ITAT Agra

Taxation of Compensation accrued before applicability of RFCTAAR Act

Krishna Kumar Sharma Vs DCIT (ITAT Agra)

Krishna Kumar Sharma Vs DCIT (ITAT Agra) It is clear that the land in question was acquired by National Highway Authority of India on 05.02.2013 under the National Highway Authority Act, 1856. When the award was passed acquiring the land, the Right to Fair Compensation and Transparency in Land Acquisition Rehabilitation and Resettlement A...

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ITAT allows Section 11 Exemption on Interest Income of Charitable Trust

Jhansi Development Authority Commissionery Compus Vs DCIT (ITAT Agra)

Jhansi Development Authority Commissionery Compus Vs DCIT (ITAT Agra) As the assessee had derived all its income only on account of charitable activities undertaken by it pursuant to its object and for the welfare the general public, which were not in the nature of trade , commerce or business. The income even if any earned […]...

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Interest Income on FDR’s Pledged to obtain Contract is Business Income

Awasthi Traders Vs DCIT (ITAT Agra)

The issue under consideration is whether the interest income on FDR’s pledged for security purposes in obtaining the contract business comes within the ambit of business income?...

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Section 69 addition not justified if Assessee Explains source of Deposits in Bank based on Cash Book

ACIT Vs Dr. Anil Kumar Verma (ITAT Agra)

The issue under consideration is whether the addition made u/s 69 by AO due to undisclosed sources of cash deposits in bank account is justified in law?...

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Assessment cannot be reopened u/s 147 Based on Material Assessed by AO in Original Assessment

Shri Dinesh Kumar Gupta Vs ITO (ITAT Agra)

The issue under consideration is whether reopen assessment u/s 147 based on the same material which is examined by AO in original assessment is justified in law?...

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No banking facility in village- Cash Payment to Truck Driver allowable

New Kalpana Ent Udyog Vs ITO (ITAT Agra)

he auditors in their tax audit report have also not mentioned of any violation of provisions of section 40A(3), as these payments have been made on account of business expediency where insistence of cash by the agents and truck drivers has been established by the appellant....

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Sec. 11 exemption cannot be denied for high salary to Doctors

DCIT Vs Birla Nagar Jan Sewa Trust (ITAT Agra)

AO was not justified in denying the exemption under section 11 on the ground of excessive payment of salary and professional fees to Doctors as the services rendered by doctors who had passed out with the same degree in Cardiology (DM) could not be compared with experience doctor working in the field for the last ten years....

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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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