ITAT Jaipur

Sec. 206C Orders passed after reasonable period are void despite no limitation period

ITO Vs M/s Eid Mohammad Nizamuddin (ITAT Jaipur)

ITO Vs Eid Mohammad Nizamuddin (ITAT Jaipur) A consistent view has been taken by the various Hon’ble High Courts on this issue that when no limitation is provided in the statute then a period of four years is considered as reasonable for passing the order U/s 201(1)/201(1A) of the Act. The provisions of Section 206C […]...

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Interest on FDRs to avail OD facilities for remuneration to partners?

ITO Vs Suresh Chand Ravi Datt (ITAT Jaipur)

ITO Vs Suresh Chand Ravi Datt (ITAT Jaipur) There is not dispute that the business of the assessee dealing in food grains, oil seeds and pulses etc is a seasonal business depending upon crop seasons. Therefore, during the non harvesting season the assessee is not having much business activity and accordingly the funds which are […]...

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Sanction u/s 151 is mandatory for issuing notice u/s 147

Sonu Khandelwal Vs ITO (ITAT Jaipur)

Sonu Khandelwal Vs ITO (ITAT Jaipur) Section 150(1) provides exception to the limitation provided U/s 149 for issuing notice U/s 148.  Therefore, Section 150 of the Act can be pressed into service in a particular case of reopening based on the directions or giving effect to the order of the appellate authority only when the time [&helli...

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Addition for Bogus long-term gains from penny stocks cannot be made merely on suspicion

Pramod Kumar Lodha Vs ITO (ITAT Jaipur)

Pramod Kumar Lodha Vs ITO (ITAT Jaipur) Decision of the AO holding the transaction as bogus and denying the claim of long term capital gain under section 10(38) of the Act is based on suspicion without any material evidence to controvert or disprove the evidence produced by the assessee. The enquiry conducted by the ITO […]...

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Interest on income tax refund not eligible for deduction U/s. 80IE

M/s. OMIL JSC (JV) Kameng Kota. Vs Dy. CIT (ITAT Jaipur)

M/s. OMIL JSC (JV) Kameng Kota. Vs Dy. CIT (ITAT Jaipur) The limited issue under consideration relates to whether interest on income tax refund is eligible for deduction under section 80IE of the Act. The contention of the assessee is that it has only one business undertaking and the only business of the undertaking is […]...

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Addition U/s. 69 justified on failure of Assessee to establish that cash deposited in her bank a/c belong to her clients

Leela Devi Bumb Vs ITO (ITAT Jaipur)

When assessee failed to file any reliable evidence or documents, which could establish that she was a sub-broker and cash deposited in her bank account belong to her clients, then action of treating the entire cash deposits as per section 69 as unexplained investment of the assessee was held to be fully justified....

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Section 50C not applies if Assessee invests entire sale consideration in new house property U/s. 54F

ITO Vs Raj Kumar Parashar (ITAT Jaipur)

Provision of section 50C(1) of the Act are not applicable to section 54F for the purpose of determining the meaning of full value of consideration....

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Capital Gain on Sale of agricultural land Converted into stock of residential plots

Mahaveer Yadav Vs ITO (ITAT Jaipur)

Mahaveer Yadav Vs ITO (ITAT Jaipur) Where assessee converted agricultural land into state stock of residential plots then the assessee was liable to pay tax as per section 45(2). The fair market value of the asset on the date of conversion as reduced by the cost of acquisition is required to be assessed under the […]...

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Penalty U/s. 271A justified for Failure to maintain books of account in Violation of section 44AA

Vinita Ranka Vs ITO (ITAT Jaipur)

Vinita Ranka Vs ITO (ITAT Jaipur) There is no dispute that during the course of assessment proceedings the AO noted that the bank transactions including the deposit in the bank and outward transaction are more than Rs. 4 Crores. The assessee then filed revised computation of income and admitted the turnover of more than Rs. […]...

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Interest-free loan to sister concern- Sufficient own funds-No Disllowance can be made

Yogendra Khandelwal Vs ACIT (ITAT Jaipur)

Undisputedly, interest-free funds available with assessee were far in excess of amount advanced to sister concern and a presumption would arise in favour of the assessee that interest-free funds had been utilized for advancing interest free loan to the sister cocnern, therefore, disallowance of deduction under section 36(1)(iii) was not j...

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