Baljeet Yadav Vs PCIT (ITAT Jaipur) It is evident from the assessment order and impugned order that the assessee’s case was selected for scrutiny under CASS for examination of cash deposits made in the bank during the demonetarization period. It is prima facie not clear whether it was a limited scrutiny case or a detailed […]
AO failed to follow the procedure as prescribed under section 50C(2), held that the CIT(A) was not justified in confirming the action of the AO in adopting deemed sale consideration in violation of section 50C(2) of the Act. Actual sale consideration adopted for LTCG
We observed that the exemption was claimed U/s 54F of the Act on this account is Rs. 6,33,190/-. It is further noticed that the Assessing Officer has not disputed the purchase of new house in the name of wife of the assessee though the claim was denied by the AO.
Shri Jaideep Singh Vs ITO (ITAT Jaipur) A question that arises for con sideration is whether the AO can issue second notice u/s 148 and initiate fresh reassessment proceedings before completion/conclusion of proceedings initiated by way of first notice u/s 148 either by way of dropping the first reassessment proceedings or completing the proceedings by […]
Kanchan (Widow) Vs ITO (ITAT Jaipur) AO admitted the fact that the appellant has made the sales supported by delivery challan and invoice and copy of party’s ledger account. This sale since accepted and the receipt of the sales in cash cannot be considered as an amount of income under the provision of section 68 […]
Ajeet Singh Vs ITO (ITAT Jaipur) ITAT held that the amendment brought in the statue i.e., by Finance Act, 2021, the provisions of Section 36(1)(va) r.w.s. 43B of the Act amended by inserting explanation 2 is prospective and not retrospective. Hence, the amended provisions of Section 43B r.w.s. 36(1)(va) of the Act are not applicable […]
Object to develop training and research centre to facilitate skill development to entire chain of work force engaged at various levels in garment and textile industry entitle for registration under provisions of Section 12AA.
Jeen Mata Buildcon Pvt. Ltd. Vs ITO (ITAT Jaipur) The ld. AR of the assessee argued that merely there is a difference in the 26AS and the books results, there cannot be an addition to returned income the books of account of the assessee duly audited. AO has not found any single defect in the […]
Interest income on FDR which was earned out of the funds placed with the bank by utilizing the bank overdraft limit was to be considered as business income and not as income from other sources.
Asha Yadav Vs ITO (ITAT Jaipur) We are of the view that the AO had levied the penalty @ Rs. 10,000/- for non compliance of notices Under section 142(1) of the Act. As it was clear from the provisions of Section 271(1)(b) that this provision can be invoked only for non compliance of notice Under […]
