ITAT Jaipur

Validity of Approval for Reopening by CIT for wrong application of Law by AO

ITO Vs Krish Homes Private Limited (ITAT Jaipur)

The question that arises for consideration is where there is no new material brought on record by the Assessing subsequent to completion of original proceedings u/s 143(3) and where the matter was duly examined during the original assessment proceedings, whether the Assessing officer can still acquire jurisdiction by exercising powers u/s...

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Section 195(1) & 40(a)(ia) talks about tax deduction where sum is chargeable to tax

JLC Electromet Pvt. Ltd. Vs ACIT (ITAT Jaipur)

Coming to the provisions of section 40(a)(ia) of the Act, the said section also provides that any interest, royalty, fees for technical services or other sum chargeable under this Act on which tax is deductible at source under chapter XVII-B and such tax has not been deducted or after deduction has not been paid on or before the due date ...

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Penalty cannot be levied on surmises, conjectures and possibilities

Rajendra Shingi Vs DCIT (ITAT Jaipur)

Concealment of particulars of income or furnishing of inaccurate particulars of income by the assessee has to be in the income tax return filed by it. Even if some discrepancies were found during the survey resulting in surrender of income by the assessee, once the assessee has declared the said income in the return of income filed under ...

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Limited scrutiny cannot be expanded without prior approval of appropriate authority

Late Smt. Gurbachan Kaur Vs DCIT (ITAT Jaipur)

If the A.O. has taken up the issue of determining fair market value of the property in question as on 01/4/1981 without converting the limited scrutiny to comprehensive scrutiny by taking the prior approval of the competent authority then the said order passed by the A.O. will be nullity as beyond his jurisdiction....

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Compulsory Development fee received by educational society is not a capital receipt

ACIT(E) Vs Scholars Education Trust of India (ITAT Jaipur)

Development fee payment was not optional or voluntary on the part of the students but it was compulsory charge in the nature of fee for studying and continuing study in the institutions of the assessee, therefore, development fee received by assessee could not be classified as capital in nature for specific purpose or part of corpus fund ...

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Gross receipt cannot be taxed as Income even if Trust is unregistered

Kund Kund Kahan Digamber Jain Versus Mumokshu Ashram Bajaj Palace Vs. ITO (ITAT Jaipur)

Where the exemption claimed under section 11 and 12 has been denied by the Assessing officer, what can be brought to tax is the net income in the hands of the assessee trust and not the gross receipts....

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Mere signing against a particular column of format is nothing but a mechanical approval

Shri Ram Niranjan Tibra Vs ITO (ITAT Jaipur)

Ld. CIT acted mechanically in order to discharge his statutory obligation when he merely wrote on the format Yes, I am satisfied. In the case in hand, the Id. CIT has even not written any affirmative sentence or word but has just signed against the column which was pre-typed Yes....

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Conversion of limited scrutiny to comprehensive scrutiny without prior approval of competent authority is invalid

Late Smt. Gurbachan Kaur Vs DCIT (ITAT Jaipur)

AO has obtained the necessary approval from the Competent Authority for conversion of the limited scrutiny to comprehensive scrutiny. Accordingly, the issue which is taken up by the AO in the proceedings under section 154 is illegal and void being beyond his jurisdiction to frame the limited scrutiny assessment....

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Losses claimed cannot be disallowed merely for non-proper appearance in acknowledgment of return

M/s Shree Krishna Vatika Construction Pvt. Ltd. Vs DCIT (ITAT Jaipur)

M/s Shree Krishna Vatika Construction Pvt. Ltd. Vs DCIT (ITAT Jaipur) From the record we also found that the assessee had attended the proceedings under the bonafide belief that the losses as claimed (which was same in both returns filed u/s 139(1) and 153A) were duly being assessed by the AO, and this intention of […]...

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Section 56(2)(vii) not applies to stock-in-trade

Shri Satendra Koushik Vs I.T.O. (ITAT Jaipur)

Provisions of section 56(2)(vii) have application to ‘property’ which is in nature of a capital asset of recipient and, thus, when assessee purchased a piece of land as stock-in-trade, the addition made by AO in respect of the purchase of land by invoking provisions of section 56(2)(vii)(b)(ii), was to be set aside....

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June 2021