Expenditure to the extent of 25% of purchases held as non-genuine and disallowed by the AO related to the same business activity of manufacture and export in respect of which assessee was held eligible for deduction under section 10AA. Therefore, deduction under section 10AA was to be allowed on the enhanced profits in light of accepted legal position by CBDT Circular No. 37/2016, dated 2-11-2016.
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 […]
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 […]
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 […]
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) […]
Rejection of books of accounts under section 145(3) was not justified as once the books of accounts had been prepared/recasted, AO could not go back to the stage of survey proceedings to contend that since no books of accounts were available at that point in time, he would not consider the books of accounts so recasted/prepared and furnished subsequently.
Inter-trust donations from one charitable trust to another for utilization by the donee trust for charitable purposes was proper application of income for charitable purposes in the hands of the donee trust and it would not affect the exemption claimed as application by the Donor trust.
The issue under consideration is whether the interest received by the assessee from the Cooperative Bank is eligible for deduction under section 80P(2)(d) of the Income Tax Act?
Nabh Multitrade Pvt. Ltd. Vs ITO (ITAT Jaipur) There is no dispute that during previous year relevant to assessment year under consideration the assessee issued 37,500 equity shares of Rs. 10/- each for a price of Rs. 200/- each which includes the share premium of Rs. 190/- per share. To substantiate the value of equity […]
Girraj Prasad Gilara HUF Vs ITO (ITAT Jaipur) The revenue has not disputed that the assessee has raised the objections vide letter dated 19th July, 2016 against the notice issued under section 148 of the IT Act. Assessee has raised the objections against the reopening of the assessment on the ground that there is no […]
