The Presbyterian Churc Co. Operating Credit & Thrift Society Ltd. Vs ITO (ITAT Jaipur) Section 80P(2)(a)(i) deduction cannot be denied without specifying how the claim of the assessee is not correctly claimed & for motioning status as AOP
In the case of Raj Auto Wheels (P) Ltd vs ACIT, ITAT Jaipur meticulously analyzed additions based on customer advances and sales deferment, emphasizing legal principles and fair assessment. Tribunal’s rulings underscore the importance of genuine transactions and consistent legal application in tax assessments.
The issue involved the contention that disallowance under Section 40(a)(ia) should not be made if the payee has already paid taxes. Noteworthy payees included public limited companies such as Maruti Udhyog Ltd., and Non-Banking Finance Corporations like Sundaram Finance, AU Finance, and Mahindra & Mahindra Finance.
Tribunal concluded that the enhancement of the sale amount and the application of a higher GP rate of 3.25% lacked justification. The resultant addition of Rs. 2,26,41,521/- was deleted. However, to cover possible income leakage, an ad hoc addition of Rs. 2,00,000/- was allowed.
ITAT has deleted the entire addition and disallowance based for imposition of penalty, the penalty imposed so cannot continue and therefore, deserves to be deleted in full with reference to aforesaid the addition & disallowance.
ITAT Jaipur rules in favor of Rakesh Sharma, rejecting the addition of Rs. 22,54,250 under Section 69 for AY 2008-09, emphasizing the genuineness of bank transfers and cash withdrawals for cash deposits.
Read about ITAT Jaipur’s rulings in appeals by Shiv Edibles, directing fresh adjudication, providing relief in assessment cases for AY 2011-12 and 2016-17.
ITAT quashes penalty order under section 271D as it was time-barred. Detailed analysis of Ram Kishan Verma Vs Additional CIT (ITAT Jaipur) case.
This article discusses case of Gayatri Devi vs. PCIT (ITAT Jaipur) regarding Section 263, highlighting importance of genuine errors in assessments.
Explore significant ITAT Jaipur ruling in case of Kunan Mal Kalu Ram Jain vs. ITO, highlighting rejection of profit estimation without rejecting books of accounts.
