ITAT Jaipur partially allows Adworld Communications appeal, reducing income estimation based on prior year’s results after account issues cited.
ITAT Jaipur held that reopening under section 148 r.w.s. 148A is bad-in-law and liable to be quashed in as much as reopening was merely on the basis of change of opinion. Accordingly, appeal of assessee allowed and reopening quashed.
ITAT Jaipur held that without considering the merits of the dispute and without verifying the veracity of the documents, the documents signed by third party cannot be directly held to be colorable devise. Accordingly, matter remanded to AO for due verification.
ITAT Jaipur held that exemption under section 11 of the Income Tax Act eligible to trust involved in charitable-religious activities which doesn’t benefit any specific religious community. Accordingly, matter restored to CIT(E) for reconsideration.
ITAT Jaipur held that trust incurring more expenditure than income doesn’t debar it from benefit of exemption u/s. 11(1)(a) of the Income Tax Act in respect of income admittedly applied for charitable purpose. Accordingly, appeal of assessee allowed.
ITAT Jaipur held that matter is fit to remand back to file of AO since assessee has sufficient reason to establish non-deduction of tax, however, the evidences were not furnished before lower authority. Accordingly, appeal allowed and matter remanded.
ITAT Jaipur accepts LTCG claim of Vivek Agarwal; rejects AO’s addition under Section 68, citing adequate evidence of share transactions and demat holdings.
ITAT Jaipur partially allows Amit Product’s appeal in a bogus purchase case, reducing disallowance to 10% of Rs. 32.88 lakh.
ITAT Jaipur sets aside addition and penalty against Mukesh Kumar Agarwal due to lack of valid jurisdiction and time-barred penalty order.
ITAT Jaipur allows Ashok Kumar Jain’s appeal for statistical purposes, remanding capital gains issue to AO for reconsideration with due process.
