ITAT Jodhpur

Section 11 exemption cannot be denied for non-filing of audit report with return

ITO Vs Society for Education Conscietisation Awareness & Training (ITAT Jodhpur)

The claim of exemption under section 11 could not be denied to assessee society on the ground that the audit report was not filed online along with the return as the requirement of law that the assessee shall have its account audited, had been complied with within the time prescribed by the statute....

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ITAT allows Depreciation to Trust- Section 11(6) amendment is prospective

ACIT Vs M/s. Mayo College General Council (ITAT Jodhpur)

ACIT Vs M/s. Mayo College General Council (ITAT Jodhpur) The deduction of depreciation for Rs.300.37 Lacs as claimed by the assessee was denied by Ld. AO on the reasoning that cost of fixed asset is an application of income and therefore further deduction of depreciation tantamount to double deduction. The Ld. CIT(A) allowed depreciation ...

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Cash found & seized- Arguments must be substantiated by Documents

Devendra Kumar Jhanwar Vs ITO (ITAT Jodhpur)

Devendra Kumar Jhanwar Vs ITO (ITAT Jodhpur) The impugned addition stem from the fact that an amount of Rs.8 Lacs in cash (in old currency notes of denomination of Rs.500 & Rs.1000 as demonetized by government on 08/11/2016) was found from the possession of the assessee on 18/11/2016 at arrival terminal of Maharana Pratap Airport, [&h...

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Sale of Agricultural Land after Conversion is Taxable as Capital Gain

Ramesh Raj Bohra Vs DCIT (ITAT Jodhpur)

The issue under consideration is whether sale of agricultural land after conversion taxing under capital gain or under business income? ITAT direct the A.O. to treat the property on sale of land as capital gains and given the benefit of exemption claimed by the assessee U/s 54F of the Act....

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Mid Day Meal supply to poor students of schools is Charitable in Nature

Manna Trust Vs CIT (Exemption) (ITAT Jodhpur)

whether the Mid Day Meal supply to the poor students of the schools as per the programme of State Government is considered as commercial activity?...

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Liability payable as a consequence of trading transaction cannot be added U/s. 68

ITO Vs Ashok Transport Co.(ITAT Jodhpur)

Since transaction between assessee and truck owners was a liability which assessee had to pay arising from trade transaction and same could not be added under section 68....

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No TDS on Sale of Property if Sale consideration of each Co-owners not exceeds Rs. 50 Lakhs

M/s. Oxcia Enterprises Private Limited Vs DCIT (ITAT Jodhapur)

M/s. Oxcia Enterprises Private Limited Vs DCIT (ITAT Jodhapur) Even though the admitted position is that the assessee buyer/transferee has not deducted tax in the hands of the Joint Owners of the property, still we note that sub-section(2) of sec. 194-IA of the Act provides an exception from deducting tax of 1% of the sale […]...

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Mistake by Advocate is Reasonable Cause to condone Delay in Filing Appeal

Mahnoo Khan Vs ITO (ITAT Jodhpur)

Mahnoo Khan Vs ITO (ITAT Jodhpur) In the present case it is noticed that the Ld. CIT(A) dismissed the appeal in limine and had not condoned the delay.  He mentioned that there was delay of 740 days in filing the appeal, however, the claim of the assessee is that the delay is of 217 days. […]...

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Excess Stock & Cash related to business taxable as business income

Shri Lovish Singhal Vs Income Tax Officer (ITAT Jodhpur)

Excess stock found during the course of survey and surrender made thereof was found to be taxable under the head |Income from business or profession|. Similarly, in respect of excess cash found out of sale of goods in which assessee was dealing was also found to be taxable as business income thus, there was no justification for taxing suc...

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Deemed rental of SOP should be determined as per municipal ratable value

Smt. Rekha Singh Vs ITO (ITAT Jodhpur)

The house which is not having any actual rental income but self occupied by assessee should be determined as per the municipal ratable value. Accordingly, the matter is restored to file of the Assessing Officer to find out the municipal ratable value of the house for computing income u/s 22 of the I.T. Act. We direct accordingly....

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May 2021