ITAT Indore

Deeming Fiction of Sec 50C can’t be brought into Section 54/54F Exemption

Dhanveer Singh Gambhir Vs ITO (ITAT Indore)

The issue under consideration is whether the Section 50C need to be complied at the time of computation of exemption u/s 54 or 54F? ...

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No section 271B Penalty for Not Getting Books Audited if Reasonable Cause exist

Shree Balaji Construction Vs DCIT (ITAT Indore)

whether assessee can be held liable u/s 271B of the Act for not getting the books audited during the years when the advances were received from customers under percentage completion method?...

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No addition for Cash payments in excess of prescribed limit as Assesse given undertaking for not claiming that expenditure

Kalyan Lok Nirman (P) Ltd. Vs DCIT (ITAT Indore)

whether the disallowance u/s 40A(3) of the Act for the alleged payment in cash in excess of the limit prescribed u/s 40A(3) of the Act for making payment for purchase of land is justified in law?...

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Amendment in Section 200A dated 01.06.2015 are prospective

Keshav Industries Pvt. Ltd. Vs. ITO-TDS (ITAT Indore)

Keshav Industries Pvt. Ltd. Vs ITO-TDS (ITAT Indore) Amendment dated 01.06.2015 in Section 200A of the Income Tax Act, 1961 is prospective in nature and cannot be applied retrospectively to previous TDS instances The ITAT Indore in Rajendra Prasad Tiwari (through Aakash Tiwari) Vs. Income Tax Department, had on 14/07/2020 brought a landm...

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For some bogus transactions Entire purchase can’t be disallowed

ACIT Vs Shri Pankaj Sancheti (ITAT Indore)

Whether the CIT(A) is correct in restricting the addition u/s 69C for bogus purchases to 12.5% against the total purchase disallowance made by AO?...

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Section 115BBE(2) not applicable to Assessment Year 2012-13

ACIT Vs A One Enclave (ITAT Indore)

ACIT Vs A One Enclave (ITAT Indore) At any stage revenue has not disputed the fact that the alleged amount surrendered during the survey was unaccounted business income of the assessee and not from any other sources. Section 11 5BBE of the Act was inserted by Finance Act, 2012 w.e.f. 1.4.2013 which restricts the claim […]...

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Section 68 addition merely for deposit of business receipt of Spouse in joint bank account unsustainable

Shri Rajesh Jain Vs ITO (ITAT Indore)

The issue under consideration is whether the addition made by AO under section 68 in respect of the deposit of business of wife in their joint bank account is justified in law?...

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No addition for duly reconciled stock discrepancy which was noticed during survey

Shri Babulal Vani Vs ACIT (ITAT Indore)

Shri Babulal Vani Vs ACIT (ITAT Indore) The issue under consideration is if the assessee is in a position to reconcile the discrepancy raised under survey with positive material,then, the A.O. should give relief to the assessee or not? In the present case, the assessee is an individual engaged in the business of grain, cotton, […]...

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No addition for investment in hundis which were made out from business receipts

Bhandari Hospital and Research Centre (ITAT Indore)

When it was presumed that investment in hundi was bogus in such a situation there was no money available for the investment made by the assessee as such amount surrendered was not available, therefore, this proved that donation was made out of business receipts, which was an allowable expenditure....

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No addition against Vyapam accused as surrendered income duly reflected in books of accounts

Vinod Bhandari Vs PCIT (ITAT Indore)

Where there were two funds one which was already taxed and other had not and there were remittances during the accounting year for a certain sum, the source of which was not indicated then the presumption was that the remittances should have been from the fund which had already suffered tax. Thus, assessee was entitled to the telescoping ...

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September 2020