ITAT Jaipur held that invocation of section 263 of the Income Tax Act unjustified as all the details were furnished by the assessee during scrutiny assessment and assessment was completed after detailed enquiry.
Read the full text of the order of ITAT Jaipur in the case of Lalit Kumar Kalwar Vs ITO. The quantum appeal is allowed, and the deduction under Section 54F is granted, resulting in the penalty being vacated.
ITAT Jaipur held that income surrendered during the course of search cannot be said to qualify as an undisclosed income in the context of section 271AAB read with the explanation thereto and hence penalty u/s 271AAB of Income Tax Act not leviable.
Unraveling the case of Gopal Singh vs ITO, in which ITAT calls out the disregard of quasi-judicial authority. Understand the key facts, analysis, and implications of this significant ITAT ruling.
ITAT Jaipur held that ex-parte order passed without considering and dealing with the submission of the assessee is a non-speaking order. Accordingly, matter remanded.
An ITAT ruling in the case of Bhartiya Shiksha Prachar Samiti vs DCIT highlights the application of Section 11 of the Income Tax Act and its implications for auditing requirements. Learn more about the details and impacts of this landmark case.
ITAT Jaipur held that capital gain not computable in respect of sale deed executed in favour of daughter-in law as it is only a gift to close relative and not a sale.
Held that in the absence of any incriminating material found or seized during the course of search and seizure proceedings, the additions made by the AO during the course of reassessment under section 153A of the Income Tax Act are without jurisdiction.
In ITO vs. Late Shri Chandi Ram, ITAT Jaipur upheld CIT(A)’s decision, recognizing arbitration and interest receipts from contracts executed in AY 1989-90 & 1990-91 as business income, taxable in AY 2012-13. Based on the jurisdictional High Court’s ruling, a net profit rate of 8.5% was applied, aligning with Supreme Court’s precedent on interest from delayed contract payments.
ITAT Jaipur in Yogendra Khandelwal Vs ACIT, mandates re-adjudication for penalty imposed under Section 271(1)(c) without adequate hearing.
