ITAT Jaipur

Share of profit from AOP cannot be added while computing section 115JB book profit

ACIT  Vs Om Metal Infraproject Ltd. (ITAT Jaipur)

By virtue of clause (iic) in Explanation to section 115JB by the Finance Act, 2015 share of profit received from AOP could not be added while computing book profit under section 115JB....

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S. 2(47) | Holding period | Time of agreement to sale vs. execution of sale deed

M/s Rajasthan Agencies Pvt. Ltd. Vs ITO (ITAT Jaipur)

Holding period for purpose of transfer u/s 2(47) was to be considered from the time of agreement to sale instead of execution of sale deed...

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Addition U/s. 2(22)(e) not sustainable if transaction is not of loan or advance

Shravan Choudhary Vs ACIT (ITAT Jaipur)

Shravan Choudhary Vs ACIT (ITAT Jaipur) If the transaction is a business transaction between the parties then the amount received under the said transaction cannot be held as loan or advance to be treated as deemed dividend under section 2(22)(e) of the Act. The assessee explained the facts regarding the loan given by the assessee [&helli...

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Interest on FDR for security/guarantee to companies for taking contracts is Business Income

Shri Devasamparambil Hassainar Kutty Vs ACIT (ITAT Jaipur)

Shri Devasamparambil Hassainar Kutty Vs ACIT (ITAT Jaipur) Revenue has not disputed the fact that the FDRs taken by the assessee are for the purpose of furnishing the security/guarantee to the companies those have awarded the contract to the assessee. Therefore, these FDRs were furnished as a performance guarantee by the assessee. Once th...

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Reopening of assessment for non-existent and factually incorrect reasons was invalid

Shri Ram Mohan Rawat Vs ITO (ITAT Jaipur)

Shri Ram Mohan Rawat Vs ITO (ITAT Jaipur) Reasons recorded by the AO for formation of belief that income assessable to tax has escaped assessment are based on two counts. One, the assessee has made bogus purchases and the second, that the purchases are not verifiable as the as the  assessee has not filed the […]...

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Transaction of loan between two independent parties cannot be taxed in the hands of Broker to transaction

Shiv Prakash Bajaj Vs DCIT (ITAT Jaipur)

Shiv Prakash Bajaj Vs DCIT (ITAT Jaipur) It is not in dispute that the assessee surrendered a sum of Rs. 30.00 lass on account of incriminating material found during the search, therefore, the transaction of loan between two independent parties even if through the service of the assessee being broker cannot be thrust upon the […]...

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Section 54 exemption cannot be denied for mere completion of construction in short period 

Smt. Parminder Kaur Bedi Vs ITO (ITAT Jaipur) (ITAT Jaipur)

Accordingly when there was sufficient time with the assessee to complete the construction then the claim of the assessee that the house was constructed within a short period cannot be a reason for denial of the claim under section 54 of the Act....

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Addition for unexplained cash deposits justified if explanation furnished by assessee not verifiable

Shree Narayan Meena Vs ITO (ITAT Jaipur)

AO was justified in making addition under section 68 on account of unexplained cash deposits found in bank account in case having regard to the human probabilities and normal course of human conduct, explanation offered by assessee was not wholesome, credible and verifiable....

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Unaccounted sales cannot be regarded as turnover for section 44AB

Shri Satya Prakash Mundra Vs ITO (ITAT Jaipur)

Addition made by AO during the assessment proceedings on the basis of unaccounted sales cannot be regarded as the turnover for the purpose of section 44AB of the Act because the documents relied upon by AO are neither the part of books of account nor would substitute the books of account or constitute the books of account of the assessee ...

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Denial of deduction u/s 10(23C)(iiiad) on account of running school for profit motive

The ITO(Exemption) Vs M/s Vidya Bharti Samiti (ITAT Jaipur)

Sharing of the profit or income under the agreement between the parties and assessee and 80% of the income was going to the commercial entities clearly established the intention of the parties in this arrangements being for profit were not solely for providing education, therefore, the benefit of Section 10(23C)(iiiad) was not available t...

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