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ITAT Allahabad

No section 40A(2) disallowance for Payment Made to Sister-In-Law

November 27, 2020 3915 Views 0 comment Print

Rajesh Bajaj Vs DCIT (ITAT Allahabad) The ld. counsel for the assessee has contended that Alka Bajaj and Preeti Bajaj are sister-in-law of the assessee and therefore do not fall in the definition of relative as provided u/s 2(41). This fact is not disputed by the Revenue and therefore, the payment to these two persons […]

No addition for difference in cash Balance on mere assumptions

November 30, 2012 2007 Views 0 comment Print

Where there was difference of amount in question somewhere as per cash in hand as per books of account and lesser cash as per seized documents, it would also not suffice to make addition under section 68 or 69A because every person is at liberty to spend their own amount anywhere as per his choice and assessee had not claimed any deduction in this case. Examining the case of assessee from every possible angle, addition of Rs.37,30,710/- was wholly unjustified.

When information discovered during search capable of generating satisfaction for issuing a notice cannot become irrelevant for further action

December 8, 1999 717 Views 0 comment Print

Once satisfaction note for initiation of proceedings against the assessee under section 158BD was furnished to assessee, the entire grievance of assessee were disposed off and as per AO, in any case incriminating documents and undisclosed assets belonging to assessee were found and seized during search operations conducted by Revenue on Mr. M and hence proceedings initiated against assessee under section 158BD were valid.

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