ITAT Jaipur

CIT cannot invoke Jurisdiction U/s. 263 if matter already been heard by CIT (A)

Shri Ramakant Sharma Vs. Pr. Commissioner of Income-tax (ITAT Jaipur)

Where the CIT(A) was already ceased of the matter wherein the matter has been contested before him by the AO, the ld. Pr. CIT does not have the jurisdiction to exercise his powers u/s 263 of the Act on the same matter as per the explicit provisions contained in clause (c) to explanation 1 to section 263 of the Act....

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Deduction U/s. 54 can be claimed for House purchased in wife’s name

Shri Radhey Shyam Arora Vs. Income Tax Officer (ITAT Jaipur)

When the entire investment for the purchase of new house has gone through the assessee's account then benefit u/s 54 of Income Tax Act cannot be denied on the ground the new house was purchased in the name of wife. Hence, the claim of the assessee u/s 54 of the Income Tax Act is allowed....

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Right to Receive Interest without reasonable certainty of Realization cannot be taxed

DCIT Vs. M/s Harshvardhan land Ltd. (ITAT Jaipur)

Only a right under the agreement to receive the interest by the assessee without reasonable certainty of realization of the same cannot be brought to income tax. ...

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Interest on Bank overdraft- Used in business vis-a-vis investment in mutual funds

Allen Career Institute Vs The JCIT (ITAT Jaipur)

1. The impugned additions and disallowance made in the order dated 29-12-2011 under section 143(3) of the Act, bad in law and on facts of the case, for want of jurisdiction and various other reasons and hence the same kindly be deleted....

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Scrutiny proceedings cannot be initiated if notice U/s. 143(2) served after statutory time period

Cameron (Singapore) Pte. Ltd. Vs. Asst. DIT (ITAT Jaipur)

No scrutiny proceedings can be initiated if notice under section 143(2) is not received by assessee within the prescribed period....

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DDT cannot be charged to tax in a different year merely for Mistake of Assessee

M/s Drawmet Wires Pvt. Ltd. Vs. ACIT (ITAT Jaipur)

M/s Drawmet Wires Pvt. Ltd. Vs. ACIT (ITAT Jaipur) It is settled proposition of law that DDT is chargeable only in the year when it is declared, distributed or paid and not prior to that. In the case on hand the assessee has produced all relevant record to show that the dividend was proposed by […]...

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Power of Attorney Holder cannot be assessed for Capital Gain

Shri Gyan Chand Agarwal Vs. The Addl. CIT (ITAT Jaipur)

Power of attorney is not an instrument of transfer in regard to any right, title or interest in any immovable property. The power of attorney is a creation of an agency whereby the grantor authorizes the grantee to do acts specified therein, on behalf of grantor, which when executed will be binding on the grantor […]...

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Notice under section 143(2) has to be served within stipulated time

Cameron (Singapore) Pte Ltd Vs. ADIT (International Taxation) (ITAT Jaipur)

According to section 143(2) of the Income Tax Act, 1961(for short the Act), where a return has been furnished under section 139 of the Act, or in response to a notice under section 142(1) of the Act, the Assessing Officer(AO) or the prescribed income-tax authority, as the case may be, if, considers it necessary or expedient to ensure that...

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Penalty cannot be imposed for delay in TDS return filing for non availability of PAN

Argus Golden Trades India Ltd. Vs. JCIT (ITAT Jaipur)

This is an appeal filed by the assessee against the order of Ld. CIT(A) - III, Jaipur dated 19.02.2016 for A.Y. 2011- 12 wherein the assessee has challenged the levy penalty of Rs. 1,02,400/- u/s 272A(2)(K) of the Act....

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Non-appearance of supplier cannot be the sole basis to terms purchase as bogus

M/s Beauty Tax Vs DCIT, ((ITAT Jaipur)

Non-appearance of the supplier in absence of any other corroborate evidence cannot be sole basis to justify the stand of the Revenue that a transaction of purchase is bogus...

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June 2021