ITAT Jaipur, confirmed deletion of an addition of Rs. 1.49 crore made under Section 69A of Income Tax Act, which Assessing Officer treated as unexplained cash loans.
Jaipur ITAT dismisses Revenue’s appeals in Nath Corporation, Royal Jewellers, and Shri Jitendra Kumar Agarwal cases, deleting Rs. 3.3 crore in penalties.
The ITAT Jaipur dismissed the assessee’s appeal, confirming the PCIT’s revisionary order under Section 263. The Tribunal ruled that the income declared as excess stock during a survey must be taxed under Section 115BBE at a higher rate because the assessee failed to prove a direct nexus between the excess stock and suppressed regular business profits.
The court found that the assessee provided sufficient documentary evidence, and the declared profit rates were comparable to previous years, distinguishing the case from bogus purchases precedents.
The Tribunal ruled that the Assessing Officer failed to conduct a proper inquiry into whether a large plot of land with a small house constituted a residential house for the purpose of the exemption. The case has been remanded for fresh adjudication.
ITAT Jaipur ruled that merely possessing registered property deeds cannot be treated as incriminating material under Sections 153A/153C of Income Tax Act.
Income surrendered during survey and accounted as business income should not attract section 115BBE rates, clarifying application of sections 69, 69A, and 69B.
ITAT Jaipur sets aside the rejection of a tax exemption for Saraswati Shiksha Samiti. The tribunal ruled that registration under the Rajasthan Public Trust Act is not a prerequisite for tax exemption and cited a violation of natural justice.
ITAT deletes ₹2936 Cr penalty on CGTMSE, affirming its charitable nature and ruling proviso to Section 2(15) inapplicable. Prior ITAT rulings cited.
ITAT Jaipur quashes PCIT’s Section 263 revision orders, holding that assessments completed under Section 143(3) r.w.s. 148B post-search with Addl. CIT approval cannot be revised merely to apply higher tax rates under Section 115BBE.
