ITAT Jaipur

Investment in unrecorded stock taxable as ‘Business Income’

Bajargan Traders C/o Kalani & Co. Vs The ACIT (ITAT Jaipur)

ITAT held that amount surrendered by way of investment in the unrecorded stock of rice has to be brought to tax under the head business income. It Further held that Only real income can be taxed, hypothetical income cannot be taxed nor income can be taxed in vacuum....

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Mere surplus year after year cannot be deciding factor to deny exemption U/s. 11

ACIT (Exemption) Vs. ACIT (Exemption) (ITAT Jaipur)

Assessee society is generating surplus year after year is not the deciding factor to determine whether it is eligible for exemption under section 11 of the Act. And on this ground alone, the exemption claimed by the assessee society under section 11 can not be denied. What is relevant to examine is whether the surplus so generated is plou...

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Losses due to Fraud of employees allowable despite no FIR

M/s. Pawan Specialities (P) Ltd. Vs The ACIT (ITAT Jaipur)

It is an admitted position that theft/ fraud had indeed taken place in the assessee company and the AO had nowhere doubted the fact of fraud but he disallowed the claim of the assessee for the reason that the assessee could not establish the fact of fraud like non- production of copy of FIR and not taking any legal action against the empl...

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No section 40A(3) disallowance on cash refund of excess money received on sale of goods

Asstt. Commissioner of Income tax Vs Kishore Singh Gehlot (HUF) (ITAT Jaipur)

This is an appeal filed by the Revenue against the order of Ld. CIT(A)-II, Jaipur dated 3.12.2013 for A.Y 2009-10 wherein the Revenue has taken following grounds of appeal...

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Oral statement cannot over ride documentary evidence; No addition on mere Statement

Sharad U. Mishra Vs DCIT (ITAT Jaipur)

AO was not justified to make addition solely on the basis of the statement of Shri Hanuman Yadav when there was a registered sale deed and more particularly when the maker of statement has not challenged the sale deed before any court of law. ...

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As per Indian culture, competent members who work in business of family, are paid as others are paid

Smt. Jyoti Mantri Vs. ITO(ITAT Jaipur)

It is natural in Indian culture that if the members of the family are competent to work in the business of the family, naturally they will be required to pay the minimum / the same compensation/benefit/incentive as other employees are paid. ...

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S. 50C Difference upto 10% in Value given by Appellant & Dept Valuer-Ignore?

Sita Bai Khetan vs. ITO (ITAT Jaipur)

Section 50C of the Income Tax act, 1961(herein referred to as the Act) has been inserted in the Act by the Finance Act, 2002, w.e.f. 1-4-2003. This section is causing hardships, in many cases, to the assessees since its inception. Many appeals are arising in respect of this section. ...

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Consistent treatment made by assessee of share transactions cannot be disturbed by revenue

The DCIT Circle-2 Vs Shri Mahender Kumar Bader (ITAT Jaipur)

The ITAT Bench Jaipur in the above cited case held that as per CBDT circular 6/2016 dated 29.02.2016 , if the assessee has treated the securities as investment and not as stock in trade earlier years,the revenue is not permitted to take a contrary view in the present year to claim that the security is stock in trade...

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Auditor’s opinion on Section 80P Interpretation, cannot be a Information for Reopening U/s 147

Jaipur Sahakari Kraya Vikraya Samiti Ltd. Vs ITO (ITAT Jaipur)

The case of assessee was reopened and the assessment under section 144 read with section 147 of the IT Act, 1961. While framing the assessment, the AO restricted the deduction claimed u/s 80P(2)(c)(i) of the Act and also confirmed the disallowance u/s 40(a)(ia) consequent to deposit...

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S.68 Assessee only required to provide evidence of identity & transactions

ACIT Vs M/s Dhanlaxmi Equipment Pvt. Ltd. (ITAT Jaipur)

The Jaipur bench of ITAT in the above cited case held that the assessee is only expected to produce the documentary evidences regarding the transaction and identity of the persons from whom it has accepted the deposits....

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