ITAT Jaipur

Order passed without disposing objections against section 148 notice was invalid

Girraj Prasad Gilara HUF Vs ITO (ITAT Jaipur)

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 […]...

Read More

Section 271(1)(c) penalty cannot be levied on additions based on estimate

Vishnu Tambi Vs DCIT (ITAT Jaipur)

Vishnu Tambi Vs DCIT (ITAT Jaipur) Under Section 271(1)(c) of the Act, the authority has been given discretion to levy the penalty in case there is a concealment of particulars of income and also with regard to quantum of penalty. However, it is a basic need of the provisions of law that definite finding is […]...

Read More

Section 11 exemption on donation by a charitable trust to others for utilization towards charitable objects.

ITO (Exemptions) Vs Rajasthan Cricket Association (ITAT Jaipur)

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....

Read More

Interest on delayed payment of TDS not allowable as business expenditure

Govindam Clearing Agencies Pvt. Ltd Vs DCIT (ITAT Jaipur)

Govindam Clearing Agencies Pvt. Ltd Vs DCIT (ITAT Jaipur) AO had disallowed the interest and made an addition of Rs. 18,315/- on account of late deposit of TDS by the assessee. We find that the facts are undisputed that the assessee has claimed interest as expense incurred for delayed payment of TDS. We find that […]...

Read More

No penalty for not maintaining books – Calculation of Turnover from Derivative Transaction – Debatable issue – Reasonable cause

Vijay Kumar Jain Vs ITO (ITAT Jaipur)

Vijay Kumar Jain Vs ITO (ITAT Jaipur) At the outset, we note that this Tribunal has taken a consistent view that the turnover in respect of derivative transactions has to be computed by taking the total sum of positive and negative outcome of the transactions instead of the total amount of transaction. Accordingly, when the […]...

Read More

Section 148 Notice to Legal heirs after expiry of limitation period is invalid

Sh. Shambhu Dayal, Ravi Dutt, Gori Shankar Rajesh Rohit L/h Late Sh. Jhabar Mal (ITAT Jaipur)

Sh. Shambhu Dayal, Ravi Dutt, Gori Shankar Rajesh Rohit L/h Late Sh. Jhabar Mal (ITAT Jaipur) The undisputed facts are that the assessee, Shri Jhabar Mal Kumawat had expired on 10.10.2015 as noted by the AO in the assessment order. Thereafter, the reasons for reopening the assessment u/s 147 were recorded and after seeking approval [&hell...

Read More

ITAT upheld Penalty u/s 271AAB(1) on Undisclosed Investment

Pawan Mundra Vs DCIT (ITAT Jaipur)

Pawan Mundra Vs DCIT (ITAT Jaipur) The issue under consideration whether AO is justified levying penalty under section 271AAB on failure to offer explanation about the source of the undisclosed investment in land? ITAT states that during course of post search proceedings, assessee admitted an income of Rs. 6,00,000 on account of undisclos...

Read More

Interest received from Jaipur Central Co-op Bank eligible for section 80P(2)(d)deduction

Shahpura Gram Seva Sahakari Samiti Ltd. Vs ITO (ITAT Jaipur)

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?...

Read More

In absence of agreement SDV on First Digital Payment date can be adopted for Section 50C & 56(2)(x)

Radha Kishan Kungwani Vs ITO (ITAT Jaipur)

The issue under consideration is whether the stamp duty valuation at the time of first digital payment can be adopted if the agreement to sale is lost or inaccessible for any reason whatsoever?...

Read More

Reopening of assessment merely based on AIR Data is invalid

Raj Kumar Maheshwari Vs ITO (ITAT Jaipur)

CIT (A) upheld the reopening of the assessment by recording the reasons on incorrect facts. Hence in the facts and circumstances of the case, we find that the reopening of the assessment by the AO is without application of mind and simply going by the information received as per AIR Data. Hence the reopening of the assessment is quashed b...

Read More

Browse All Categories

CA, CS, CMA (5,468)
Company Law (7,370)
Custom Duty (8,495)
DGFT (4,538)
Excise Duty (4,488)
Fema / RBI (4,694)
Finance (4,977)
Income Tax (37,197)
SEBI (3,976)
Service Tax (3,717)

Search Posts by Date

June 2021
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
282930