Where the business of assessee was discontinued and the premises had been taken over by the Bank as part of its recovery proceedings, the crisis being faced upon consequent action taken by Bank was the reasonable cause which prevented assessee from submitting the requisite information/documents on the notices issued by AO and for remaining non complied with the same.
Shri Praveen Kumar Vs ITO (ITAT Jaipur) As per facts of the present case, the assessee was student and studying for said period in Birla Institute of Technology as a regular student of M.Sc. Animation and Design and was tenant of Shri Abhishek Agarwal, who was into business of real estate in name and style […]
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 […]
Vishnu Prasad Vs DCIT (ITAT Jaipur) In the case of the assessee, (i) the identity of Shri Hanuman remains undisputed, as the summons issued by the AO was duly served upon him, (ii) genuineness of the transaction is also proved (from books of accounts) beyond doubt, as amount paid as advance to him, duly appeared […]
The Hon’ble ITAT, Jaipur in Modern Threads India Limited v. ACIT (Income Tax Appeal Nos. 198/JP/2019 and 199/JP/2019 decided on February 15, 2021) has held that payment of sales commission by the assessee to non-resident agents for the services rendered outside India will not fall in the category of the income received or deemed to […]
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 […]
Vishan Swaroop Gupta Vs ITO (ITAT Jaipur) Credit in the ‘bank account’ of an assessee cannot be construed as a credit in the ‘books’ of the assessee as per section 68 of Income Tax Act, 1961. We observe that credit in the ‘bank account’ of an assessee cannot be construed as a credit in the […]
Om Prakash Karnani Vs. ACIT (ITAT Jaipur) Undisputedly, the cash amounting to Rs. 5,34,000/- seized from the possession of Sh. Nand Lal Joshi and Sh. Nand Lal Pandya belongs to the assessee. The limited question therefore is source of such cash found and seized from the possession of these two persons which belongs to the […]
Sumeru Enterprises Vs ITO (ITAT Jaipur) It is the case of the assessee that it had cancelled the allotment of certain flats in its commercial complex as the allottees/debtors refused to pay the outstanding amount towards the interest, complex maintenance charges and electric installation charges and the same were reversed and written off in respective […]
Sumeru Enterprises Vs ITO (ITAT Jaipur) The Ld. CIT(A) has ascertained the factual aspect that this is not a closure of business but temporary discontinuance of business. We further noted that in earlier years the interest expenditure claimed by assessee were allowed by the department itself. However, in the year under consideration the same was […]
