ITAT Jaipur

Dealer need not deduct TDS on Commission directly paid by Mobile Operator to Retailers

Shri Virendra Kumar Jain Vs The Income Tax Officer (ITAT Jaipur)

The assessee is an Individual and engaged in the business of trading in mobile and accessories including SIM card, pre-paid card etc. During the course of assessment proceedings, the AO noted that the assessee has shown the payment of commission of Rs. 16,41,989/- under section 40(a)(ia) of the Act without deduction of TDS...

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No disallowance for cash payments if transaction is genuine & identity of payee is known

M/s A Daga Royal Arts Vs ITO (ITAT Jaipur)

In the facts and circumstances of the case and in law, the ld. CIT(A) has grossly erred in confirming the action of ld. AO in disallowing the claim o f expenditure of Rs. 1,71,67,000/- by applying section 40A(3) of Income Tax Act, 1961. The action of the ld. CIT(A) is illegal, unjustified, arbitrary and against the facts of the case. Reli...

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Retraction of statement after inordinate delay looses its significance

Bannalal Jat Construction Pvt. Ltd. Vs ACIT (ITAT Jaipur)

Retraction of statement after inordinate delay without proving that same was obtained forcefully/by coercion/undue influence is clearly an after-thought and looses its significance. ...

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Penalty cannot be levied for non-audit of books of Account if penalty already been levied for non-maintenance of books

Roshni Devi Vs Income Tax Officer (ITAT Jaipur)

These are the three appeals filed by the assessee against the respective orders of the ld. CIT(A)-I, Jaipur dated 05/09/2017 for the A.Y. 2011-12 wherein the assessee has challenged the action of the Assessing Officer in levying the penalty U/s 271(1)(c), ...

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Provisions of Deemed Dividend not applicable to Capital Subsidy/Grant

Shri Vinod Kumar Mittal Vs ITO (ITAT Jaipur)

झrovision of S. 2(22)(e) along with its Explanations – 2 as stood at the relevant point of time, shall only mean that the expression accumulated profits shall only include all the profits of the company up to the date of distribution which are normal revenue profits...

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Assessee cannot adopt valuation of DVO after adopting stamp value

Narendra Singh Vs. Asst CIT & Vice-Versa (ITAT Jaipur)

When assessee himself had adopted value of land as per Stamp Duty Authority for computation of long-term capital gain, then he could not claim adoption of the value of land as estimated by DVO, as he filed return of income and paid taxes, also there was no scope of reduction....

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Income from sale of Agricultural Land after plotting is business Income

Ramswaroop Saudagar Vs Income Tax Officer (ITAT Jaipur)

Ramswaroop Saudagar Vs ITO (ITAT Jaipur) Although the land was agricultural land and situated in the limits of city of Dausa. It was developed into 23 plots of various sizes and sold during the year. The nature of land had gone irreversible change from agricultural to residential plots, therefore, we are agree with the finding […]...

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No reassessment merely for non reflection of ITR filed manually in IT system

Narain Dutt Sharma Vs ITO (ITAT Jaipur)

In ground No. 1 of the appeal, the assessee has challenged the initiation of proceedings u/s. 147 of the Act for deposition of cash of Rs. 1057000 in the saving bank account during the financial year 2006-07 based on AIR Information and not filing of return of income by the assessee....

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ITAT explains law on revenue recognition by property developer under percentage completion method

Vastukar Township Pvt. Ltd Vs. DCIT (ITAT Jaipur)

Law on how revenue should be recognized by a developer of property under the percentage completion method in the light of Accounting Standards AS-1, AS-7 & AS-9, the Guidance Note on Accounting for Real Estate Transactions issued by the ICAI and several judgements on the issue explained ...

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Same cannot be assessed both in the hands of AOP and in Individual capacity of Assessee

Hanuman Singh Vs Income Tax Officer (ITAT Jaipur)

Once the assessment in the hands of AOP has been made then the assessment of the same income in the individual capacity tantamount to double assessment of the same income, which is impermissible in the eyes of law....

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