Tag: ITAT Ahmedabad
Contingent liabilities not debited to profit and loss account cannot be added merely on the basis of disclosure in the tax audit report – ITAT In a recent judgment, ITAT Ahmedabad deleted adjustment made by CPC u/s 143(1)(a) holding that contingent liabilities which are not debited to the …
No fault in invoking Revisionary jurisdiction u/s 263 to direct AO to issue correct penalty notice by modifying the reassessment order – ITAT In a recent judgment, ITAT Ahmadabad has held that the revisionary jurisdiction invoked u/s 263 by directing the Assessing Officer to issue correct penalty notice …
Agricultural land cannot be taken out of the purview of section 56(2)(x) of the Income Tax Act, 1961 (the Act) which uses the term “immovable property”. In a recent judgment, ITAT Ahmedabad has held that agricultural land cannot be taken out of the purview of section 56(2)(x) of …
Penalty 2711c Immunity Explanation5A for Belated Return u/s 139(4). Immunity available to assessee who has filed belated return of income u/s 139(4)-held by ITAT Ahmedabad. Case Law Details: IT(SS)A.No.24/RJT/2013 Hitesh Mulchand Doshi (Appellant) vs. ACIT (Respondent) Date of Order/Judgment: 16/05/2016 Important Judgments Cited: ITO Vs. Gope M. Rochlani, …
In a recent order, ITAT Ahmedabad has held that the credit of self assessment tax paid which has the same effect as advance tax, and tax deducted or collected at source, can not be denied for the purpose of charging interest upon the assessee under section 234A. Case Details: …
ITAT, Ahmedabad has held that sale of shops by the assessee which were distributed on dissolution of partnership firm amounts to capital gain not business income. Case Details: ITA.No.1239/Ahd/2012 Asstt. Year: 2008-2009 DCIT vs. Mafatlal Nathalal Patel Date of Order: 01/04/2016 Brief Facts of the Case: The assessee was partner in …
Additions made for non furnishing name address details of raddi-wallas for purchases made deleted In case of purchases made from small raddi-walas/kabadi-walas it is not practically possible to have them supported by bills. It is equally not possible to furnish details of such small raddi-walas/kabadi-walas. Case Details: INCOME TAX APPELLATE TRIBUNAL …
