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The Ito, Ward-1(1)(2),, Ahmedabad vs M/S. Bajaj Herbals Pvt. Ltd.,, ... on 30 November, 2021 cites

Pr. Commissioner Of Income Tax Vadodara ... vs M/S Gujarat Narmada Valley Fertilizer ... on 27 September, 2019

3414124/- u/s 40(a)(ia) of the Act. The A.O. in the impugned order considered payment of Rs. 3414124/- to eight parties in respect of freight and forwarding expenses (already discussed para 4A above) and rejected appellants explanation that due TDS was deducted as per the provisions as evidenced by photo copies of invoices raised by these parties (submitted by appellant and verified by A.O.) on the amounts attributable to servicing and handling charges and not for reimbursement. The A.O. also rejected appellant's contention about non application of TDS for the freight expenses to nonresident shipping agencies agent. The appellant in appeal reiterated its contention with copies of such invoices and emphasizing the fact that circular no. 723 dt. 19/09/1995 is applicable for such nonresident shipping agencies and its agent since taxable u/s. 172 of the Act and no provision of section 195/194C of the Act is applicable. The appellant further relied on Hon'ble Gujarat High Court order dt. 25/06/2013 in the case of CIT-SII Vs. Gujarat Narmada Valley Fertilizers company Ltd.(tax appeal no. 315 of 2013) and Hon'ble ITAT Ahmedabad order in the case of M/s. Om Satya Exim Pvt. LTd. Vs. ITO ward-1(4), Surat (ITA no. 1335/Ahd/2010 order dt. 13/05/2011).
Supreme Court - Daily Orders Cites 0 - Cited by 11 - Full Document

Chirayu Exim Pvt. Ltd.,, Ahmedabad vs The Income Tax Officer, Ward-1(1)(3),, ... on 17 September, 2018

3414124/- u/s 40(a)(ia) of the Act. The A.O. in the impugned order considered payment of Rs. 3414124/- to eight parties in respect of freight and forwarding expenses (already discussed para 4A above) and rejected appellants explanation that due TDS was deducted as per the provisions as evidenced by photo copies of invoices raised by these parties (submitted by appellant and verified by A.O.) on the amounts attributable to servicing and handling charges and not for reimbursement. The A.O. also rejected appellant's contention about non application of TDS for the freight expenses to nonresident shipping agencies agent. The appellant in appeal reiterated its contention with copies of such invoices and emphasizing the fact that circular no. 723 dt. 19/09/1995 is applicable for such nonresident shipping agencies and its agent since taxable u/s. 172 of the Act and no provision of section 195/194C of the Act is applicable. The appellant further relied on Hon'ble Gujarat High Court order dt. 25/06/2013 in the case of CIT-SII Vs. Gujarat Narmada Valley Fertilizers company Ltd.(tax appeal no. 315 of 2013) and Hon'ble ITAT Ahmedabad order in the case of M/s. Om Satya Exim Pvt. LTd. Vs. ITO ward-1(4), Surat (ITA no. 1335/Ahd/2010 order dt. 13/05/2011).
Income Tax Appellate Tribunal - Ahmedabad Cites 16 - Cited by 2 - Full Document

Assistant Commissioner Of Income Tax vs Prakash Oil Industries & Ginning ... on 18 April, 1995

25. The case of the assessee is this since the land was acquired long back for a consideration of Rs. 17,91,370/- the "book value" of such land was increased by 6,42,74,630/- (Rs. 6,60,66,000 i.e. revalued amount - Rs. 17,91,370 acquired value). The above facts is evident from Annual Accounts of F.Y. 2010-11 i.e. A.Y. 2011-12. As regards, the determination of the capital gain by the Ld. AO is concerned the assessee joints issue in adopting the value as per revaluation of Rs. 6,60,66,000/- as the full value of consideration instead of fair market value as worked out by the assessee. According to the assessee the said amount of Rs. 6,60,66,000/- is not the fair market value rather it is the value as per the revaluation merely for the purpose of reflecting inflated "Net worth" of the company for availing more finance from banks. Further that merely because the assessee made books of accounts based on the revaluation of land cannot be the ground to adopt such revalued amount as full amount of consideration especially when the purpose of revaluation was to inflate value of assets to avail better finance from bank. Reliance was placed by the assessee in the case of CIT vs. ITA No.1088/Ahd/2016 ITO vs. M/s. Bajaj Herbals Pvt. Ltd.
Income Tax Appellate Tribunal - Ahmedabad Cites 4 - Cited by 122 - Full Document
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