ITAT Jaipur

CBDT Circular Restricting Amenities to Doctors is not retrospective

M/s D.D. Pharmaceutical Pvt. Ltd. Vs. The ACIT (ITAT Jaipur)

The Jaipur bench of ITAT comprising Vijay Pal Rao (judicial member) and Vikram Singh Yadav (accountant member) recently held that the circular issued by the Central Board of Direct Taxes (CBDT) restricting amenities to doctors is ...

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Books of accounts cannot be rejected merely at the instance of assessee

ITO Vs. Babu Lal Somani (ITAT Jaipur)

During the course of assessment proceedings, in response to each of the queries raised by the assessing officer in relation to observations of the special auditor, the assessee has repeatedly stated that his books of account should be rejected as done in past assessment years. ...

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Assessee cannot be taxed for money received as power of attorney of land owner

Gyan Chand Agarwal Vs Addl. CIT (ITAT Jaipur)

Gyan Chand Agarwal Vs Addl. CIT (ITAT Jaipur) The issue in this ground is whether the sale consideration of the land belonging to Shri Sultan Meena can be taxed in the hands of the assessee, who is admittedly Power of Attorney holder of Shri Sultan Meena. There is no dispute with regard to the fact […]...

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Interest u/s 234B / 234C payable on failure to pay advance tax on AMT/MAT

M/s GIE Jewels Vs. Income Tax officer (ITAT Jaipur)

A bench comprising Vijay Pal Rao (JM) and Vikram Singh Yadav (AM) of Income Tax Appellate Tribunal (ITAT) recently declared that Interest u/s 234B of the Income Tax Act can be levied on ground of non-payment of advance tax in respect of Alternative Minimum Tax. ...

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Section 54F exemption cannot be denied for start of construction prior to transfer of original asset or for construction on commercial land

ITO Vs. Smt. Saroj Devi Agarwal (ITAT Jaipur)

Merely because construction of new house was started prior to transfer of original asset, deduction under section 54F cannot be denied, if the construction was completed within three years of transfer....

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CIT cannot invoke Jurisdiction U/s. 263 if matter already been heard by CIT (A)

Shri Ramakant Sharma Vs. Pr. Commissioner of Income-tax (ITAT Jaipur)

Where the CIT(A) was already ceased of the matter wherein the matter has been contested before him by the AO, the ld. Pr. CIT does not have the jurisdiction to exercise his powers u/s 263 of the Act on the same matter as per the explicit provisions contained in clause (c) to explanation 1 to section 263 of the Act....

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Deduction U/s. 54 can be claimed for House purchased in wife’s name

Shri Radhey Shyam Arora Vs. Income Tax Officer (ITAT Jaipur)

When the entire investment for the purchase of new house has gone through the assessee's account then benefit u/s 54 of Income Tax Act cannot be denied on the ground the new house was purchased in the name of wife. Hence, the claim of the assessee u/s 54 of the Income Tax Act is allowed....

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Right to Receive Interest without reasonable certainty of Realization cannot be taxed

DCIT Vs. M/s Harshvardhan land Ltd. (ITAT Jaipur)

Only a right under the agreement to receive the interest by the assessee without reasonable certainty of realization of the same cannot be brought to income tax. ...

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Interest on Bank overdraft- Used in business vis-a-vis investment in mutual funds

Allen Career Institute Vs The JCIT (ITAT Jaipur)

1. The impugned additions and disallowance made in the order dated 29-12-2011 under section 143(3) of the Act, bad in law and on facts of the case, for want of jurisdiction and various other reasons and hence the same kindly be deleted....

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Scrutiny proceedings cannot be initiated if notice U/s. 143(2) served after statutory time period

Cameron (Singapore) Pte. Ltd. Vs. Asst. DIT (ITAT Jaipur)

No scrutiny proceedings can be initiated if notice under section 143(2) is not received by assessee within the prescribed period....

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