ITAT Jodhpur

Assessee can claim housing loan interest in capital gain computation u/s 48 despite the fact that same had been claimed u/s 24(b)

Gayatri Maheshwari Vs I.T.O. (ITAT Jodhpur)

6. The ld. CIT(A) on consideration of the assessment order, assessee’s submissions and the case laws relied upon by the assessee, has held as under: The only dispute in the instant case is whether the interest paid by the assessee to the bank on loan availed for purchase of property could be allowed as deduction in computing the capital...

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S. 69 ITO have discretion in treating source of investment as income

Dushyant Ji Lohani Vs I.T.O. (ITAT Jodhpur)

A discretion has been conferred on the ITO U/s 69 of the Act to treat the source of investment as income of the assessee if the explanation offered by the assessee is not found satisfactory. However, the said discretion should be exercised keeping in view the facts and circumstances of a particular case. when it is claimed that the assess...

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Books of Accounts cannot be rejeced on mere fall in G.P Ratio

A.C.I.T. Circle- I Vs Smt. Meena Singh Shekhawat (ITAT Jodhpur)

We have found that the G.P. rate in this year has been on lower side. However, the decrease in G.P. rate stands explained by the undeniable reasons that there is heavy increase in purchase price, freight cost and export cost....

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Omission of notice u/s 143(2) of the Act is not merely a procedural irregularity

ITO Vs Shri Bhuvanesh Maheshwari (ITAT Jodhpur)

Facts of the case in brief are that the assessee filed his return of income belatedly on 26/03/2010 showing taxable income of Rs. 6,03,414/-, which was processed under section 143(1) of the I.T. Act, 1961 (hereinafter referred to as Act, for short on 05/04/2010....

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Search based on 3rd Party Information but not based on reasons U/s. 132(1) is invalid

Shri Parma Ram Bhakar Vs. The DCIT (ITAT Jodhpur)

Section 132 contemplates existence of certain eventualities in the event of existence where of the competent authority should have reason to believe the existence of the circumstances mentioned in clause (a) to (c) of sub-section (1) of Section 132 of the Act ...

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Reopening on the ground on which AO already held detailed discussion during original Assessment is not valid

M/s Bothra International Vs. The ITO-1(3) (ITAT Jodhpur)

In the instant case also, the assessee furnished all the details relating to its claim for deduction u/s 80IB of the Act and the Assessing Officer thoroughly examined the claim while framing the assessment u/s 143(3) and on being satisfied the claim was allowed. Therefore, in the present case, reopening of the assessment by issuing notice...

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Whether waiver of loan will amount to a benefit relatable to depreciation expenditure claimed earlier?

Shri Kansara Modular Ltd. Vs The A.C.I.T -1 (ITAT Jodhpur)

The depreciation u/s 32 is allowed on the actual cost of the assets. The term 'actual cost' has been defined in section 43(1) according to which, 'actual cost' means 'the actual cost of the assets to the assessee reduced by that portion of the cost thereof, if any, as has been met directly or indirectly by any other person or authority'. ...

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If issue is debatable, it cannot be corrected u/s 154 of Income Tax

M/s. Sarraf Export Vs The ITO (ITAT Jodhpur)

It is settled position of law that where any issue is debatable, it cannot be corrected u/s 154 of the Act. In this regard, the Hon'ble Apex Court in the case of T.S. Balaram ITO v. Volkart Bros. [1971] 82 ITR 50 is relevant wherein an action taken by Assessing Officer u/s 154 of the Act was found to be illegal....

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Depreciation should be allowed as claimed in revised return and not as claimed in original return

Assistant Commissioner of Income-tax Vs G.R. Contractor (ITAT Jodhpur)

CIT(A) followed the earlier order of the Tribunal in assessee's own case in part and not in toto. He was of the view that interest and salary to the partners be allowed but not interest to third parties and the depreciation was to be allowed as claimed in the original return because the claim made in the revised return could not be substa...

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No Revision U/s. 263 if issue been examined in detail by Assessing Officer

Pradeep Bandhu Vs Commissioner of Income-tax (ITAT Jodhpur)

Briefly stated, the facts of the case are that the assessee-firm filed its return of income (ROI) on 29.09.2009 declaring total income at Rs. 'NIL'. The books of accounts of the firm are duly audited u/s 44AB and the report in form No 3 CA and 3CB dated 26/09/2009 were filed alongwith the ROI. The assessee-firm derives its income from sal...

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