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ITAT - Since website development only helped in the promotion of the business, expenditure incurred on its development is revenue in nature as also it did not result in capital base addition of the company.
Aagam Infrabuild Pvt. Ltd Vs The DCIT
(2018) TaxCorp(LJ) 15234 (ITAT-AHMEDABAD)
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ITAT - Deduction u/s. 80IB(10) - no benefit could be allowed to projects approved prior to 01st April 2004, the said error/mistake cannot be allowed to be perpetuated as there is no heroism in perpetuating the mistake is a cardinal principle of jurisprudence.
ITO-3 (2) (4) , Mumbai Versus M/s. Omega Investment And Properties Ltd.
(2018) TaxCorp(LJ) 14749 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=62934&Category=ITAT&CategoryType=Zip
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S. 54: The expression “cost of the residential house so purchased” in s. 54 is not confined to the cost of civil construction but includes furniture and fixtures if they are an integral part of the purchase. The fact that the assessee did not make the claim is no reason to deny the claim if he is otherwise entitled to it (Scope of Srinivas R Desai 155 TTJ 743 (Ahd) expanded)
Rajat B Mehta vs. ITO
(2018) TaxCorp(LJ) 14301 (ITAT-AHMEDABAD) · Section. 54
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Transfer Pricing: Important law explained on whether termination of Option rights under an agreement can be treated as a "deemed international transaction" under section 92B(2) of the Act read with Rule 10B (4) in the light of the judgements in Vodafone's own cases of the Supreme Court (341 ITR 1) and the Bombay High Court (385 ITR 169).
Vodafone India Services Pvt. Ltd. vs. DCIT
(2018) TaxCorp(LJ) 14221 (ITAT-AHMEDABAD)
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ITAT - Exemption u/s 10B - apportionment of expenditure between EOU and non EOU - the processing is done by both the units, and the processing work done by the non EOU unit, by no stretch of logic, is less than the processing work done by the EOU unit - allocation of equal profits to EOU and non EOU unit on an equal basis is quite fair and reasonable.
Income Tax Officer Versus Tonira Pharma Limited
(2018) TaxCorp(LJ) 14108 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=61163&Category=ITAT&CategoryType=Zip
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ITAT - Capital gain u/s 50C - Where the date of the agreement fixing the amount of consideration and the date of registration regarding transfer of the capital asset in question are not the same, the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement is to be taken for the purpose of full value of consideration.
Hansaben Bhaulabhai Prajapati Versus Income Tax Officer, Ward 3 (2) (2), Ahmedabad
(2017) TaxCorp(LJ) 13789 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=59785&Category=ITAT&CategoryType=Zip
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ITAT - Amount credited in books of the assessee in the preceding year cannot be treated as unexplained cash credit u/s 68 in the relevant assessment year.
Income Tax Officer, Ward-1 (5), Samba Versus M/s Choudhary Construction Co. And Vice-Versa
(2017) TaxCorp(LJ) 13702 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=59379&Category=ITAT&CategoryType=Zip
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S. 140A/ 221(1): Law explained on whether an assessee who defaults on paying self assessment tax u/s 140A while filing the return of income is liable for penalty u/s 221(1) if he files a revised return of income and pays the tax thereon at the time of filing the revised return of income
Claris Life Sciences Limited vs. DCIT
(2017) TaxCorp(LJ) 13669 (ITAT-AHMEDABAD) · Sections. 140A, 221(1)
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ITAT - Investment before furnishing return of income within extended due u/s. is 139(4) eligible for Sec 54 exemption.
Anita Ajay Shad vs. ITO
(2017) TaxCorp(LJ) 13666 (ITAT-AHMEDABAD) · Section. 139(4)
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ITAT - Sec. 244A interest available on the refund of interest paid u/s. 234B.
ACIT. vs. National Dairy Development Board
(2017) TaxCorp(LJ) 13665 (ITAT-AHMEDABAD) · Sections. 244A, 234B
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ITAT - According to CBDT Circular No. 37/2016 in context of Sec.40(a)(ia), business profits enhanced by Sec.40(a)(i) disallowance would be eligible for Sec.10A exemption, therefore filing appeal would be revenue neutral.
DCIT. vs. Ascendum Solutions India Pvt. Ltd.
(2017) TaxCorp(LJ) 13659 (ITAT-AHMEDABAD) · Section. 40(a)(ia)
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ITAT - Hoardings rent received by a co-operative housing society for installing hoardings in the compound is chargeable under the head 'income from house property' and not 'income from other sources'.
Bimanagar Co. Op. Housing Society Ltd. vs. ITO
(2017) TaxCorp(LJ) 13651 (ITAT-AHMEDABAD)
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ITAT - In the context of Sec. 244A(1)(b), the expression 'tax' would include interest also and the definition of tax in Sec. 2(43) meaning 'income-tax' may not be applicable in the context of Sec. 244A(1). Interest available u/s. 244A on refund of interest u/s. 234B.
ACIT. Vs. National Dairy Development Board
(2017) TaxCorp(LJ) 13649 (ITAT-AHMEDABAD) · Section. 244A
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ITAT - Penalty u/s 221(1) to be levied for non-payment of self-assessment tax u/s 140A even after the tax has been paid by revising the return.
Claris Life Sciences Limited Versus Deputy Commissioner of Income Tax (OSD), Range 1, Ahmedabad
(2017) TaxCorp(LJ) 13645 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=58116&Category=ITAT&CategoryType=Zip
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ITAT - Share application money from directors' daughter is not a transaction between two strangers and since there is prima facie evidence of the means of the shareholder, 'unexplained credit' addition to be deleted.
Namision Powertech Pvt. Ltd. vs. ACIT
(2017) TaxCorp(LJ) 13634 (ITAT-AHMEDABAD)
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ITAT - Penalty u/s. 271(1)(c) - The calibre and expertise of the assessee has little or nothing to do with the inadvertent error. Absence of due care, in a case such as the present does not mean that the assessed is guilty of either furnishing inaccurate particulars or attempting to conceal its income. Imposition of penalty on the assessee is not justified.
Rameshbhai Ravjibhai Dobaria Versus Dy. Commissioner of Income Tax, Circle -12 Ahmedabad
(2017) TaxCorp(LJ) 12952 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=56346&Category=ITAT&CategoryType=Zip
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ITAT - Depreciation on Capital subsidy - For the purpose of computing depreciation allowable to the assessee, the subsidy amount cannot be reduced from the actual cost of the capital asset.
DCIT, Circle-8, Ahmedabad Versus Sakar Glazed Tiles Pvt. Ltd.
(2017) TaxCorp(LJ) 12951 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=56347&Category=ITAT&CategoryType=Zip
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ITAT - In case of unexplained capital introduced by the partners, the addition cannot be made in the hands of the firm and if anything remains unexplained the addition can only be made in the hands of the partners.
The Asstt. Commissioner of Income-tax, Circle-7, Surat Versus M/s. Veer Gems
(2017) TaxCorp(LJ) 12946 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=56323&Category=ITAT&CategoryType=Zip
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ITAT - Assessee was unable to satisfy the AO about three essential ingredients, viz, existence of lender, ability of lender to advance funds and genuineness of the transaction, therefore unexplained cash-credit addition u/s. 68 justified. Merely filing balance confirmation and details of existence of creditors doesn’t show that the transactions are genuine.
Pavankumar M Sanghvi Vs. ITO
(2017) TaxCorp(LJ) 12892 (ITAT-AHMEDABAD) · Section. 68
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ITAT - Expenditure on repairs of the building is merely incurred to refurnish and renovate the existing structure and is not in the nature of creation of a capital asset. No structural changes is shown to have been made by the assessee while incurring such expenditure. A repair ordinarily involves renewal and restoration of the existing wear and tear. Such expenditure is in the nature of current repair in spite of major expenses.
The DCIT Circle-1, Ahmedabad Versus M/s. Ahmedabad Packaging Industries Ltd.
(2017) TaxCorp(LJ) 12808 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=55936&Category=ITAT&CategoryType=Zip
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