ITAT Jaipur upholds CIT(A)’s order deleting ₹80 lakh addition under Section 68; holds share sale genuine and not accommodation entry.
Assessee was engaged in agro-based trading, faced reassessment for Assessment Year (AY) 2017-18 based on information from a survey under Section 133A conducted at premises linked to Shri Ashok Kumar Gupta and associates.
Jaipur ITAT deletes Section 270A penalty on Jaipur Telecom, ruling excess depreciation and TDS interest claims were bona fide errors, not misreporting.
ITAT Jaipur held that reassessment notice under section 148 of the Income Tax Act issued by the Assessing Officer [AO], having no jurisdiction, is invalid. Accordingly, assessment order and consequent proceeding are also invalid.
Jaipur’s Income Tax Appellate Tribunal rules for Sita Ram Saini, stating cash withdrawn and re-deposited cannot be treated as turnover for profit estimation.
ITAT Jaipur held that addition towards unexplained money under section 69A of the Income Tax Act merely on the basis of statement which was subsequently retracted is not sustainable in law. Accordingly, addition is directed to be deleted.
ITAT Jaipur held that seized cash belongs to the firm and not of the assessee alone and hence invoking provisions of section 69A of the Income Tax Act in the hands of assessee misconceived. Accordingly, addition is directed to be deleted.
ITAT Jaipur held that discrepancies based on which application for registration under section 12AB was rejected are curable in nature. Hence, matter restored back to file of CIT(E) for afresh adjudication.
ITAT Jaipur allowed exemption under Section 54F in Goverdhan Singh Shekhawat Vs ITO despite technical non-compliance, emphasizing substance over form and judicial precedents.
ITAT Jaipur clarifies Section 54F, ruling that booking a flat doesn’t equal ownership for exemption conditions. A key verdict on capital gains tax relief.
