ITAT Jaipur

CA Busy with ICAI Election | ITAT condones Delay

Shri Manoj Dewan Vs ACIT (ITAT Jaipur)

Shri Manoj Dewan Vs ACIT (ITAT Jaipur) We note that though sufficient opportunities were granted by the ld. CIT (A) to the assessees for presenting their cases, however, when the assessee has explained a reasonable cause for not appearing on 20.11.2018 and also filed an application in advance wherein it was stated that the ld. […]...

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Addition on account of Valuation of stock not justified if Assessee consistently follows same valuation method

M/s. Mundra & Jain Marbles Vs DCIT (ITAT Jaipur)

Addition made in the income u/s 69B on account of failure of assessee to substantiate the excess stock found at his premises was not justified  as the excess stock came on account of sale price taken by Department and since inception of assessee-firm, it was valuing inventory on average cost method/weighted cost price which was verifiabl...

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Transport Expense cannot be disallowed for mere non-furnishing of prescribed forms

ACIT Vs Ms Arihant Trading Co. Pahari (ITAT Jaipur)

ACIT Vs Ms Arihant Trading Co. Pahari (ITAT Jaipur) On perusal of sub-section (6) of section 194C, it is clear that all that is required for non-deduction of TDS on payment to the transporter is that the latter furnishes his PAN number to the person responsible for paying or crediting the amount to him. The […]...

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Disallowance U/s. 40(a)(ia) for income assessed as Income from other sources

Shri Digamber Jain Bees Panthi Ajmeri Amnay Panchayat Bada Dhada Vs ITO (ITAT Jaipur)

Shri Digamber Jain Bees Panthi Ajmeri Amnay Panchayat Bada Dhada Vs ITO (ITAT Jaipur) When the income of the assessee has been assessed under the head ‘Income from other sources’ and there is no provision U/s 56 to 58 of the Act to make a disallowance U/s 40(a)(ia) of the Act prior to the amendment […]...

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Manual Appeal Filing instead of E-Filing – ITAT allows to remove defect

Shri Devendra Agarwal Vs ITO (ITAT Jaipur)

Shri Devendra Agarwal Vs ITO (ITAT Jaipur) As regards the maintainability of the appeal for want of e-filing, we note that the ld. CIT(A) except giving the reasons in the impugned order did not raise this defect by issuing any notice or otherwise for rectification of the same on the part of the assessee. Though […]...

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Expense cannot be disallowed on Mere Suspicion of Non-Business purposes

M/s Goodwill Impex Limited Vs DCIT (ITAT Jaipur)

A mere suspicion that given the nature of expenses, it is likely that incurrence of such expenditure is for non-business purposes, in our view, cannot be a basis for making the addition in the hands of the assessee....

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No disallowance U/s. 14A for interest to partners as per partnership deed

M/s ASK Partners Vs ACIT (ITAT Jaipur)

M/s. ASK Partners Vs ACIT (ITAT Jaipur) The interest paid by the firm and claimed as deduction is simultaneously susceptible to tax in the hands of its respective partners in the same manner. In the same vain, the firm is merely a compendium of its partners and its partners do not have separate legal personalities under […]...

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Statutory audit delay is reasonable cause for delayed submission of tax audit Report

M/s. Giral Lignite Power Ltd. Vs ACIT (ITAT Jaipur)

Where there is a delay in completion of statutory audit, there exist a reasonable cause for the delay in completion of tax audit and issuance of tax audit report. ...

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Notice u/s 142(1) not become invalid on mere mention of section 153A unnecessarily

Bithal Dass Mundra Vs  DCIT (ITAT Jaipur)

Once assessee had undisputedly not filed the return of income U/s 139(1) then AO was well within his powers and jurisdiction to issue a notice U/s 142(1) requiring assessee to furnish return of income in the prescribed form and verified in prescribed manner, therefore, the notice issued u/s 142(1) was well within the framework of procedur...

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Penalty cannot be levied by treating old jewellery found in locker as undisclosed income

Shri Padam Chand Pungliya Vs ACIT (ITAT Jaipur)

Penalty under section 271AAB could not be imposed on assessee as old jewellery found in the locker of assessee and family members could not be treated as undisclosed for the purpose of levying penalty....

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