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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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No expenditure has been incurred for development of land, thus a non-agricultural land cannot be regarded as a trading asset without anything more.
M/s. Shalibhadra Developers Vs The ACIT
(2022) TaxCorp(LJ) 28174 (ITAT-AHMEDABAD)
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When the factual position and law is read conjointly, it appears that such capital receipts are not susceptible to tax u/s 115JB. The AO cannot bring such capital receipts to tax by including it in book profit artificially.
Ganeshsagar Infrastructure Pvt. Ltd Vs Income Tax Officer
(2022) TaxCorp(LJ) 28167 (ITAT-AHMEDABAD)
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In the present case, there is no prima-facie opinion formed by the Assessing Officer before issue of notice under Section 148 of the Act; therefore, the reopening of the assessment is bad in the eyes of law.
SMT. MEENABEN DILIPKUMAR SONI VERSUS INCOME TAX OFFICER, WARD-5 (2) (5) , AHMEDABAD
(2022) TaxCorp(LJ) 28138 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=94918&Category=ITAT&CategoryType=Zip
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There is no dispute with regard to the proposition that whenever unaccounted receipts unearthed during any investigation, then the gross receipts are not to be taxed.
DCIT, CIR. 4 (1) (1) AHMEDABAD. VERSUS SAMBHAV INFRASTRUCTURE P. LTD.
(2022) TaxCorp(LJ) 28136 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=94926&Category=ITAT&CategoryType=Zip
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Payment of entire tax including surcharge and cess is eligible for MAT credit u/s 115JAA(2A).
Sayaji Industries Ltd Vs The Dy. CIT
(2022) TaxCorp(LJ) 28079 (ITAT-AHMEDABAD) · Section 115JAA(2A)
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There was no deliberate act on part of the assessee to conceal/furnish inaccurate particulars of income.
MS VARSHA JITENDRA TEKWANI VERSUS INCOME TAX OFFICER, WARD-3 (1) (4) VADODARA
(2021) TaxCorp(LJ) 28044 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=94745&Category=ITAT&CategoryType=Zip
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There is no scope for making any adjustment for the gift while determining the full value of consideration under the deeming provisions of section 50C.
Nilesh Tanukumar Patel Vs I.T.O.
(2021) TaxCorp(LJ) 27929 (ITAT-AHMEDABAD) · Section 50C
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Revenue is directed to consider allowability or otherwise of claim of the Assessee in accordance with provisions of Sec. 10(5).
Hareshkumar Ratilal Kansara Vs ITO
(2021) TaxCorp(LJ) 27910 (ITAT-AHMEDABAD) · Section 10(5)
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