ITAT Jaipur

Only profit embedded in undisclosed turnover can be brought to tax

Alokik Steels Pvt. Ltd. Vs PCIT (ITAT Jaipur)

Alokik Steels Pvt. Ltd. Vs PCIT (ITAT Jaipur) The question that still looms large is where the assessee has disclosed gross profit of 3.11% on Rs.1,77,95,858/- and which has been accepted by the AO, how the order so passed by the AO is held as erroneous and prejudicial to the interest of Revenue by the […]...

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ITAT deletes addition for cash seized which was duly explained by Assessee

Om Prakash Karnani Vs. ACIT (ITAT Jaipur)

Om Prakash Karnani Vs. ACIT (ITAT Jaipur) Undisputedly, the cash amounting to Rs. 5,34,000/- seized from the possession of Sh. Nand Lal Joshi and Sh. Nand Lal Pandya belongs to the assessee. The limited question therefore is source of such cash found and seized from the possession of these two persons which belongs to the […]...

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No addition for Duly explained cash deposit for mere non appearance of creditor

Vishnu Prasad Vs DCIT (ITAT Jaipur)

Vishnu Prasad Vs DCIT (ITAT Jaipur) In the case of the assessee, (i) the identity of Shri Hanuman remains undisputed, as the summons issued by the AO was duly served upon him, (ii) genuineness of the transaction is also proved (from books of accounts) beyond doubt, as amount paid as advance to him, duly appeared […]...

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ITAT accepts submission of Appellant on Preponderance of probability test vis-a-vis bank account deposits

Shri Praveen Kumar Vs ITO (ITAT Jaipur)

Shri Praveen Kumar Vs ITO (ITAT Jaipur) As per facts of the present case, the assessee was student and studying for said period in Birla Institute of Technology as a regular student of M.Sc. Animation and Design and was tenant of Shri Abhishek Agarwal, who was into business of real estate in name and style […]...

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ITAT: Bank crisis ‘reasonable cause’ for not producing documents during assessment

ITO Vs M/s Ishika Foods (P) Ltd. (ITAT Jaipur)

Where the business of assessee was discontinued and the premises had been taken over by the Bank as part of its recovery proceedings, the crisis being faced upon consequent action taken by Bank was the reasonable cause which prevented assessee from submitting the requisite information/documents on the notices issued by AO and for remainin...

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Corpus donation cannot be treated as part of Income & Expenditure

Swami Keshwanand Sikshan Sansthan Vs CIT (ITAT Jaipur)

We observe that the fund in question is a capital fund/corpus fund therefore, it is out of preview of the provisions of section 11(2) of the Act. Section 11 of the Act deals with the utilization of income of a trust. This section is not having any provision about the utilization of corpus donation/fund like general fund or other receipts....

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Validity of Addition solely based on section 132(4) search statement 

ACIT Vs JKD Pearl India Developers (P) Ltd (ITAT Jaipur)

Addition made merely and solely on the basis of search statement recorded under section 132(4) without any corroborative evidence was not sustainable in law, moreover when confession made was subsequently retracted....

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Credit in ‘bank account’ cannot be construed as credit in books under section 68

Vishan Swaroop Gupta Vs ITO (ITAT Jaipur)

Vishan Swaroop Gupta Vs ITO (ITAT Jaipur) Credit in the ‘bank account’ of an assessee cannot be construed as a credit in the ‘books’ of the assessee as per section 68 of Income Tax Act, 1961. We observe that credit in the ‘bank account’ of an assessee cannot be construed as a credit in the […]...

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In case of unaccounted sales only profit therefrom can be taxed

Nawal Kishore Soni Vs ACIT (ITAT Jaipur)

Nawal Kishore Soni Vs ACIT (ITAT Jaipur) It is evident from entries found in cash book of Ram Kumar Soni and from statement recorded from assessee in course of survey that assessee purchased gold in period of demonetization which was obviously for sale to persons on receiving cash from them as the same is normal […]...

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Section 10AA deduction allowed on Profit enhanced due to addition for unverifiable purchases

Amrapali Exports Vs DCIT (ITAT Jaipur)

Expenditure to the extent of 25% of purchases held as non-genuine and disallowed by the AO related to the same business activity of manufacture and export in respect of which assessee was held eligible for deduction under section 10AA. Therefore, deduction under section 10AA was to be allowed on the enhanced profits in light of accepted l...

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