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ITAT - Merely because the assessee did not contest the addition, cannot give rise to any adverse inference against the assessee, as in any case it was running into huge losses. No penalty u/s 271(1)(c).
ACIT, Circle-1, Surat Versus M/s. Banco Silk Mills Pvt. Ltd.
(2016) TaxCorp(LJ) 11498 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=52082&Category=ITAT&CategoryType=Zip
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ITAT - Technical/consultancy service payments by an company to a Switzerland company, constitutes FTS under India-Swiss DTAA.
Torrent Pharmaceuticals Ltd. vs. ITO (International Taxation)
(2016) TaxCorp(LJ) 11492 (ITAT-AHMEDABAD)
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ITAT - To claim of exemption u/s.54F, it is open for the assessee to put up a residential construction or to purchase a residential house. It is not the requirement of law that he should purchase a residential site and then putup construction.
Shri Sanjay K. Rana Versus The Income Tax Officer
(2016) TaxCorp(LJ) 11479 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51781&Category=ITAT&CategoryType=Zip
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ITAT - Even in case of mercantile liability, Section 40(a)(ia) clearly mandates that the expenditure cannot be allowed in the absence of corresponding TDS payment.
Hardik Jignishbhai Desai vs. DCIT
(2016) TaxCorp(LJ) 11476 (ITAT-AHMEDABAD) · Section. 40(a)(ia)
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ITAT - AO is an Investigation Officer u/s 68 and if the assessee files some documents, it is within the investigation power of the AO to raise questions on those documents. It cannot be held to be amounting to exploring the source of source.
The ACIT, Circle-4, Ahmedabad Versus M/s. Greendiam Exim Ltd
(2016) TaxCorp(LJ) 11471 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=52037&Category=ITAT&CategoryType=Zip
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ITAT - 2nd/3rd grounds seeking restoration of AO's order cannot be treated as 'substantive' or independent grounds of appeal so as to give powers to the Tribunal to decide the matter on merits.
Shri Ajit Pulp & Paper Ltd. Vs. Dy. Commissioner of Income Tax
(2016) TaxCorp(LJ) 11436 (ITAT-AHMEDABAD)
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ITAT - Unless AO possesses some evidences, demonstrating the fact that full value of the consideration disclosed by the assessee was incorrect, he cannot replace that value by estimation or on the basis of his own estimation.
DCIT, Cir. 3 Surat Versus Smt. Shailyben Sureshbhai Bapna
(2016) TaxCorp(LJ) 11413 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51884&Category=ITAT&CategoryType=Zip
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ITAT - A live link is totally missing between the material available with the AO for formation of a belief that income chargeable to tax has escaped. Reopening of assessment not valid.
Karshanbhai Dahyabhai Kakadia Govindji Bunglow Versus ITO, Ward-9 (2), Surat
(2016) TaxCorp(LJ) 11409 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51868&Category=ITAT&CategoryType=Zip
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ITAT - There is nothing on record to suggest that the two companies are authorized for Inter-Corporate Deposits. Deemed dividends u/s. 2(22)(e). Additions confirmed.
ABIR Investments Pvt. Ltd. Versus The ACIT, Circle-1, Ahmedabad
(2016) TaxCorp(LJ) 11400 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51847&Category=ITAT&CategoryType=Zip
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ITAT - Once creditors are alleging that they have advanced money to the assessee, then, merely on surmises it cannot be inferred that they were not having any means. Addition u/s 68 deleted.
Late Suryakant Nemchannd Shah Versus ITO, Ward-3 (3) Ahmedabad.
(2016) TaxCorp(LJ) 11399 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51848&Category=ITAT&CategoryType=Zip
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ITAT - AO justified in rejecting books where claim of expenditure were based on the basis of self-made vouchers.
DCIT, Cir. 9, Surat Versus M/s. Krishna Corporation
(2016) TaxCorp(LJ) 11397 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51851&Category=ITAT&CategoryType=Zip
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ITAT - In the absence of any contrary material placed by the Revenue that the 3 Directors are not the key persons, the Keymen Insurance premium paid for the 3 Directors needs to be allowed.
Banpal Oil Chem Pvt. Ltd. Versus The ACIT, Banaskantha Circle, Palanpur and Vica-Versa
(2016) TaxCorp(LJ) 11355 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51741&Category=ITAT&CategoryType=Zip
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ITAT - The export sales as supporting manufacturer, Sales to EOUs and SEZs are eligible for deduction u/s.10AA.
M/s. Gokul Overseas Versus The ACIT, Patan Circle, Patan
(2016) TaxCorp(LJ) 11354 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51744&Category=ITAT&CategoryType=Zip
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ITAT - Since nothing has been brought on record that the assessee agreed to the addition to buy peace of mind and to avoid litigation, levy of penalty confirmed.
Genus Commu Trade Limited Versus DCIT, Central Circle 2 (2), Ahmedabad
(2016) TaxCorp(LJ) 11329 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51730&Category=ITAT&CategoryType=Zip
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S. 50C: The proviso to s. 50C inserted by the Finance Act 2016 w.e.f. 01.04.2017 to provide that the stamp duty valuation of property on the date of execution of the agreement to sell should be adopted instead of the valuation on the date of execution of the sale deed is curative and intended to remove an undue hardship to the assessee and an apparent incongruity. It should accordingly be given retrospective effect from 1st April 2003, i.e. the date effective from which s. 50C was introduced
Dharamshibhai Sonani vs. DCIT
(2016) TaxCorp(LJ) 11279 (ITAT-AHMEDABAD) · Section 50C
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ITAT - Amendment to Sec 50C should be treated as retrospective in nature and accordingly, stamp duty valuation as on ‘agreement to sell’ date and not sale deed execution date should be considered.
Dharamshibhai Sonani vs. ACIT
(2016) TaxCorp(LJ) 11270 (ITAT-AHMEDABAD) · Section 50C
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ITAT - As assessee has been able to prove the identity of the company in case of share capital and premium received but unable to prove the genuineness & creditworthiness of the parties, additions u/s 68 confirmed.
ACIT, Cir-5, Ahmedabad Versus Nakoda Fashion Pvt. Ltd.,
(2016) TaxCorp(LJ) 11251 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51615&Category=ITAT&CategoryType=Zip
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ITAT - Scholarship to the children of members, payment to legal heirs of members and gifts to members by cooperative society. Assessee had incurred it for preserving business connection and goodwill of the business. Expenditure allowed.
The Kalupur Commercial Co-op. Bank Ltd. Versus The ACIT, Range-7, Ahmedabad
(2016) TaxCorp(LJ) 11203 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=50906&Category=ITAT&CategoryType=Zip
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ITAT - Disallowance of gifts given to Doctors justified since assessee failed to provide complete details containing names, addresses of the doctors so that Revenue could recover the due taxes from them.
M/s Shri Ramkrupa kedicare Versus ACIT, Circle-4, Baroda.
(2016) TaxCorp(LJ) 11170 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51442&Category=ITAT&CategoryType=Zip
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ITAT - The extra-ordinary circumstance forming primary reason of cash payment is that there were some DRT proceedings wherein the assessee was in urgent need of money. No addition u/s 68.
The ITO, Ward-4, Navsari Versus Thakorbhai Chhotubhai Patel
(2016) TaxCorp(LJ) 11144 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51403&Category=ITAT&CategoryType=Zip
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