Excerpt: Income Tax Appellate Tribunal - Ahmedabad Gujarat Urja Vikas Nigam Ltd.,, ... vs Assessee IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD BENCH "C" AHMEDABAD Before Shri, A.K.Garodia, Accountant Member and Shri Kul Bharat, Judicial Member IT A No.02/ Ahd/2010 Assessment Year:2005-06 Gujarat Urja Vikas Nigam V/s. Income Tax Officer Ltd., (erstwhile Gujarat (TDS), Anand … Continue reading Income Tax Appellate Tribunal – Ahmedabad Gujarat Urja Vikas Nigam Ltd.,, … vs Assessee
For invoking Section 12AA read with Section 2(15) of the Act, Revenue has to show that the activities are not fitting with the objects of the Association and that the dominant activities arein the nature of trade,commerce andbusiness.
Excerpt: for invoking Section 12AA read with Section 2(15) of the Act, Revenue has to show that the activities are not fitting with the objects of the Association and that the dominant activities are in the nature of trade, commerce and business. We do not think that by the volume of receipt one can draw the inference that the … Continue reading For invoking Section 12AA read with Section 2(15) of the Act, Revenue has to show that the activities are not fitting with the objects of the Association and that the dominant activities arein the nature of trade,commerce andbusiness.
The first appellateauthority found that there was a reasonablecause on the part of the assessee for notpaying the tax before filing the return.in view of 2ndproviso to section 221(1) of the Income Tax Act, no penalty could be imposed.
Excerpt: Admittedly, the entire stock and liquid cash were under the custody of the department. Under those circumstances, the first appellate authority found that there was a reasonable cause on the part of the assessee for not paying the tax before filing the return of income. This finding of the first appellate authority is not … Continue reading The first appellateauthority found that there was a reasonablecause on the part of the assessee for notpaying the tax before filing the return.in view of 2ndproviso to section 221(1) of the Income Tax Act, no penalty could be imposed.
Gajanan Agro Farms,, Kolhapur vs Department Of Income Tax
under section 2(1A) of the Income-tax Act only agricultural income is defined and is required to be a source of income. It is not necessary that in order to come within the ambit of the Income-tax Act, the person has to be an agriculturist. It is sufficient if revenue is derived from agricultural activities conducted on a land situated in India which is used for agricultural purposes. Therefore, the CIT(A) was justified in holding that the firm can be an agriculturist which derives revenue from agricultural activity. 11. In this regard the CIT(A) rightly referred to the explanatory notes to the Finance Act 19
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