ITAT Jaipur deletes ₹6.26 Cr. addition u/s 68, stating it would be double taxation. Tribunal also rules that the CIT(A) exceeded jurisdiction by remanding the case for verification of already submitted documents.
The ITAT Jaipur ruled that a private trust with a single minor beneficiary cannot be taxed at the Maximum Marginal Rate. A wrong ITR form filing does not take away the right to normal slab rates.
Notice issued by a non-jurisdictional AO was invalid rendering the addition under Section 69A void ab initio. It directly impacted the validity of the assessment under Section 69A, leading to the complete annulment of the additions.
Tribunal had imposed a cost of ₹2,000 on M/s. Udai Lal Mahabir Prasad for failing to explain the delay in filing its appeal and remanded the disallowance issue to the Assessing Officer (AO) for fresh adjudication.
ITAT Jaipur provides relief to Sharad Kumar Choradia. Though seized records prove bro-kerage, the court remands the case, ordering a realistic re-evaluation of income and a deduction for expenses.
ITAT Jaipur deletes additions on unsecured loans and partners’ capital for Vikas Oil Mill, citing sufficient evidence like ITRs and cash books to prove their genuineness.
ITAT Jaipur rules that interest earned on a money-lending asset declared under IDS 2016 is not unexplained income and deletes the addition and tax under Section 115BBE.
ITAT Jaipur rules bonus paid before ITR filing due date is allowable deduction, setting aside disallowance for Rajasthan Knowledge Corporation Ltd., clarifying Section 43B application.
ITAT Jaipur held that TDS u/s. 194J of the Income Tax Act doesn’t apply to payment made by liquor company towards brand under the head ‘Franchise Expenses’ since the same is not in nature of ‘royalty’ or ‘Fees for Technical Services’. Accordingly, appeal of revenue dismissed.
ITAT Jaipur held that merely the claim of the assessee was not entertained it cannot be a reason automatically to levy the penalty for misreporting or under reporting of the income. Accordingly, levy of penalty under section 270A of the Income Tax Act set aside.
