Kanhaiya Lal Lalwani Vs ITO (ITAT Jaipur) It is noted that the cost of acquisition of plot as per the assessee was Rs. 555/- purchased on 16-04-1999 and thereafter addition/ improvement of Rs.3,41,000/- was made. In my view, if these benefits were allowed to the assessee then in that eventuality the capital gain arose on […]
Reetesh Kumar Vs ITO (ITAT Jaipur) Bench observed that both the lower authorities had dismissed the appeal of the assessee ex-parte for want of non-appearance during the course of hearing. In view of the request of the ld. AR of the assessee, the appeal of the assessee is restored to the file of the AO […]
We are of the view that proper service of notice is vital for imposition of penalty under section 271(1)(b). In this regard, we draw reliance in case of CIT vs. Har Parshad (1990) 49 Taxman 168 (P&H).
Geetanjali Hotels & Promoters Pvt. Ltd. Vs ACIT/DCIT (ITAT Jaipur) It is noted from the record that the assessee company is engaged in the business of Hotel Industries and Toll Tax Collection. During the course of assessment proceedings, the AO noted that the assessee company had debited the interest expenses amounting to Rs. 4,23,15,400/-. During the […]
Merely granting of stay does not mean that prosecution launched by Department has come to an end and appeal cannot be dismissed on account of low tax effect,
ITAT Jaipur held that equalization levy not applicable as role of the assessee is merely conduit between the entity carrying out the advertisement and Google. The ultimate benefit of such advertisement is not desired by the assessee.
ITAT Jaipur held that assessment which are already completed after making proper inquiries cannot be allowed to again reframed merely based on the search without any fresh evidence. Addition unsustainable
Rule 17A of Income Tax Rules, 1962 clearly explained that self certified copies of documents are sufficient for the claiming exemption under section 12AA
Shri Narendra Kumar Khandelwal Prop. M/s Ranjana Textiles Vs ITO (ITAT Jaipur) Interest free funds available: The law is well settled that where assessee is having mixed i.e. interest free/interest bearing funds both, but where the interest free funds are larger than the interest free advances/utilization than there will a presumption that the interest free […]
Brijesh Sharma Vs DCIT (ITAT Jaipur) During the Assessment assessee submitted to the AO vide letter dated 12.11.2014 that the assessee had purchased a plot of land situated in Jaipur for disclosed consideration of Rs. 5,21,000/- which was paid by cheque. The AO issued summon u/s 131(2) the seller, Smt. Choti Devi. In her statement […]
