ITAT Jodhpur

Books of Accounts cannot be rejeced on mere fall in G.P Ratio

A.C.I.T. Circle- I Vs Smt. Meena Singh Shekhawat (ITAT Jodhpur)

We have found that the G.P. rate in this year has been on lower side. However, the decrease in G.P. rate stands explained by the undeniable reasons that there is heavy increase in purchase price, freight cost and export cost....

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Omission of notice u/s 143(2) of the Act is not merely a procedural irregularity

ITO Vs Shri Bhuvanesh Maheshwari (ITAT Jodhpur)

Facts of the case in brief are that the assessee filed his return of income belatedly on 26/03/2010 showing taxable income of Rs. 6,03,414/-, which was processed under section 143(1) of the I.T. Act, 1961 (hereinafter referred to as Act, for short on 05/04/2010....

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Search based on 3rd Party Information but not based on reasons U/s. 132(1) is invalid

Shri Parma Ram Bhakar, Vs. The DCIT (ITAT Jodhpur), ITA NOs.329, 341,342 & 330 /Jodh/2010

Section 132 contemplates existence of certain eventualities in the event of existence where of the competent authority should have reason to believe the existence of the circumstances mentioned in clause (a) to (c) of sub-section (1) of Section 132 of the Act ...

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Reopening on the ground on which AO already held detailed discussion during original Assessment is not valid

Bothra International Vs Income-tax Officer-1(3), Jodhpur (ITAT Jodhpur)

In the instant case also, the assessee furnished all the details relating to its claim for deduction u/s 80IB of the Act and the Assessing Officer thoroughly examined the claim while framing the assessment u/s 143(3) and on being satisfied the claim was allowed. Therefore, in the present case, reopening of the assessment by issuing notice...

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Whether waiver of loan will amount to a benefit relatable to depreciation expenditure claimed earlier?

Shri Kansara Modular Ltd. Vs Assistant Commissioner of Income-tax, Jodhpur (ITAT Jodhpur)

The depreciation u/s 32 is allowed on the actual cost of the assets. The term 'actual cost' has been defined in section 43(1) according to which, 'actual cost' means 'the actual cost of the assets to the assessee reduced by that portion of the cost thereof, if any, as has been met directly or indirectly by any other person or authority'. ...

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If issue is debatable, it cannot be corrected u/s 154 of Income Tax

Sarraf Export Vs Income-tax Officer (ITAT Jodhpur)

It is settled position of law that where any issue is debatable, it cannot be corrected u/s 154 of the Act. In this regard, the Hon'ble Apex Court in the case of T.S. Balaram ITO v. Volkart Bros. [1971] 82 ITR 50 is relevant wherein an action taken by Assessing Officer u/s 154 of the Act was found to be illegal....

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Depreciation should be allowed as claimed in revised return and not as claimed in original return

Assistant Commissioner of Income-tax Vs G.R. Contractor (ITAT Jodhpur)

CIT(A) followed the earlier order of the Tribunal in assessee's own case in part and not in toto. He was of the view that interest and salary to the partners be allowed but not interest to third parties and the depreciation was to be allowed as claimed in the original return because the claim made in the revised return could not be substa...

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No Revision U/s. 263 if issue been examined in detail by Assessing Officer

Pradeep Bandhu Vs Commissioner of Income-tax (ITAT Jodhpur)

Briefly stated, the facts of the case are that the assessee-firm filed its return of income (ROI) on 29.09.2009 declaring total income at Rs. 'NIL'. The books of accounts of the firm are duly audited u/s 44AB and the report in form No 3 CA and 3CB dated 26/09/2009 were filed alongwith the ROI. The assessee-firm derives its income from sal...

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For Failure to prove source of capital contribution by partners the same cannot be taxed in the hand of firm as unexplained cash credit U/s. 68

Laxmi Imaging & Medical Research Vs Assistant Commissioner of Income-tax, Circle-1, Jodhpur (ITAT Jodhpur)

In the present case, it is an admitted fact that the partners Shri C.P. Mathur and Shri L.C. Mathur contributed Rs. 8 lacs and Rs. 4,30,000/- respectively as their capital and the Assessing Officer made the addition by invoking the provisions of section 68 of the Income-tax Act. On a similar issue, the Hon'ble Jurisdictional High Court in...

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Sale and transmission of gas is a contract for sale & not a contract for technical services

Assistant Commissioner of Income-tax (TDS) Vs Chambal Fertilizers & Chemicals Ltd. (ITAT Jodhpur)

The agreement between the assessee and GAIL is a contract for sale of gas and not a works contract. VAT which is charged by the seller is on the composite price and not only on the price of the gas. The assessee is required to disclose the price of the gas and transmission charges separately in the same invoice. GAIL is a Government of In...

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