ITAT Jodhpur rules that the CPC cannot deny an 80P deduction on belated returns for assessment years before 2021-22, as it lacked the authority under Section 143(1).
ITAT Jodhpur dismisses revenue’s appeal, upholding deletion of addition for understatement of sales, citing lack of corroborative evidence for loose papers.
ITAT Jodhpur held that issuance of re-assessment notice under section 148 of the Income tax Act to non-existent firm and to deceased partners is invalid issuance of notice. Accordingly, order passed thereon is liable to be quashed.
Jodhpur ITAT rules on TDS credit denial under Section 143(1), emphasizing CPC’s duty to grant credit as per Form 26AS, overturning CIT(A) decision.
ITAT Jodhpur held that reassessment notice under section 148 of the Income Tax Act issued by Jurisdictional Assessing Officer is bad and invalid since the same needs to be issued by National Faceless Appeal Centre. Thus, assessment order passed thereon is quashed.
ITAT Jodhpur partly allows appeal in Kishana Ram vs ITO, upholding additions related to capital discrepancies and agricultural income under Section 143(3).
Assessee had consistently shown the plots as investments in earlier years and that the nature of income could not be determined solely based on the nature of the business for tax audit purposes.
Assessee submitted share valuation report which was not as per rule 11UA but valuation of shares was done as per ‘Adjusted Net Asset Method and as per ‘future earning analysis.
ITAT Jodhpur ruled in favor of Arun Agarwal, allowing exemption under Section 54B for agricultural land sale, emphasizing that partial agricultural use is sufficient.
ITAT Jodhpur condones delay in filing appeal by Punam Kanwar Bhati. Penalty under Section 270A deleted due to procedural lapses and lack of misreporting intent.
