ITAT Jaipur

S. 54EC limit of Rs. 50L applies to transaction & not financial year

The ACIT Vs. Shri Raj Kumar Jain & Sons (HUF) (ITAT Jaipur)

Investment within 6 months is the investment for that financial year in which transfer has taken place. Hence, subsequent investment is to be considered as part of the investment of financial year in which transfer has taken place. We therefore, hold that the ld. CIT(A) was not justified in allowing deduction to the assessee to the extent...

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Trading by way of re-export of imported goods from SEZ eligible for tax deduction under section 10AA

DCIT Vs. Goenka Diamonds and Jewelers Ltd. (ITAT Jaipur)

Though vide Instruction no. 1/2006 dated 24-03-2006, it was clarified that trading units can be set up in the SEZ. However, the modification was made on 24-05-2006 in which it was made clear that the deduction u/s 10AA will be available in respect of the trading in the nature of re-export of imported good. Thus the assessees were promised...

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The burden of proving understatement or concealment is on the revenue

ITO Vs. Anshu Jain (ITAT Jaipur)

Where in any financial year the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article, and the Assessing Officer finds that the amount expended on making such investments or in acquiring such bullion, jewellery or other valuable article exceeds the amount recorded...

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AO not empowered to select head of income for computation of permissible deductions U/s 40(b)

S. P. Equipment & Services Vs ACIT (ITAT Jaipur)

A golden rule of interpretation is the contextual interpretation. A word has always to be interpreted only with the context with which, one is seized. Here we are concerned with the provisions of Sec.40(b) hence, the interpretation has to be done accordingly. Interpretation of the provisions otherwise or the way the Id. AO has done, if a...

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Intention of landlord material factor in deciding head of income derived by a landlord from hirers of his office space

Vikram Golecha Vs DCIT (ITAT Jaipur 'A' Bench)

Merely because income is attached to any immovable property cannot be the sole factor for assessment of such income as income from property. What has to be seen is what was the primary object of the assessee while exploiting the property....

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Agricultural land which is gifted cannot be taxed as income from other sources

ITO Vs Komal Kumar Bader (ITAT Jaipur 'A' Bench)

It is an admitted fact that the donor had agricultural land in question in her possession and she had been showing agriculture income also from the land. She has been staying with her husband who is a well known architect. For her livelihood, she was not depending on the agriculture land gifted but only on her husband. As long she was not...

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Even a Contractor is a “Developer” for purposes of s. 80-IA(4): ITAT Jaipur

Om Metals Infraprojects vs. CIT (ITAT Jaipur)

Where the assessee entered into an agreement with the Vidharbha Irrigation department for supply, erection and installation of dam gates and the question arose whether it was “developing an infrastructural facility” so as to be eligible for deduction u/s 80-IA (4) or it was a mere contractor, HELD:...

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