ITAT Jaipur

ITAT deletes addition for difference in 26AS & book & surprised with addition by choose & pick

Jeen Mata Buildcon Pvt. Ltd. Vs ITO (ITAT Jaipur)

Jeen Mata Buildcon Pvt. Ltd. Vs ITO (ITAT Jaipur) The ld. AR of the assessee argued that merely there is a difference in the 26AS and the books results, there cannot be an addition to returned income the books of account of the assessee duly audited. AO has not found any single defect in the […]...

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Interest income on FDR for business purposes is ‘Business Income’

R.G. Colonizers Pvt. Ltd. Vs DCIT (ITAT Jaipur)

Interest income on FDR which was earned out of the funds placed with the bank by utilizing the bank overdraft limit was to be considered as business income and not as income from other sources....

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Non-compliance due to change in Address- ITAT deletes section 271(1)(b) Penalty

Asha Yadav Vs ITO (ITAT Jaipur)

Asha Yadav Vs ITO (ITAT Jaipur) We are of the view that the AO had levied the penalty @ Rs. 10,000/- for non compliance of notices Under section 142(1) of the Act. As it was clear from the provisions of Section 271(1)(b) that this provision can be invoked only for non compliance of notice Under […]...

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Section 271(1)(c) Penalty not applicable for addition under 50C

Virendra Singh Verma Vs ITO (ITAT Jaipur)

In this case AO has considered the full value consideration U/s 50C as against the actual sale consideration declared by the assessee. The increased of value by the AO in the full value consideration does not amount either concealment of particulars of income or furnishing inaccurate particulars of income....

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Provision of section 56(2)(vii)(b) not invocable on purchase of agricultural land

Shri Yogesh Maheshwari Vs DCIT (ITAT Jaipur)

Clause (iii) of section 2(14) specifically excludes agricultural land of the description given therein from capital asset which means that agricultural land was outside 8 Km. of municipal limits. Accordingly, agricultural land purchased by assessee was not a capital asset and, therefore, section 56(2) (vii)(b) was not applicable to assess...

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Section 56(2)(viii)(c)(ii) not applies to money/ property received from close relatives

Prakash Chand Sharma HUF Vs ITO (ITAT Jaipur)

It is held that transaction within the family and close relative are covered by the proviso to section 56(2)(viii)(c) and there is no application of the said section for taxing the income under the head ‘Income from other sources’. The provisions of s. 56(2)(viii)(c)(ii) shall not apply in case of money or any property received from a...

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TDS not deductible on services rendered outside India by Non-Residents

DCIT Vs JLC Electromet Pvt. Ltd. (ITAT Jaipur)

DCIT Vs JLC Electromet Pvt. Ltd. (ITAT Jaipur) In the present case, undisputed facts are that the commission has been paid to various non­resident entities in respect of sales affected by the assessee outside of India, the services have been rendered outside of India and the payments have been made outside of India. In light […]...

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ITAT condones 4 Years delay in filing Section 154 Rectification Application

Bansal Propbuild Private Limited Vs CIT (ITAT Jaipur)

Bansal Propbuild Private Limited Vs CIT (ITAT Jaipur) The Bench observed that the assessee is engaged in agriculture produce and the same was sold during the year under consideration. However the AO has not treated as agriculture income. The assessee has filed application under Section 154 of the Act on 10.01.2019 mentioning therein that ...

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ITAT deletes disallowance of employees contribution towards PF & ESI paid belatedly

M/s. Shiv Veg Pro Private Limited Vs The CPC BENGALURU/ACIT (ITAT Jaipur)

The assessee filed its return of income on 15.10.2019 which was processed u/s 143(1) of the Act whereby an adjustment was made on account of disallowance of claim of deduction with respect to employees’ contribution towards PF and ESIC deposited belatedly....

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AO cannot impose penalty without proving concealment by assessee

Jhodinda Bhojpura Gram Sewa Sahakari Samiti Ltd Vs ITO (ITAT Jaipur)

Jhodinda Bhojpura Gram Sewa Sahakari Samiti Ltd Vs ITO (ITAT Jaipur) It is well-settled that assessment proceedings and penalty proceedings are separate and distinct and as held by the Supreme Court in the case of Ananthraman Veera singhaiah & Co.Vs. CIT [1980] 123 ITR 457, the finding in the assessment proceedings cannot be regarded ...

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