Registration u/s 12AB was rejected on the ground of non-registration in Rajasthan Public Trust Act, 1959 and further, on account of non-genuineness of activities. Furthe grant of 80G was also denied on the abovementioned grounds.
Analysis of ITAT Jaipur’s decision in Shiv Vegpro Pvt. Ltd. Vs PCIT, addressing Section 263, delay condonation, and tax assessment disputes for AY 2017-18.
Detailed analysis of the ITAT Jaipur decision in Dinesh Kumar Chaurasia Vs ACIT on unexplained investments, Section 263 jurisdiction, and procedural lapses.
ITAT Jaipur held that addition towards unexplained cash credit under section 68 of the Income Tax Act merely based on retracted statement cannot be sustained. Accordingly, appeal of the revenue dismissed.
ITAT Jaipur held that when the cash found in books are more then physically found no further addition is required to be made in the hands of the assessee. Accordingly, addition towards unexplained cash set aside.
ITAT Jaipur held that disallowance of cash payment under section 40A(3) of the Income Tax Act deleted since genuineness of the transactions and the payment and identity of the receiver are established. Accordingly, appeal allowed.
ITAT Jaipur held that the litigant cannot be permitted to throw the entire blame on the head of the consultant or Advocate and disown himself or herself at any time to seek relief for condonation of delay. Accordingly, cost imposed for procedural delay.
Assessee is a co-operative Bank. Assessment was completed u/s 143(3) at Rs. 7, 86, 05,056/- after allowing a claim of Rs.23,27,543/- towards contribution towards PACS development fund as business expenditure.
ITAT Jaipur held that taxability of surrendered undisclosed income under section 115BBE of the Income Tax Act requires verification on the part of the AO. Accordingly, matter restored back to the file of AO.
ITAT Jaipur examines Harish Jain’s appeal regarding additions on undisclosed income and retraction of statements during search operations. Detailed case analysis.
