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2024 (1) TMI 610 - GUJARAT HIGH COURT Addition u/s 68 - unexplained money - AO has observed that the amount in question has been received in the bank account of the assessee company from the account of two persons and thus, in absence of any other material found that the credit entry is remained unexplained - ITAT deleted addition - HELD THAT:- One of the offshoot proceedings in connection with the present transaction has reached to this Court by way at the instance of the Revenue against Ambe Tradecorp (P). Ltd. [ 2022 (11) TMI 22 ... ... ...
2023 (5) TMI 846 - GUJARAT HIGH COURT Reopening of assessment u/s 147 - Penny stock transaction - information received from Investigation Wing related to penny scrips in which various beneficiaries had transacted - HELD THAT:- In the present case the AO has heard the material on record which would prima facie suggest that the assessee had sold number of shares of a company which was found to be indulging in providing bogus claim of long term and short term capital gain. The company was prima facie was found to be a shell company. Th... ... ...
2023 (3) TMI 356 - ITAT AMRITSAR Unexplained cash deposits - Addition u/s 68 - HELD THAT:- The asseessee is an agriculturist. The assessee owns more than 20 acres of land individually and jointly with his family at village Bhangala. The copy of Jamabandi mentioning the khasara number and shareholding details. The summary of Landholding details is enclosed separately - That the appellant has filed the returns for subsequent years in which agriculture income has been declared and accepted by the department. The copy of return for... ... ...
2022 (10) TMI 73 - ITAT AHMEDABAD Disallowance of bad debt written off - AO in view of the above finding was of the opinion that assessee knowing to fact that its business going to discontinue from immediate subsequent year deliberately written off good debtor as bad debt in the books to reduce the tax liability which is nothing but a colourable device - HELD THAT:- The provisions of section 36(1)(vii) read with section 36(2) of the Act deals with the deduction of the bad debts. As per the provisions Section 36(1)(vii) any bad d... ... ...
2022 (8) TMI 782 - ITAT AHMEDABAD Bogus sales promotion expenses - CIT(A) had restricted this disallowance to the extent of 12.5% of the sales promotion expenses - HELD THAT:- As perused the contents of the copy of stock register of the assessee reveals is that it is a stock record of various items ranging from Pencil in CD Box, bottle opener, digital diary, Leather folder box and such other several items purportedly used for the purpose of gifting. The items have been recorded as In on the basis of purchase bills and Out on the... ... ...
2022 (7) TMI 263 - ITAT AHMEDABAD Disallowance of interest expenses paid to depositor in excess of 18% - HELD THAT:- It was never disputed by the Revenue that the said loan facility was availed by the assessee for business purpose only. The day-to-day business activity requires cash flow regularly and to fill up the gap of cash flow and working capital requirement the assessee has taken the urgent loan. The loan advanced by the said financer/party is unsecured in nature and before advancing the said loan the said party has evalu... ... ...
2022 (5) TMI 618 - ITAT AHMEDABAD Addition u/s 69A - Undisclosed investment in cash deposits and transfer of cheque - unexplained investment - additional evidences submitted under the Rule 46A of the ITAT Rules - HELD THAT:- Addition made by the AO on various counts and during the appellate proceedings these documents were being placed before the ld.CIT(A) and the ld.CIT(A) called for remand report, since additional documents were being placed by invoking Rule 46A. As it can be seen from the remand report and rebuttal filed by t... ... ...
2022 (4) TMI 1178 - ITAT AHMEDABAD Reopening of assessment u/s 147 - Whether case being reopened as being without jurisdiction? - receipt of information from AIR that assessee had received cash deposits in saving bank account maintained with Corporation Bank - HELD THAT:- The assessee had not filed return of income for the captioned year. Not only this, the subsequent conduct of the assessee during the assessment also points to total non-cooperation on his part and in absence of any explanation forthcoming from the assessee, Asse... ... ...
2021 (8) TMI 1143 - ITAT AHMEDABAD Disallowance u/s 14A r.w.r. 8D - suo moto disallowance by assessee - mandation of recording satisfaction - whether AO has recorded any dissatisfaction as regards suo-moto disallowance made by the appellant ? - HELD THAT:- Though it is incumbent upon the Ld. AO to record a satisfaction as to why the disallowance offered by the assessee was not sufficient which is sine qua non before proceeding to apply Rule 8D. Although there is no particular format or manner in which the satisfaction was to be r... ... ...
2021 (5) TMI 275 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCH Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The Bench is of the view that the contention of the Corporate Debtor that 51% approval of Debenture-holders should have been taken in writing is incorrect. The very fact that the Debenture Trustee has written to all debenture-holder to give their consent and that a non-receipt of any response would constitute as dee... ... ...
2020 (2) TMI 1522 - ITAT SURAT Calculation of long-term capital gain - methods of valuation of land - Acceptability of weightage of Registered Valuer report - HELD THAT:- We are of the considered opinion that these were not additional evidence under Rule 46A, hence, the ld. CIT (A) ought to have given weightage of Registered Valuer report of B. H. Patel. There are three methods of valuation of land first one relates to sale instances multiplied by 11.94 factors, which is based on Hon`ble Supreme Court and Hon`ble High Court j... ... ...
2013 (11) TMI 311 - ITAT AHMEDABAD Disallowance u/s 40(a)(ia) - Non submission of Form 15H/15G u/s 197A with the office of CIT by the assessee within prescribed limit – Held that:- Reliance has been placed on the decision of Hon’ble Gujarat High Court in case of CIT vs. Valibhai Khanbhai Mankad [2012 (12) TMI 413 - GUJARAT HIGH COURT] - When on the basis of the record it is not disputed that the requirements of further proviso were fulfilled, the assesses was not required to make any deduction at source on the payments made to th... ... ...
2011 (7) TMI 1312 - GUJARAT HIGH COURT The court concluded that the petitioner did not meet the eligibility criteria for N.R.I. status, justifying the respondent's decision to cancel the admission. The petition was rejected, emphasizing adherence to statutory definitions and Supreme Court guidelines for N.R.I. quota admissions. The court highlighted the importance of preventing misuse of N.R.I. quota seats and noted its limited interference in educational institutions' internal administrative decisions unless there was a clear violation of statutory provisions or arbitrariness.
Exemption u/s 35AC - Approved various institution as an eligible projects or schemes The Central Government, under section 35AC of the Income-tax Act, 1961, has approved various institutions and their projects as eligible for tax exemptions. The notification lists institutions along with their projects, estimated costs, and the maximum deductible amounts. Projects include health camps, school construction, training centers, and welfare activities across multiple states in India. The notification specifies the duration of the tax exemption, which varies for different projects. This approval facilitates tax deductions for contributions towards these projects, promoting public welfare initiatives. The notification is applicable for specific assessment years, primarily 1999-2000 to 2001-2002.
List of Agencies Authorised to Issue Certificates of Origin-Non-Preferential The document lists agencies authorized to issue Certificates of Origin (Non-Preferential) across various Indian states and regions. These agencies include chambers of commerce, industry associations, and export promotion councils. The criteria for agency recognition, including registration as a non-profit entity, minimum office space and staffing requirements, and a history of conducting export promotion activities. It also provides guidelines for inspections by regional authorities and lists necessary documents for agency enlistment. The document includes formats for the Certificate of Origin and self-certification, and specifies fees and conditions for issuing certificates.
2019 (5) TMI 1540 - ITAT AHMEDABAD Taxability of Carbon credit receipts - nature of receipts - revenue or capital receipts - HELD THAT:- Identical issue came up in assessee s own case for AY 2009-10 [ 2016 (4) TMI 916 - ITAT AHMEDABAD] receipts received by the assessee on sale of carbon credit are to be treated as capital receipts and not liable to tax once both the parties are unanimous on the factual aspect that the sale is not effected in the relevant previous year, there cannot be any good reasons to bring the CER value to ta... ... ...
2019 (1) TMI 15 - ITAT AHMEDABAD Disallowance of loss of trading in bonds - A.O. was of the view that trading transactions in securities has not been effected for commercial purpose but to create loss with a view to reduce tax liability. - non-compliance of the summons - Held that:- A.O. has neither fully investigated nor brought any material on record to prove that the transactions are bogus. It is also explained that the assessee has squared up the deal which otherwise would have resulted in locking up of huge fund for a long... ... ...
2018 (1) TMI 711 - ITAT AHMEDABAD Reopening of assessment - Money addition - addition in firm’s hands - Taking right person - pre-existence of tangible material before forming reasons to believe of escapement - section 153C applicability instead reopening u/s 147 - Held that:- Section 153C(1) of the Act before its amendment by the Finance Act 2015 w.e.f. 01.06.2015 provided for its application only if any money, bullion, jewellery or other valuable article or thing or books of accounts or documents seized or requisition belonged... ... ...
2015 (12) TMI 142 - ITAT AHMEDABAD Taxability of receipts as fees for technical services - Indo Dutch DTAA - whether provisions of the Indo US tax treaty cannot be read into the provisions of Indo Dutch tax treaty?- Held that:- Learned CIT(A) was clearly in error in holding that the provisions of the Indo US tax treaty cannot be read into the provisions of Indo Dutch tax treaty. As clearly stated in the MoU to the Indo US tax treaty, which stands incorporated in the Indo Dutch tax treaty as well by the virtue of MFN clause, “unde... ... ...
LIST OF AGENCIES AUTHORISED TO ISSUE CERTIFICATES OF ORIGIN- NON PREFERENTIAL The document lists authorized agencies across various Indian states that can issue Certificates of Origin (Non-Preferential). It includes details of chambers of commerce, industry associations, and export promotion councils, specifying their addresses, contact information, and the regions they cover. The document also outlines the criteria for agency recognition, the application process for enlistment, and the format for the certificate and self-certification. It further provides guidelines for inspections by regional authorities and lists the necessary documents for application. Additionally, it includes notes on public notices related to the amendment or delisting of certain agencies.
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