ITAT Indore

Addition justified for Receipt of share application money if Genuineness and creditworthiness not proved

M/s. Moira Steel Ltd Vs DCIT (ITAT Indore)

A perusal of financial statement, bank statements and income tax returns of share applicants companies clearly revealed that they had no regular means to invest in the share capital of the assessee company and, therefore, AO was justified in making addition under section 68 on the ground of lack of creditworthiness and genuineness....

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Applying NP rate of 2% based on earlier rates on suppressed receipts justified

Indus Holidays & Tours India (P) Ltd. Vs DCIT (ITAT Indore)

AO was not justified in adding the entire suppressed receipts after rejection of books of accounts while making assessment u/s 153A as CIT(A) was fair enough to apply 2% of net profit rate on the alleged suppressed receipts by taking basis of net profit rate disclosed by the assessee for various assessment years which ranges from 0.5% to ...

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Unabated assessment cannot be reopened u/s 153A in absence of incriminating material

Omprakash Gupta Vs ACIT (Central)- II (ITAT Indore)

Omprakash Gupta Vs ACIT (Central)- II (ITAT Indore) Conclusion: No addition could be made in case of concluded assessments and non abated assessments in absence of an incriminating material discovered during search. Held:  In the assessment order,  AO observed that once search was conducted and notice was issued u/s 153A, AO was bound t...

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Registration u/s 12AA cannot be denied for non-application of income for charitable purposes

Rajiv Gandhi Proudyogiki Vishwavidyalaya Vs CIT (Exemption) (ITAT Indore)

Since objects of assessee were duly charitable in nature and there was no dispute as to genuineness of its activities, therefore,  no registration could be denied under section 12AA merely on the basis that assessee was not carrying out activities for charitable purposes....

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Assessment U/s. 153C invalid if AO fails to records satisfaction note of searched person

Shri Sushil Golecha Vs ACIT (ITAT Indore)

Initiation of assessment proceedings under section 153C in case of other person, i.e., assessee without  issuing proper satisfaction note by AO of the searched person in favour of AO having jurisdiction of such other person, the proceedings initiated u/s 153C  was void-ab-initio....

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Section 147: Manner of recording satisfaction not prescribed

Shri Sushil Kumar Golecha Vs ACIT (ITAT Indore)

Shri Sushil Kumar Golecha Vs ACIT (ITAT Indore) The law is well settled where the issue of jurisdiction of assessing authority is concerned, if the jurisdiction assumed is not in accordance with law, then it cannot be cured or ignored under the provisions of section 292B of the Act. In our considered view, the assumption […]...

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Addition U/s. 69 justified if creditors not found to be creditworthy

Shri Om Prakash Patidar (HUF) Vs ITO (ITAT Indor)

Shri Om Prakash Patidar (HUF) Vs ITO (ITAT Indore) Admittedly the appellant has received the amount in question and the amount is duly deposited in the bank account of the appellant and the appellant has failed to satisfactorily explain the source of the said deposits in his bank account and hence the investment in the […]...

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Reassessment without issuance of mandatory notice u/s 143(2) was invalid

ACIT Vs M/s. Sukhamani Cotton Industries (ITAT Indore)

Reassessment order passed u/s 147 r.w.s 143(3) by issuing notice under section 148 but without issuance of notice u/s 143(2)  was invalid and void ab initio and thus liable to be quashed....

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Penalty imposed without issuing a proper show-cause notice is invalid

Shri Vivek Chugh Vs ACIT (ITAT Indore)

In the present case at the very inception notice initiating penalty is not in accordance with mandates of law. Moreover, it is settled position of law that such defect is not curable u/s 292BB of the Act. Therefore, we hereby quash the penalty order....

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ITAT confirms addition for gold jewellery after giving relief as per CBDT Circular

Smt. Archana Agrawal Vs DCIT (ITAT Indore)

Smt. Archana Agrawal Vs DCIT (ITAT Indore) During the course of search gold jewellery was found and seized from the residence and bank locker owned by the assessee. Gold jewellery weighing 2027 gram was found (1127 gram from residence and 900 gram from locker No.12/29). The assessee was unable to explain the source of the […]...

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