ITAT Jaipur

Reopening based on mere AIR Information without Application of Mind is Invalid

Raj Kumar Maheshwari Vs ITO (ITAT Jaipur)

The issue under consideration is whether the re-opening of assessment u/s 147 by AO is justified in law? 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 being invalid....

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AO cannot challenge or change method of valuation opted by assessee as per his whims & fancies

Nabh Multitrade Pvt. Ltd. Vs ITO (ITAT Jaipur)

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 […]...

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Section 147 Reassessment justified for Cash Deposit in Bank but not disclosed in ROI

Shri Pillu Ram Sahal Vs ITO (ITAT Jaipur)

The issue under consideration is whether the re-opening of assessement u/s 147 is justified in law?...

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No section 40A(3) disallowance if test of genuineness of transactions satisfied

K.K. Construction Co. Vs. ACIT (ITAT Jaipur)

K.K. Construction Co. Vs. ACIT (ITAT Jaipur) Conclusion: Dis allowance under section 40A(3) could not be made as identity of persons from whom purchases had been made was established; source of cash payments was clearly identifiable in form of withdrawals from assessee’s bank accounts and the said details were submitted before AO, thus,...

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No default due to Non Deduction of TDS on Interest where Form 15G is Submitted

Bank of India Vs. JCIT (ITAT Jaipur)

The issue under consideration is whether assessee is considered as assessee in default u/s 201(1) and 201(1A) for non-deduction of TDS?...

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Interest cannot be disallowed for advance made for Business Purpose

M/s. Kalya Awas Vikas (P). Ltd. Vs ACIT (ITAT Jaipur)

M/s. Kalya Awas Vikas (P). Ltd. Vs ACIT (ITAT Jaipur) Commercial expediency must be decided from businessman’s point of view — Even expenditure incurred voluntarily on the ground of commercial expediency and in order indirectly to facilitate the carrying on of the business would be deductible under this section. The question whether i...

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Addition for Bonus shares – Section 56(2)(vii)- ITAT explains Law

DCIT Vs Veena Goyal (ITAT Jaipur)

DCIT Vs Veena Goyal (ITAT Jaipur) As per the provisions of the section 56(2)(vii)(c)(i), any property other than immovable property is transferred for a consideration which is less than the aggregate fair market value of the property by an amount exceeding Rs. 50000/-, the aggregate fair market value of such property as exceeds such consi...

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Differential Sales Tax paid for non-deposit of forms is allowable as deduction

Gem Electro Mechanicals Pvt. Ltd. Vs ACIT (ITAT Jaipur)

Gem Electro Mechanicals Pvt. Ltd. Vs ACIT (ITAT Jaipur) Since there was delay in depositing the aforesaid amount of sales tax, therefore, the assessee was made to deposit interest amounting to Rs. 2,71,826/- on such delayed payment of sales tax amount and Rs. 3,152/-on delayed payment of Excise/Custom Duty & Service Tax. The AO during...

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Income already disclosed under PMGKY, 2016 cannot be treated as Unexplained Income u/s 68

Shri Nawal Kishore Soni Vs. ACIT (ITAT Jaipur)

The issue under consideration is whether the CIT(A) was right in deleting the addition made by the AO on account of unexplained investment in purchase of gold?...

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Conversion from Limited to Complete Scrutiny Not Allowed Prior to Receipt of Approval from PCIT

Manju Kaushik Vs DCIT (ITAT Jaipur)

The issue under consideration is whether the conversion of case from limited scrutiny to complete scrutiny prior to receipt of approval from Pr. CIT is justified in law?...

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