERSUS JT. CIT, RANGE-1, BHAVNAGAR
(2022) TaxCorp(LJ) 28447 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95763&Category=ITAT&CategoryType=Zip
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Mere oral submissions or indication that evidences will be provided if revenue asked at later stage shows that the assessee was not at all dispensed the burden of proving his claim that the said income and expenses were part of agricultural income.
BALBHADRASINGH DILIPSINGH JADEJA PROP. OF BANSI ISPAT VERSUS ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-1 BHAVNAGAR
(2022) TaxCorp(LJ) 28430 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95732&Category=ITAT&CategoryType=Zip
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TDS under Section 194 is not required to be made unless the loan and advances are given to shareholder.
DEPUTY COMMISSIONER OF INCOMETAX, TDS CIRCLE, ASSISTANT COMMISSIONER OF INCOME-TAX, TDS CIRCLE VERSUS M/S. J.P. ISCON LTD. (FORMERLY KNOWN AS J.P. INFRASTRUCTURE LTD.) AND (VICE-VERSA)
(2022) TaxCorp(LJ) 28378 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95598&Category=ITAT&CategoryType=Zip
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If the assessee under wrong appreciation of facts and the law has not pressed the issue before the lower authorities, the same can be raised before the higher forum.
ARCHIT CORPORATION LLP (EARLIER KNOWN AS ARCHIT CORPORATION) VERSUS I.T.O., WARD-2 (3) BHAVNAGAR
(2021) TaxCorp(LJ) 28340 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95496&Category=ITAT&CategoryType=Zip
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There was no furnishing of inaccurate particulars of income by the assessee so as to attract penalty u/s 271(1)(c).
ASST. COMMISSIONER OF INCOME TAX, CIRCLE-3 (3) , AHMEDABAD VERSUS SHRI CHANDRAKANT G. PATEL
(2021) TaxCorp(LJ) 28339 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95509&Category=ITAT&CategoryType=Zip
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We do not find any infirmity with the finding of the CIT(A) and therefore, the ground of the Revenue appeal is failed and dismissed.
A.C.I.T., CENTRAL CIRCLE-2 (3) , AHMEDABAD. VERSUS SHRI PRAVIN VIRCHAND SHAH
(2022) TaxCorp(LJ) 28324 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95439&Category=ITAT&CategoryType=Zip
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A debit balance in an account can either be reflected in the profit and loss account as expense or as an asset in the balance sheet. It cannot be reflected in both the financial statements at the same time.
R.S. STEEL MANUFACTURERS VERSUS THE ACIT, KHEDA CIRCLE NADIAD
(2022) TaxCorp(LJ) 28314 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95385&Category=ITAT&CategoryType=Zip
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The assessee cannot be denied the deduction in the value of closing stock on account of non-moving/unsaleable items.
SHREE RAMA MULTI TECH LTD. VERSUS DCIT CIRCLE-8, AHMEDABAD, ACIT (OSD) , CIRCLE-8, AHMEDABAD, DCIT-4 (1) (1) , (ERSTWHILE DCIT, CIRCLE-8) , AHMEDABAD
(2022) TaxCorp(LJ) 28292 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95336&Category=ITAT&CategoryType=Zip
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There cannot be a penalty where there was bond fide error in the claim.
M/S. RAJESH MALLEABLES LTD., C/O. ANUJ MEHTA VERSUS INCOME-TAX OFFICER, WARD-3 (1) (3) , AHMEDABAD.
(2022) TaxCorp(LJ) 28283 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95315&Category=ITAT&CategoryType=Zip
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Once the genuineness of the transaction is not free from doubt, it is implied that the creditworthiness of the parties was not satisfactory so as to advance the loan to the assessee.
DCIT CIRCLE-1 (1) (1), AHMEDABAD VERSUS J.P. FINCORP SERVICES PVT. LTD. AND AMBE TRADECORP PVT. LTD. [FORMERLY KNOWN AS J.P. FINCORP SERVICES PVT. LTD.
(2022) TaxCorp(LJ) 28282 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95316&Category=ITAT&CategoryType=Zip
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It was an undisputed fact that the AE paid the salary to Tim and Matt, complied with TDS requirements and Tim and Matt also filed their return of income in India.
Lubrizol Advanced Materials Inc Vs A.C.I.T
(2022) TaxCorp(LJ) 28249 (ITAT-AHMEDABAD)
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To determine, the net income on the deposits from the bank, amount of expenses incurred in generating such interest income should be allowed as deduction from the gross income of interest in pursuance to the provisions of section 57(iii).
BARODA CITIZEN COMMUNITY CO-OP. CREDIT SOCIETY LTD. VERSUS I.T.O, WARD-1 (2) (2) , BARODA.
(2022) TaxCorp(LJ) 28236 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95203&Category=ITAT&CategoryType=Zip
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Section 143(1) prescribes that no adjustments to the income shall be made till the same is intimated to the assessee and 30 days time is given to the assessee to respond to the same.
TARAMANDAL CHARITABLE TRUST VERSUS THE ACIT (CPC) , BANGALORE
(2022) TaxCorp(LJ) 28210 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95127&Category=ITAT&CategoryType=Zip
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There was no single test or criteria to decide whether a receipt is capital or business receipt and it is a fact-dependent issue.
Khevana Securities and Finstock Ltd Vs Income Tax Officer
(2022) TaxCorp(LJ) 28202 (ITAT-AHMEDABAD)
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No infirmity in the impugned order of the AO, more so, in view of the reasoning given in the remand report submitted by the assessee before the ld.CIT(A).
ACIT, CIR. 5 AHMEDABAD. VERSUS M/S. NEESA INFRASTRUCTURE LTD.
(2022) TaxCorp(LJ) 28199 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95106&Category=ITAT&CategoryType=Zip
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Assessee sufficiently discharged its onus under Section 68 by producing all the relevant documents and thus CIT(A)’s order is being upheld.
Adarsh Capital Finstock Ltd Vs DCIT
(2022) TaxCorp(LJ) 28186 (ITAT-AHMEDABAD) · Section 68
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Funds which were not used for objects of the Trust, can be brought to tax under section 13(3) of the Act.
ACIT, CIR. 6 (1) , AHMEDABAD. VERSUS ARMEE INFOTECH AND (VICE-VERSA)
(2022) TaxCorp(LJ) 28180 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=95053&Category=ITAT&CategoryType=Zip
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