ITAT Jaipur

Section 54 benefit cannot be denied on installments paid prior to one Year window

Prakash Pandharinath Bakre Vs PCIT (ITAT Jaipur)

Prakash Pandharinath Bakre Vs PCIT (ITAT Jaipur) Benefit under section 54 is available to an individual who has transferred a long term capital asset being a ‘residential House Property’ and the assessee has either purchased one residential house in India within a period of one year before or two years after the date of transfer [&hel...

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No addition for duly supported Cash Gift from Relatives

Sheela Yogi Vs ITO (ITAT Jaipur)

Sheela Yogi Vs ITO (ITAT Jaipur) Once the summons have been issued and these persons have appeared and given their statements before the AO wherein they have confirmed that they have advanced the amount to the assessee towards purchase of the agricultural land and has also disclosed the source of their earnings/savings, the assessee has [...

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Despite addition no penalty when Assessee has already disclosed all facts

ACIT Vs Kishangarh Hi Tech Textile Park Ltd. (ITAT Jaipur)

ACIT Vs Kishangarh Hi Tech Textile Park Ltd. (ITAT Jaipur) Since the assessee has disclosed entire facts in the Balance Sheet with regard to the subsidy of Rs. 36.00 crores received by it and the depreciation at 80% on the entire windmill as a whole has been claimed on the basis of various decisions of […]...

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Turnover in respect of speculative transactions & section 271B Penalty

Santosh Kumar Vs ITO (ITAT Jaipur)

Santosh Kumar Vs ITO (ITAT Jaipur) Tribunal has considered the guidance note of ICAI in respect of the tax audit U/s 44AB of the Act wherein the turnover or gross receipt in respect of speculative transactions has been considered as some total of positive and negative outcome of the speculative transactions. This Tribunal in a […]...

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Registration of Trust cannot be cancelled for non-filing of I.T. return due to misdeeds of ex-president

Wholesale Cloth Merchant Association Vs PCIT (ITAT Jaipur)

Wholesale Cloth Merchant Association Vs PCIT (ITAT Jaipur) ITAT observed that due to the negligence or cheating of past executive members and bad intention of misappropriation of funds by ex-president, they had not maintained the books of accounts and get their accounts audited by a chartered accountant. But after change of management and...

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ITAT deletes Addition for wrong entry of cash deposit in bank

ACIT Vs. Dr. Radhey Shyam Garg (ITAT Jaipur)

ACIT Vs Dr. Radhey Shyam Garg (ITAT Jaipur) During the course of assessment proceedings, the AO noted that the assessee has deposited cash of Rs. 2,90,000/- in the Central Bank of India whereas on the said date i.e. 16.11.2015 there was a negative cash balance in the cash book of Rs. 1,01,773.84. The AO accordingly […]...

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Additions for unexplained cash cannot be made solely based on section 132(4) statements

Jewels Emporium Vs ACIT (ITAT Jaipur)

Jewels Emporium Vs ACIT (ITAT Jaipur) From the record, we found that as on the date of search, the books of account of M/s Jewels Emporium were incomplete and the printouts of cash books as taken by the search team did not reflect the true and correct balance available which is made part of the […]...

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Assessment without issuance of notice U/s 143(2) is void ab-initio

Smt. Gyatri Sharma Vs ITO (ITAT Jaipur)

Smt. Gyatri Sharma Vs ITO (ITAT Jaipur) From the record, we also noticed that the A.O. has not stated either in the assessment order or in the ordersheets of the assessment proceedings that any notice U/s 143(2) of the Act was issued to the assessee. It is clear that there is no notice U/s 143(2) […]...

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No valid belief can be formed on the basis of incorrect/non-existing facts

Prithvi Raj Singh Vs I.T.O. (ITAT Jaipur)

Prithvi Raj Singh Vs I.T.O. (ITAT Jaipur) We found that the assessee had declared capital gain income in return which clearly shows that there is non-application of mind on the part of the A.O. while recording the reasons as he did not consider the return furnished by the assessee wherein capital gain income has been […]...

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AO cannot disallow interest in section 80IA deduction working when same already been disallowed by Assessee

GVK Jaipur Expressway Private Limited Vs. DCIT (ITAT Jaipur)

GVK Jaipur Expressway Private Limited Vs. DCIT (ITAT Jaipur) It was submitted that the assessee on review of the appeal documentation noticed that it has suo-moto disallowed the interest receipts while computing book profits for the purposes of deduction u/s 80IA of the Act and the said fact has inadvertently escaped its attention at the ...

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