ITAT Jaipur

MAT provisions u/s 115JB were applicable to company eligible for Section 10AA benefit

M/s Safeflex International Ltd. Vs ITO (ITAT Jaipur)

AO was justified in bringing book profit u/s 115JB determined to tax inspite of assessee-company eligible for section 10AA benefit as on combined reading of provisions of sub-section (5) and (6) of section 115JB, it was clear that the MAT provisions had been specifically made applicable to assessee company in respect of its income from bu...

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Section 56(2)(vii)(b) applies to rural agricultural land acquired below stamp value

ITO Vs Shri Trilok Chand Sain (ITAT Jaipur)

The limited point of dispute is the nature of immovable property which has been purchased by the assessee. The assessee’s contention is that which he has purchased are three plots of agricultural land and the same doesn’t fall in the definition of capital asset as per the provisions of Section 2(14) of the Act and provisions of sectio...

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Payments to teachers/ lecturers/ staff is covered u/s 192 and not u/s 194J

Principal Sri Sathya Sai College for Women Vs ITO (ITAT Jaipur)

Principal Sri Sathya Sai College for Women Vs ITO (ITAT Jaipur) Assessee college has issued appointment letters to teachers/ lecturers/ staff members from time to time to whom salary was paid. The monthwise salary sheet was also prepared by the college on the basis of the attendance register of the employees. The salary was paid […...

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Section 54F deduction cannot be restricted to stamp duty value

I.T.O. Vs Shri Roop Narayan Sharma (ITAT Jaipur)

Deduction U/s 54F was available to assessee in respect of full value of consideration received and not on the value taken by the Sub-Registrar for the purposes of stamp duty. ...

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Penalty sustained if Charge for initiation of penalty & charge while levying was same

Shri Harish Chand Narang Vs ACIT (ITAT Jaipur)

Shri Harish Chand Narang Vs ACIT (ITAT Jaipur) The sum and substance of above decision is that the nature of specification of charge by the A.O. at the stage of initiation of penalty proceedings at the time of issue of notice U/s 274 read with Section 271(1)(c) of the Act and at the time of […]...

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No Deduction u/s 54B /54F if sale deed was unregistered and payment was in cash

Shri Ram Narayan Vs ITO (ITAT Jaipur)

Shri Ram Narayan Vs ITO (ITAT Jaipur) Conclusion: Since assessee purchased land through an agreement to sale which was unregistered and the payment was made in cash, therefore, in absence of sale deed, the unregistered agreement would not transfer any title to assessee of the agricultural land, accordingly, the claim of deduction under se...

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Addition for cash deposit in Bank cannot be made if Assessee duly explained source

Smt. Pinki Devi Agarwal Vs ITO (ITAT Jaipur)

As assessee had duly proved source of cash deposit in her bank account to be opening cash balance and gift from her parents, no addition could be made under section 68....

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No deduction u/s 54B if purchase made prior to sale of existing land

Mathur Lal Vs ITO (ITAT Jaipur)

Mathur Lal Vs ITO (ITAT Jaipur) Conclusion: Deduction under section 54B was allowable only if purchase of new land was made after the transfer of an existing land. Held: Assessee claimed deduction U/s 54B which included purchase of agricultural land on 16/5/2012. AO denied the claim in respect of the agricultural land purchased on 16/5/20...

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Receipt of share application money not taxable in case of non-resident

M/s. Shreenath Heritage Liquor Pvt Ltd. Vs ACIT (ITAT Jaipur)

Addition under section 68 on account of share application money received from non-resident was not justified as money brought into India by non-residents for investment or other purposes was not liable to Indian Income Tax....

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Reassessment notice based on Competent Authority approval without application of mind is invalid

DCIT Vs M/s Kanchan India Pvt. Ltd. (ITAT Jaipur)

Since the approval granted by Pr. CIT to AO for reopening of assessment was clearly without application of mind and was not as per the mandate of the provision of section 151, therefore, notice issued u/s 148 on the basis of such approval and consequent assessment made on the basis of such notice were bad in law and deserved to be quashed...

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