ITAT Jaipur held that the assessee has sufficient amount of interest free fund to make investment yielding exempt income, therefore, disallowance under section 14A of the Income Tax Act not justified. Accordingly, appeal of assessee allowed.
ITAT Jaipur ruled on addition of ₹1.75 crore as unexplained credit in ITO Vs Kedia Builders. The tribunal highlighted compliance with Section 68 requirements.
ITAT Jaipur rules that when search finds incriminating material, proceedings must be under Section 153C, not 147/148. Read case details of DCIT vs. Kailash Chand Hirawat.
ITAT Jaipur held that addition of the amount already recorded as cash sales cannot be treated as unexplained cash deposits under section 68 of the Income Tax Act. Accordingly, addition is deleted and appeal is allowed.
ITAT Jaipur held that issuance of notice under section 148 of the Income Tax Act by ACIT, Jaipur, is illegal and liable to be quashed since ITO-Delhi has jurisdiction over the case of the assessee. Accordingly, order of CIT(A) set aside.
ITAT Jaipur held that amount of sundry debtor recorded in books of account are not any money, bullion, jewellery or other valuable article and hence doesn’t qualify as unexplained money under section 69A of the Income Tax Act.
ITAT Jaipur held that exercise of revisionary power under section 263 of the Income Tax Act on the basis of audit objection is not tenable in law. Accordingly, initiation of proceedings liable to be quashed.
The assessee is engaged in the business of Manufacturing & Trading of Sarees, Salwar Suites and Dress Materials. A survey u/s 133A of the Act was carried out on the business premises of the assessee on 26.11.2014.
ITAT Jaipur remands Nidhivan Foundation’s 12AB registration case to CIT(E) for reconsideration, citing curable defects and need for fair hearing.
ITAT Jaipur quashes 271D penalty against Balbir Singh, ruling funds received were advances, not loans, after verifying property ownership.
