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While passing the penalty order u/s. 271(1)(c) of the act, the assessing officer has categorically stated that this being second default of concealment of particulars of same type of income therefore he was satisfied to impose maximum penalty @ 300% of the tax sought to be evaded. Regarding contention of the assessee that assessing officer has failed to specify charge whether penalty is being imposed for furnishing inaccurate particulars or concealment of income.
KISHORBHAI D IYAVA VERSUS THE ITO, WARD-2, NADIAD AHMEDABAD
(2019) TaxCorp(LJ) 20145 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=77927&Category=ITAT&CategoryType=Zip
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AO conducted sufficient inquiry of the impugned transaction and took one of the permissible view provided in the law and therefore Ld. CIT erred in assuming jurisdiction u/s 263 of the Act. We accordingly quash the order of Ld. CIT u/s 263.
DIPAL PIYUSH PALKHIWALA VERSUS ITO WARD-4 (4) , AHMEDABAD
(2019) TaxCorp(LJ) 20136 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=77954&Category=ITAT&CategoryType=Zip
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The assessee in order to claim that all the expenses claimed and paid to the above parties are genuine has filed ledger account of construction material for all the three years, copy of invoices of all the parties, bank statement through which the payments has been made and the details about the contractor who carried out the work.
JATINKUMAR AMRUTLAL SHAH VERSUS ACIT (CENTRAL CIRCLE) -5 (1) AHMEDABAD
(2019) TaxCorp(LJ) 20135 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=77956&Category=ITAT&CategoryType=Zip
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No such limitation provision has been enacted with regard to tax collection at source as provided in Section 206C till date. Under the circumstances, where no time limit has been prescribed by the statute for passing order in respect of default in collection of tax at source, a guidance can be possibly obtained from judicial precedents laying down a reasonable time limit as implicit for imposition of levy of tax at source.
ADANI ENTERPRISE LTD. VERSUS DCIT TDS CIRCLE ‘A’ WING, AHMEDABAD
(2019) TaxCorp(LJ) 20123 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=77866&Category=ITAT&CategoryType=Zip
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Appellant did not furnish any documentary evidence to prove that the loan taken from 1IFSL and transferred directly to MIPL was for the purpose of the business of the appellant though it was the onus of the appellant to prove the business exigency of giving loan of such a huge amount without interest after borrowing the same on huge interest expenses.
SHRI SHREYAS V. SHAH VERSUS DCIT CENTRAL CIRCLE-1 BARODA
(2019) TaxCorp(LJ) 20120 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=77877&Category=ITAT&CategoryType=Zip
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Assessee has discharged his duties imposed u/s 68 of the Act by establishing the identity of the lenders, the genuineness of the transactions and creditworthiness of the lenders. Assessee has taken a loan in the assessment year 2005- 06 from Shri Shushibhai Patel which was not doubted by the Revenue in the assessment proceedings framed under section 143(3) of the Act.
M/S SOUTH SHOURNE CORPORATION (INDIA) VERSUS ACIT, CIRCLE-2 (2), BARODA.
(2019) TaxCorp(LJ) 20087 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=77682&Category=ITAT&CategoryType=Zip
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Income generated from leasing mall premises in the hands of the assessee (engaged in leasing and operating malls) constitutes business income and not income from house property.
Gulmohar Park Mall Pvt Ltd Vs Dy. Commissioner of Income-tax
(2019) TaxCorp(LJ) 20078 (ITAT-AHMEDABAD)
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Authorities below has taken contradictory stand meaning thereby the Revenue on one hand has accepted the liability shown by the assessee as discussed above and on the other hand the forex losses in relation to such trading liability was not allowed as deduction. Once the Revenue has accepted trading liability shown by the assessee, then the Revenue cannot make the disallowance of the corresponding loss in relation to such advance being a trading asset.
DIAMINES & CHEMICALS LTD. VERSUS THE INCOME TAX OFFICER WARD-1 (1) (2) BARODA
(2019) TaxCorp(LJ) 20056 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=77586&Category=ITAT&CategoryType=Zip
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The show cause notice in the instant case was duly issued within the period of 6 years at which time the default in deduction of TDS was both committed as well as continuing, hence assessee cannot seek immunity from the applicability of Sec. 201(1).
ITO (TDS ) Vs M/ s. Shri Rang Infrastructure (P) Ltd.
(2019) TaxCorp(LJ) 20052 (ITAT-AHMEDABAD) · Section 201(3)
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The crux of what has been mentioned therein is applicable even in relation to holding of immovable properties.
Deputy Commissioner of Income Tax Vs Shri Niketan Krishorchandra Patel
(2019) TaxCorp(LJ) 19900 (ITAT-AHMEDABAD)
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Low Tax Effect Appeals: Though CBDT Circular dated 8th August 2019, enhancing the monetary limits for Dept appeals, states that the "modifications shall come into effect from the date of issue of the Circular", it must be interpreted to mean that the enhanced limits apply not only to appeals to be filed in future but also to appeals pending for disposal as on now. It is an appreciable goodwill gesture by the Govt, for so many taxpayers, on the eve of this Independence Day and offering them freedom from the prolonged mental agony and uncertainty of litigation
ITO vs. Dinesh Madhavlal Patel
(2019) TaxCorp(LJ) 19881 (ITAT-AHMEDABAD)
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In an environment in which retrospectivity was attached only to the taxation and not to tax reliefs or concessions, such an approach is a pleasant departure from legacy practices.
Dinesh Madhavlal Patel Vs Income Tax Officer
(2019) TaxCorp(LJ) 19861 (ITAT-AHMEDABAD)
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When the investment in trust itself stands unexplained and uncorroborated, the legal position with respect to taxability of such trust funds is altogether at a different level.
Dr Atul T Patel Vs Deputy Commissioner of Income Tax
(2019) TaxCorp(LJ) 19840 (ITAT-AHMEDABAD)
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It is sufficient if the existing company acquires all the assets and liabilities of the partnership firms in the manner as provided under section 47(xiii) of the Act to claim the exemption from the capital gain.
Neptune Industries Ltd Vs ACIT
(2019) TaxCorp(LJ) 19806 (ITAT-AHMEDABAD)
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As decided in own case looking to the nature of expenditure and nature of business activity of the assessee, it would reveal that these expenditures were not wholly required, in a sense, for the purpose of business or could it be termed that these expenses were exclusively incurred for the purpose of business.
SHRI RAM KRUPA MEDICARE P. LTD. VERSUS DCIT, CIR. 2 (1) (1) BARODA.
(2019) TaxCorp(LJ) 19786 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=76697&Category=ITAT&CategoryType=Zip
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Once deduction is granted in the initial Assessment Year, the same would continue for the period of 10 consecutive year unless the relief for initial year is also withdrawn.
Manpasand Beverages Limited Vs Deputy Commissioner of Income Tax
(2019) TaxCorp(LJ) 19750 (ITAT-AHMEDABAD) · Sections 80IB, 263
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The impugned transaction cannot be regarded as colorable device merely on the reasoning that there is no tax liability arising in the hands of the assessee.
Sun Pharmaceuticals Industries Ltd vs. ACIT
(2019) TaxCorp(LJ) 19645 (ITAT-AHMEDABAD)
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Assessee's stand that the transactions with the sister-concerns were genuine and at arm's length, and the mere fact that these entities were operating from the same premises cannot lead to the inference that the transactions were collusive is disallowed.
RPK Warehousing Pvt Ltd Vs Income Tax Officer
(2019) TaxCorp(LJ) 19629 (ITAT-AHMEDABAD)
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Revenue intend to adjust the refund of earlier years or subsequent years. ITAT do not see any urgency of passing any order staying the outstanding demand at this stage, because, the application of the assessee for grant of stay is pending before the Pr.CIT.
M/S. SUN PHARMACEUTICAL INDUSTRIES LTD. (ERSTWHILE RANBAXY LABORATORIES LTD.) VERSUS DCIT, CIR. 2 (1) (1) VADODARA.
(2019) TaxCorp(LJ) 19604 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=76229&Category=ITAT&CategoryType=Zip
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In order to earn goodwill of the people residing in the neighbor-hood area and to keep social relations with residents, assessee company has to incur certain expenditure, which would ultimately facilitate the assessee’s business, otherwise there would be friction or law and order situation which would arise if it adopt continuous unfriendly approach with the residents residing in the surrounding areas.
GUJARAT FLUOROCHEMICALS LTD. VERSUS ACIT, RANGE-1, AHMEDABAD
(2019) TaxCorp(LJ) 19576 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=76150&Category=ITAT&CategoryType=Zip
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