ITAT Jaipur addresses depreciation, loan interest, business promotion, and salary expense disallowances in Ahluwalia Erectors case. Read key judgments and analysis.
ITAT Jaipur quashes PCIT order revising assessment of Auro Iron, citing insufficient inquiry and overreach on reassessment grounds.
ITAT Jaipur held that assessee just needs to establish that the amount has come from the bank account of the cash-creditors. Assessee is not required to prove the source of the amount in the bank accounts of the cash creditors. Thus, addition u/s. 68 deleted since genuineness of transaction proved.
ITAT Jaipur held that invocation of revisionary proceedings u/s. 263 of the Income Tax Act not sustainable since AO duly verified investment and payment of ESI/PF.
ITAT Jaipur held that since there is neither error of law nor of facts, the twin condition as required to revise the assessment order is not met out and hence invocation of revisionary power under section 263 of the Income Tax Act is not sustainable in law.
According to AO, the provisions were not allowable who vide show cause notice asked assessee to furnish details of the provisions made as well as justification for the claim and the assessee did not file any reply to the show cause notice issued.
ITAT Jaipur held that once the jewellery and silver articles are considered as belonging to the family as a whole, there does not remain any unexplained gold jewellery. Hence, addition towards unexplained gold jewellery is liable to be deleted.
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.
