ITAT Jaipur ruled that reassessment under Section 148 based solely on Investigation Wing’s report without independent verification is invalid and void ab initio.
Tribunal held that the enhanced leave encashment limit of ₹25 lakh, notified by CBDT on 24 May 2023, applies retrospectively to non-government employees. The assessment order was set aside, granting full exemption benefit to the retired SBI officer.
Tribunal held that unexplained credit u/s 68 cannot be added when assessee has not yet commenced business. Loans received via account payee cheques from relatives of partners were genuine, referencing Alankar Promoters LLP vs ITO (Delhi HC).
ITAT Jaipur quashed the reassessment order against Late Shri Jitendra Nagar, ruling the AO used the wrong authority (PCIT) for sanction under Section 151(ii), following the Supreme Court’s Rajeev Bansal precedent.
ITAT Jaipur held that addition under section 68 of the Income Tax Act on account of unsecured loan is liable to be sustained since the assessee has miserably failed to establish the essential three ingredients as prescribed in section 68 of the Act. Accordingly, appeal of revenue allowed.
ITAT Jaipur held that the Alumni Association cannot be said to be working for the benefit of its members only and the same will amount for the benefit of public at large. Accordingly, Alumni Association is for the benefit of public and eligible for registration. Thus, appeal is allowed.
ITAT Jaipur held that addition under section 69A of the Income Tax Act towards unexplained money found during the course of search is liable to be deleted since assessee has discharged his onus to prove that the cash found is completely verifiable from the audited books of accounts.
Visakhapatnam ITAT dismisses Revenue appeals, quashing protective additions on cotton mills. Protective assessment for A.Y. 2016-17 invalid as substantive addition was in A.Y. 2017-18.
ITAT Jaipur holds u/s 159 that penalty survives assessee’s death and is enforceable against the legal heir. Recovery is strictly limited to the value of the inherited assets or estate.
The ITAT Jaipur dismissed the appeals of Whole Sale Cloth Merchant Association, upholding the reassessments and denial of Section 11/12 exemption. The Tribunal confirmed that the trust’s failure to file returns
