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ITAT Jaipur

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Section 80P(2)(a)(i) Deduction cannot be denied without Substantiated Reasoning

April 29, 2024 420 Views 0 comment Print

The Presbyterian Churc Co. Operating Credit & Thrift Society Ltd. Vs ITO (ITAT Jaipur) Section 80P(2)(a)(i) deduction cannot be denied without specifying how the claim of the assessee is not correctly claimed & for motioning  status as AOP

ITAT directs CIT(A) to Permit Assessee to Rectify Wrong Assessment Year in Form No. 35

April 3, 2024 180 Views 0 comment Print

Jaipur ITAT directs CIT(A) in Zila Parisad Vs ACIT to permit taxpayer to file a revised appeal memo for correction of error in mentioning assessment year in Form No. 35

Penalty u/s. 271B for not getting books of accounts audited not leviable as reasonable cause shown: ITAT Jaipur

March 20, 2024 732 Views 0 comment Print

ITAT Jaipur held that assessee failed to get its books of accounts audited based on a reasonable cause. Accordingly, penalty under section 271B of the Income Tax Act for failure to get books of account audited not leviable as assessee reasonable cause shown.

No Section 271FA penalty for delay in filing SFT return for genuine reasons

March 14, 2024 573 Views 0 comment Print

Explore the detailed analysis of the penalty imposed on Jhalawar Kendriya Sahakari Bank Ltd. by ITAT Jaipur in the case against ADIT (I&CI) for the assessment year 2019-20.

Section 263 proceeding based on mere audit objections without independent assessment invalid

March 14, 2024 657 Views 0 comment Print

Pinkcity Jewelhouse Pvt. Ltd. Vs PCIT (ITAT Jaipur) ITAT Quashes Section 263 proceeding which were merely based on audit objections and lacked an independent assessment

ITAT Jaipur Ruling on Cash Deposit and Sale Consideration

February 10, 2024 1578 Views 0 comment Print

ITAT Jaipurs decision on reassessment and unexplained income in Geeta Devi Sharma vs ITO Ward 6(4) highlights key aspects of income tax law application.

Section 263 Jurisdiction cannot be exercised for additional inquiries

February 10, 2024 831 Views 0 comment Print

ITAT Jaipur quashes PCIT’s revision under Section 263, upholding the AO’s decisions on sales promotion expenses after detailed inquiries.

AO cannot treat advance from customers as Deferred Sale without concrete basis

January 11, 2024 669 Views 0 comment Print

In the case of Raj Auto Wheels (P) Ltd vs ACIT, ITAT Jaipur meticulously analyzed additions based on customer advances and sales deferment, emphasizing legal principles and fair assessment. Tribunal’s rulings underscore the importance of genuine transactions and consistent legal application in tax assessments.

No disallowance under Section 40(a)(ia) if payee has already paid taxes: ITAT Jaipur

January 11, 2024 2190 Views 0 comment Print

The issue involved the contention that disallowance under Section 40(a)(ia) should not be made if the payee has already paid taxes. Noteworthy payees included public limited companies such as Maruti Udhyog Ltd., and Non-Banking Finance Corporations like Sundaram Finance, AU Finance, and Mahindra & Mahindra Finance.

Addition based on GP Rate: ITAT reduces addition from 2.26 Crore to 2 Lakh

January 11, 2024 4593 Views 0 comment Print

Tribunal concluded that the enhancement of the sale amount and the application of a higher GP rate of 3.25% lacked justification. The resultant addition of Rs. 2,26,41,521/- was deleted. However, to cover possible income leakage, an ad hoc addition of Rs. 2,00,000/- was allowed.

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May 2024