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A perusal of the record would indicate that basically the assessee has written off its inventory on the ground that such inventory has become obsolete; but when the Assessing officer has enquired to submit the supporting details, what is the nature of inventory, what is the shelf-life, how it became obsolete, then nothing was produced. In other words, the assessee should produce the details of inventory, year of manufacturing/purchase, how it is to be used and how it can be construed that it has no value.
M/S ORG INFORMATICS LTD VERSUS ADDITIONAL COMMISSIONER OF INCOME-TAX, RANGE-4, BARODA
(2020) TaxCorp(LJ) 22344 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=82739&Category=ITAT&CategoryType=Zip
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CIT(A) after considering the applicability of section 14A of the Act held that out of interest nothing was to be disallowed since the Assessing Officer had not attached attributability of such interest to any particular income and thus only administrative expenses were found to be disallowed. Thus, in this way, the disallowance of interest and administrative expenses in terms of section 14A have already been considered and decided by Ld.CIT(A) in an appeal against original order passed u/s.143(3) of the Act.
THE ACIT (OSD) CIRCLE-8, AHMEDABAD VERSUS M/S. TORRENT POWER LIMITED
(2020) TaxCorp(LJ) 22324 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=82628&Category=ITAT&CategoryType=Zip
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The inaction of the AO for not collecting the details of the parties from whom the assessee has received cheque does not absolve the assessee from furnishing the details of the parties as discussed above. As such, the liability under section 68 of the Act is upon the assessee to justify the source of deposits in the manner described aforesaid.
SHAUNAK SHAILESH SHAH, AHMEDABAD VERSUS I.T.O., WARD-15 (4), AHMEDABAD.
(2020) TaxCorp(LJ) 22320 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=82555&Category=ITAT&CategoryType=Zip
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Information and not conclusive evidence on the basis of which addition can be made. But in the present case, this statement is to be appreciated keeping in mind that certain papers and diaries inventorised as Annexure-4, 5 and 6 were found and seized. The assessee itself did not dispute disclosure made by it during the course of survey, and honoured to the extent of ₹ 23 lakhs.
CRP ASSOCIATES VERSUS ACIT, GANDHINAGAR CIR. GANDHINAGAR.
(2020) TaxCorp(LJ) 22318 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=82557&Category=ITAT&CategoryType=Zip
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The only basis of making impugned addition was loose paper found at the premises of the third party. However, no corresponding incriminating material was found from assessee’s premises which would corroborate the same. In fact, each and every document impounded from assessee’s premises was explained during the course of assessment proceedings and no infirmity could be found in the same. It was incumbent upon Ld. AO to make further inquiries in the matter to substantiate the veracity of the loose paper and bring on record cogent material / evidences to establish that cash was received by the assessee.
D.C.I.T CENTRAL CIRCLE-1 (2), AHMEDABAD. VERSUS M/S. ANGEL INFRA
(2020) TaxCorp(LJ) 22296 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=82466&Category=ITAT&CategoryType=Zip
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We cannot believe this fact of the revenue because no statement of sellers were recorded by the department. If there was some doubt, revenue ought to have recorded statement of the seller along with statement of witnesses. The Department does not have any other evidence other than the so-called banachhitti wherein appellant’s son has made an agreement to purchase land at the rate of ₹ 27 lakhs.
PUKHRAJ LALCHAND BAGRECHA VERSUS THE ACIT CENTRAL CIRCLE-2 (4) AHMEDABAD
(2020) TaxCorp(LJ) 22286 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=82444&Category=ITAT&CategoryType=Zip
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The amount of tax paid in a foreign country which is not eligible for benefit u/s.91, shall be eligible for deduction u/s. 37(1).
Virmati Software & Telecommunication Limited Vs DCIT
(2020) TaxCorp(LJ) 22267 (ITAT-AHMEDABAD) · Section 91
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The onus lies on the assessee to justify based on documentary evidence that the interest expenses was incurred on the money borrowed from the bank and other parties for the purpose of the business. But the assessee, in the present case has failed to do so. Assessee claimed to have received interest-free loan from M/s Master developers in the submission made before the learned CIT (A). However, the assessee to establish the genuineness of loan from M/s Master Developers has contended before the learned CIT (A) that it has paid interest on the money borrowed from MD.
SHRI JIVRAJ V. DESAI PROP. M/S MAHADEV ENTERPRISE VERSUS THE DCIT, CENTRAL CIRCLE-2 (1) , AHMEDABAD
(2020) TaxCorp(LJ) 22266 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=82409&Category=ITAT&CategoryType=Zip
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The answer certainly is in negative. It is because there can be a situation when the assessee is not able to generate any business but it has to incur the expenses to keep its business setup in existence. Thus in such a situation the assessee cannot be denied the claim of expenses incurred during the period when he was not able to generate the business. Furthermore, it is also important to note that the business is governed by the market forces which are beyond the control of the assessee.
SHRI ATUL BABUBHAI SHAH VERSUS THE JCIT RANGE-10 AHMEDABAD, THE ACIT, CIRCLE-11 AHMEDABAD
(2020) TaxCorp(LJ) 21165 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=82200&Category=ITAT&CategoryType=Zip
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The assessee has certified that no new project was started or commissioned during the year for which above guarantee was paid, and the guarantee fees was in respect of loans for acquisition of capital assets, which were already put-to-use prior to 1.4.2007. The guarantee fees is directed to be allowed as revenue expenditure, subject to verification by the AO of the certificate filed during the appellate proceedings i.e. there was no capital work-in-progress in respect of loans on which guarantee fees was paid.
THE DY. CIT CIRCLE-1 (1) (1), VADODARA VERSUS GUJARAT ENERGY TRANSMISSION CORP. LTD.
(2020) TaxCorp(LJ) 21133 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=82107&Category=ITAT&CategoryType=Zip
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Legal issue raised by the Assessee has been addressed by Hon’ble Gujarat High Court in favour of the Revenue and against the assessee in the case of Rajesh Kourani vs. Union of India. The Hon’ble Gujarat High Court held that section 234E of the Act is a charging provision creating a charge for levying fee for certain defaults in filing statements and fee prescribed under s.234E could be levied even in the absence of a regulatory provision being found in section 200A for computation of fee.
BHIKHABHAI HIRABHAI PATEL VERSUS DEPUTY COMMISSIONER OF INCOME TAX, GHAZIABAD
(2020) TaxCorp(LJ) 21099 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=82019&Category=ITAT&CategoryType=Zip
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In the absence of any incriminating document found during the search proceedings at M/s DhanjiMama Group suggesting undisclosed income, it is transpired that the assessee has admitted the impugned income in his hands voluntarily in the statement furnished under section 131 of the Act.
SHRI CHANDRESH ROSHANLAL JAIN VERSUS A.C.I.T., PANCHMAHAL CIRCLE, GODHRA.
(2020) TaxCorp(LJ) 21061 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=81927&Category=ITAT&CategoryType=Zip
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The assessee would like to take benefit of the new Kar Vivad Samadhan Scheme introduced two-three days back and therefore he has no objection if this miscellaneous application is allowed.
Ambrish Chandra Sharma HUF Vs The ITO
(2020) TaxCorp(LJ) 21055 (ITAT-AHMEDABAD)
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There was no infirmity in such tax audit report as observed by the AO. As such the income declared by the assessee in its income tax return has been accepted without pointing any variation. Moreover the purpose of tax audit was to ensure that the information furnished by the assessee in the income tax return are correct so as to save the time of the income tax officer is in carrying out routine verifications of the purchases and sales and other details shown in the financial statements.
SHREENATHJI REALTY BANSI BUNGALOWS ATLADARA, VADODARA, NILKANTH DEVELOPERS VACHNAMRUT RESIDENCY ATLADARA, VADODARA VERSUS THE DY. CIT CIRCLE-1 (2) BARODA
(2020) TaxCorp(LJ) 20946 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=81648&Category=ITAT&CategoryType=Zip
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As decided in own case CIT(A) was justified in holding that the Assessing Officer has erred in categorizing DOC as scrap within the meaning of Explanation to Section 206C. Regarding the raw cotton being treated as scrap we find raw cotton is only a part of raw material which is of lower quality (lower count cotton) from which the thin yarn cannot be manufactured such thick quality cotton was separated at the initial warehousing stage and sold off to other yarn manufacturers including that for export.
DCIT, TDS CIRCLE AHMEDABAD. VERSUS M/S. GUJARAT AMBUJA EXPORT LTD.
(2020) TaxCorp(LJ) 20944 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=81614&Category=ITAT&CategoryType=Zip
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AO has alleged that the assessee has incurred an expense in connection with the conversion of land from agriculture to NA with respect to survey numbers. However, the AO without verifying the fact from the parties in whose name the survey number was registered has treated the expenditure as unexplained u/s 69C - AO was under the obligation to carry out the necessary verification before reaching to the conclusion that the assessee has incurred unexplained expenditure.
SHRI RAJESHBHAI JIVRAJ DESAI VERSUS D.C.I.T., CENTRAL CIRCLE-2 (1), AHMEDABAD.
(2020) TaxCorp(LJ) 20925 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=81584&Category=ITAT&CategoryType=Zip
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Regarding the use of the machineries in the manufacturing of CT/PT products, we note that the AO has not brought anything on record evidencing that the assessee was not in possession of the requisite machineries. Though the assessee during the assessment proceedings has claimed that it is using APG machines and vacuum casting machines for the manufacture of its alleged products, but the AO has not controverted the submission of the assessee based on any documentary evidence.
D.C.I.T., CIRCLE-1 (2) , BARODA. VERSUS M/S KAIZEN SWITCHGEAR PRODUCTS
(2020) TaxCorp(LJ) 20924 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=81586&Category=ITAT&CategoryType=Zip
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It is the settled law that the assessee should be vigilant enough to pursue the appeal filed by it. Merely filing the appeal before the authorities is not sufficient enough on the part of the assessee but following it up for its prosecution is equally important. Thus, there remains no ambiguity to the fact that the assessee should certainly be penalize for not availing the opportunities provided by the authorities.
Deschem Technologies Resources Pvt. Ltd Vs ITO
(2020) TaxCorp(LJ) 20920 (ITAT-AHMEDABAD)
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Since sale of shares at face value was by mutual understanding and by consent of all directors because Amit Indubhushan Bakshi was instrumental in getting the investor who contributed allot for benefit of company. We do not find any illegality in transfer of shares at face value i.e. Rs. 10 per share.
Shri Rakesh Bhikhabhai Shah Vs Pr. CIT-1
(2020) TaxCorp(LJ) 20901 (ITAT-AHMEDABAD)
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Where the assessee has followed mercantile system of accounting and distributing the liability to pay to sales tax and not making provision in its books of accounts particularly when the demand raised on the basis of the sales made during the accounting year the assessee entitled to deduct the amount of sales tax on the basis of the liability incurred and even in the absence of entries in the books of accounts, the same is admissible.
GUJARAT STATE ENERGY GENERATION LTD. – GSEGL VERSUS JOINT COMMISSIONER OF INCOME TAX, GANDHNAGAR RANGE, GANDHINAGAR.
(2020) TaxCorp(LJ) 20900 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=81514&Category=ITAT&CategoryType=Zip
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