ITAT Jaipur

MAT not payable on share income of member of AOP

ACIT Vs M/s Om Metal Infraproject Ltd. (ITAT Jaipur)

ACIT Vs M/s Om Metal Infraproject Ltd. (ITAT Jaipur) Clause (iic) inserted in Explanation 1 to section 115JB by the Finance Act, 2015 is remedial and curative in nature as it was brought in the statute to provide similar benefit to the member of the AOP which was earlier applicable to the partner of the […]...

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No disallowance U/s. 40(a)(ia) where net profit was estimated

Power Liners Vs. ACIT (ITAT Jaipur)

Once the income of the assessee was estimated after rejection of books of account, then, the AO could not make disallowance on the same books of account for the purpose of disallowance by invoking provisions of section 40(a)(ia) or general disallowance under section 37(1). Hence, the disallowance made by the AO was deleted....

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ITAT condones delay in appeal filing due to fighting with CA

Shri Nitesh Agarwal, Vs ACIT (ITAT Jaipur)

Shri Nitesh Agarwal Vs ACIT (ITAT Jaipur) The assessee has explained the reasons for delay as attributable to the various problems on the business front, family front as well as the assessee was having some dispute with his C.A. In support of his explanation, the assessee has filed the record regarding the complaint against the […]...

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Addition for Gift justified on failure to substantiate claim of gift received

Shri. Vicky Jethani Vs ITO (ITAT Jaipur)

Shri Vicky Jethani Vs ITO (ITAT Jaipur) We note that the assessee has claimed the gift of Rs. 8,00,000/- received from Smt. Poonaj Kanjani stated to be the Aunt of the assessee and non-resident Indian based at UAE. In support of the claim, the assessee has furnished the Bank Certificate of Bank of Baroda regarding […]...

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Depreciation on JCB cannot be disallowed merely for Delay in Registration

Shri.Ram Karan Yadav Vs ITO (ITAT Jaipur)

Shri.Ram Karan Yadav Vs ITO (ITAT Jaipur) There is no dispute that the assessee has purchased the JCB machine vide Invoice dated 3rd June, 2011 and delivery was taken on 6th June, 2011. However, the registration of JCB with the RTO was done on 29.08.2011. We further note that in the registration charges, the RTO […]...

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Reopening of assessment not invalid for filing of return with wrong jurisdiction

Smt. Vidhya Poonia Vs The Income Tax Officer (ITAT Jaipur)

Smt. Vidhya Poonia Vs ITO (ITAT Jaipur) AO at the time of initiation of proceedings under section 148 has to form the belief on the basis of the material available which is sufficient for coming to the conclusion that prima facie income assessable to tax has escaped assessment, therefore, filing of return with wrong jurisdiction could [&...

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Mere investigation wing report not sufficient to treat a transaction as Bogus

ITO Vs Kapil Mittal (ITAT Jaipur)

Finding of AO is based merely on suspicion and surmises without any tangible material to show that the assessee has introduced his own unaccounted income in the share of long term capital gain even otherwise the reliance of the statements recorded by the Investigation Wing, Kolkata wherein without giving an opportunity of cross examinatio...

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Bogus capital gain: Addition merely based on statements recorded by Investigation Wing not valid

DCIT Vs Saurabh Mittal (ITAT Jaipur)

DCIT Vs Saurabh Mittal (ITAT Jaipur) In absence of any contrary fact, the mere reliance by the Assessing Officer on the report of Investigation Wing, Kolkata is not sufficient to establish the fact that the transaction is bogus. The finding of the Assessing Officer is based merely on the suspicion and surmises without any tangible [&helli...

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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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