-
ITAT - Department has merely filed appeal for the sake of filing otherwise it has also not placed any document on record which can suggest that the assessee does not fulfill criterion contemplated in section 10(23C)(iiiab).
ACIT, Cir. 12, Ahmedabad Versus Gujarat State Tribal Development Residential Education Institute
(2017) TaxCorp(LJ) 12573 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=55447&Category=ITAT&CategoryType=Zip
-
Bogus penny stock capital gains: Failure to provide a copy of the statement relied upon and of cross-examination renders the assessment order void. The claim of capital gains from penny stocks cannot be denied on presumption and surmises by disregarding direct evidences relating to the sale/purchase transactions of shares supported by broker’s contract notes, confirmation of receipt of sale proceeds through regular banking channels and the demat account
Sunita Jain vs. ITO, (ITAT Ahmedabad)
(2017) TaxCorp(LJ) 12563 (ITAT-AHMEDABAD)
-
ITAT - Addition u/s 68 in the absence of any seized material are not sustainable.
Kinjalben R. Thakkar Versus Dy. Comm. Of Income Tax, Central Circle-1 (1), ITO, Ward-7 (2), Ahmedabad
(2017) TaxCorp(LJ) 12489 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=55227&Category=ITAT&CategoryType=Zip
-
ITAT - If bank has charged 12% and it got subsidy of 5%, then it had charged the rate of 7% on the profit & loss account, then it would have enhanced its profit to this extent, and therefore, this interest subsidy is to be considered as eligible for grant of deduction under section 80IB(11).
M/s. AL Reza Food Versus ITO, Ward-2 (4), Bhavnagar
(2017) TaxCorp(LJ) 12487 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=55232&Category=ITAT&CategoryType=Zip
-
S. 143(3): Loose papers which do not have full details are "dumb documents" and have no evidentiary value. The fact that the assessee sold goods at a concession does not mean that that the difference between sale value and market value can be assessed as income. The onus is on the AO to make inquiries from the buyers and bring incriminating evidence on record to show that the assessee sold flats at a higher rate
Nishant Construction Pvt. Ltd vs. ACIT
(2017) TaxCorp(LJ) 12415 (ITAT-AHMEDABAD) · Section 143(3)
-
ITAT - In the absence of any demonstrable loss of revenue, interference in exercise of power under Section 263 cannot be justified.
Gujarat Engineering Co. Versus Commissioner of Income-tax-I, Vadodara, Income-Tax Officer, Ward-2 (2), Vadodara
(2017) TaxCorp(LJ) 12327 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54874&Category=ITAT&CategoryType=Zip
-
ITAT - Assessee has rightly claimed short term capital loss which is eligible to be set off against long term capital gain as the transaction is neither “sham” nor speculative in nature.
Suraj Limited Versus ACIT (OSD), Circle-8, Ahmedabad
(2017) TaxCorp(LJ) 12297 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54813&Category=ITAT&CategoryType=Zip
-
ITAT - Once Assessing Officer holds that the sale gives rise to taxability under section 48 as long term capital gains, the matter ends there. It was no longer open to him to examine the details about cost of acquisition and cost of improvement which were examined and accepted in the first round.
Ramesh M. Khurana Versus Asstt. Commissioner of Income Tax, Circle - 6, Ahmedabad.
(2017) TaxCorp(LJ) 12252 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54731&Category=ITAT&CategoryType=Zip
-
ITAT - Substantive addition was not on estimated basis but was made specifically on the indulgence of mal-practices and bogus purchases committed by the assessee. Penalty u/s 271(1)(c) confirmed.
Ibkey Plastic Pvt. Ltd. Versus The DCIT, Circle-1 (2), Baroda
(2017) TaxCorp(LJ) 12250 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54733&Category=ITAT&CategoryType=Zip
-
ITAT - TPA - Corporate Guarantee given by the assessee being a domestic transaction is outside the purview of TP provisions.
Rubamin Ltd. Versus ITO, Ward 4 (2), Baroda, ACIT, Circle-4, Baroda, DCIT, Circle-4, Baroda
(2017) TaxCorp(LJ) 12231 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54687&Category=ITAT&CategoryType=Zip
-
ITAT - Deduction u/s 80IB allowed as assessee was not manufacturing proto-type of jewellery but it has produced variety of items containing numerous designs, shape, size and specification and it is not feasible or possible to maintain any quantitative records on daily basis.
ITO, Vapi-Ward-4, Daman Versus M/s. Padmavati Arts
(2017) TaxCorp(LJ) 12227 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54697&Category=ITAT&CategoryType=Zip
-
ITAT - Annual Lettable Value of the shops which were ready to be let out during the year but remained vacant throughout the year would be "NIL".
Mrs. Neelam Sanjay Arya Versus ITO, Wd-8 (3), Ahmedabad
(2017) TaxCorp(LJ) 12107 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54454&Category=ITAT&CategoryType=Zip
-
S. 9(1): Important law explained as to the taxability of export sale commission payments received by non-resident agents and the obligation of the assessee to deduct TDS thereon in the context of s. 9(1)(i)/ 9(1)(vii) of the Act and relevant provisions of the DTAA
DCIT vs. Welspun Corporation Limited
(2017) TaxCorp(LJ) 11949 (ITAT-AHMEDABAD) · Section 9(1)
-
S. 92A Transfer Pricing: Important law explained on meaning of expression "associated enterprise". The mere fact that an enterprise has de facto participation in the capital, management or control over the other enterprise does not make the two enterprises "associated enterprises" so as to subject their transactions to the rigors of transfer pricing law
ACIT vs. Veer Gems
(2017) TaxCorp(LJ) 11948 (ITAT-AHMEDABAD) · Section 92A
-
S. 206AA: In case where payments have been made to deductees on the strength of the beneficial provisions of s. 115A(1)(b) of the Act or as per DTAA rates r.w.s. 90(2) of the Act, the provisions of s. 206AA cannot be invoked by the AO insisting to deduct tax @ 20% for non-availability of PAN
Quick Flight Limited vs. ITO
(2017) TaxCorp(LJ) 11946 (ITAT-AHMEDABAD) · Section 206AA
-
Bogus capital gains from penny stocks: The fact that the Stock Exchanges disclaimed the transaction is irrelevant because purchase and sale of shares outside the floor of Stock Exchange is not an unlawful activity. Off-market transactions are not illegal. It is always possible for the parties to enter into transactions even without the help of brokers. Therefore, it is not possible to hold that the transactions reported by the assessee were sham or bogus
ACIT vs. Vineet Sureshchandra Agarwal
(2017) TaxCorp(LJ) 11930 (ITAT-AHMEDABAD)
-
S. 9(1)(vi)/ 9(1)(vii): Important law explained on whether payment for use of equipment can be assessed as "royalty" and whether payment for rendering of services can be assessed as "fees for technical services" in the context of s. 9(1)(vi) and 9(1)(vii) and Article 12 of the India-Canada DTAA
DCIT vs. Bombardier Transportation India Pvt. Ltd
(2017) TaxCorp(LJ) 11929 (ITAT-AHMEDABAD) · Section 9(1)(vi), 9(1)(vii)
-
ITAT - Commission paid to non-resident export commission agents by an Indian company engaged in manufacturing steel pipes not taxable in India and Sec 195 TDS not applicable.
Welspun Corporation Limited Vs. DCIT
(2017) TaxCorp(LJ) 11882 (ITAT-AHMEDABAD)
-
ITAT - Payment towards IT support services by an Indian company to its AE in Canada is not royalty under u/s 9(1)(vi) and also not taxable under Article 12(3) of the India- Canada DTAA.
DCIT (International Taxation) vs. Bombardier Transportation India Pvt. Ltd.
(2017) TaxCorp(LJ) 11881 (ITAT-AHMEDABAD)
-
ITAT - Foreign tax credit allowable in respect of taxes withheld in Singapore and Indonesia on receipt from software license sale and AMC on 'income' and not 'gross-receipts'.
Elitecore Technologies Private Limited vs. DCIT
(2017) TaxCorp(LJ) 11880 (ITAT-AHMEDABAD)
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.