ITAT Jodhpur

Allowability of deduction U/s. 80P(2)(a)(i) to Co-operative society engaged in providing credit facilities to members

Jodhpur Sahakari Bhoomi Vikas Bank Ltd. Vs ITO (ITAT Jodhpur)

These appeals preferred by the assessee emanates from the order of learned Commissioner (Appeals)-2, Jodhpur for assessment year 2008-09 vide order dated 19-11-2015; assessment year 2010-11 vide order dated 20-11-2015...

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Subsequent use of property not material for section 54F exemption

ITO Vs. Smt. Saida Mohammad (ITAT Jodhpur)

This appeal filed by the Revenue is directed against the order of the ld. CIT(A), Bikaner dated 20.05.2016 pertaining to A.Y. 2012-13....

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No disalllowance U/s. 40A(3) for cash Payment of electricity bills of JVVNL

Sumit Industries Vs. ITO (ITAT Jodhpur)

Payment of electricity bills to JVVNL is held to be the payment made to the government for the purpose of section 40A(3) of the Income-tax Act and therefore said section 40A(3) cannot be invoked and no addition is called for and additions so made and confirmed by the ld. CIT(A) is directed to be deleted....

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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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October 2020