ITAT Agra

Assessment based on Section 153D approval in mechanical manner without application of mind is invalid

Rajesh Ladhani Vs DCIT (ITAT Agra)

Rajesh Ladhani Vs DCIT (ITAT Agra) It is evident from the  CBDT Circular No. 3 of 2008, dated 12.3.2008 that the legislature in its highest wisdom made it compulsory that the assessments of search cases should be made with the prior approval of superior authority, so that the superior authority apply their mind on the […]...

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Addition u/s 68 was justified in case failure of assessee to prove cash deposits in partnership firm by partners

Verma Service Station Bye Pass Vs ACIT (ITAT Agra)

Since assessee had explained that the two partners had cash deposited out of the cash receipts against advanced sale of land in individual however, assessee could not furnish any details evidence of holding of land, agreement with the purchasers and date/mode of source of receipts either before AO or before CIT(A), therefore, AO was corr...

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Sec.145: Estimation of income should be on reasonable/Comparable basis

Shri Om Prakash Singh Vs ACIT (ITAT Agra)

When the books of accounts was rejected, the income of assessee was to be estimated on some reasonable basis for which comparable case and history of assessee could be taken as a guide. Thus, the N.P rate @ 8% applied by the authorities below was without any basis and material on records, the same was rejected and was considered fair to a...

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No addition u/s 69 of cash deposit made from own business activities

Sh. Amit Jain Vs ITO (ITAT Agra)

Since the cash deposit made by assessee was from the business activities of glass bangle trading business, therefore, no addition under section 69 over and above the returned income would be warranted. ...

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Notice u/s 148 cannot be issued for mere insufficient compliance to Letters

Shri. Pushpendra Singh Vs ITO (ITAT Agra)

otice under section 148 issued on the basis of insufficient compliance to Letters dated 20.05.2011 and dated 02.02.2016 were wholly unauthorized in law as the reasons recorded must indicate that AO had applied his mind to the fact that income was chargeable to tax under the Act and it had exceeded maximum amount not chargeable to income T...

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Proceedings u/s 148 could not be initiated for verification of sources of investment

Shri. Raj Singh Vs ITO (ITAT Agra)

Proceedings under section 148 could not be initiated for verification of the sources of investment and therefore, the reasons recorded by AO were no reasons in the eye of law for assuming jurisdiction for issuing notice under section 148....

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Section 148 Notice issued for verification of information was not valid

Smt. Premwati Suman Vs ITO (ITAT Agra)

Notice under section 148 could not be issued for verification of information, but here the jurisdictional satisfaction of the essential requirement had to be shown that there had to be reason to believe that there was income chargeable to tax which was not there in the assessment order passed. Thus, the reasons recorded by AO were no reas...

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Notice u/s 148 invalid if issued but not served properly to proper person

M/s K.P. Cold Storage Vs ITO (ITAT Agra)

Where no notice under section 148 is issued or if the notice so issued is shown to be invalid, or the service of notice so issued, is shown to be invalid, AO could not proceed with the subsequent proceedings for making assessment, reassessment or re-computation under section 147. Unless, the notice was served on the proper person in the m...

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Cash advance against property cannot be treated as undisclosed money on mere conjectures & hypothesis

Shri Om Prakash Singh Vs ACIT (ITAT Agra)

Shri Om Prakash Singh Vs ACIT (ITAT Agra) When we test the explanation of the assessee in the light of evidences available on records and the precedents governing the issue, we find that identity of the Company who has advanced money to the assessee is proved beyond doubt. There can be hardly any dispute regarding […]...

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Project completion method cannot be rejected merely because ICAI guidelines prefer percentage completion method

M/s Shanti Constructions Vs ITO (ITAT Agra)

We find that the issue in question, before us, is to decide whether there is any merit in rejection of books of account of the assessee by the AO and the applicability of method of accounting in the case of the assessee i.e. project completion method of accounting as adopted by the assessee vis a vis percentage completion method of accoun...

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