ITAT Jaipur

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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Addition for Capital Gain cannot be made for merely signing as a Confirming Party

Income Tax Officer Vs Late Smt. Seema Mukharjee (ITAT Jaipur)

It has been clearly mentioned that the capital gain income has been declared in the return of income of Smt. Gyanwati Dhakar, who has actually sold this property. The assessee has just signed as a confirming party....

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Exemption u/s 54F cannot be denied merely for Property Purchase in wife name

Shri Vivek Jain Vs. DCIT (ITAT Jaipur)

Merely for the reason that new residential house property has been purchased by assessee in wife name, same cannot be basis for denial of deduction claimed u/s 54F....

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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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