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ITAT Raipur

Addition u/s. 69 against unexplained investment sustained in absence of sufficient evidences: ITAT Raipur

October 5, 2024 453 Views 0 comment Print

The assessee is an individual, whose case for AY 2011-12 was reopened on the basis of AIR information available in the system of department, accordingly, a notice u/s 148 was issued on 30.03.2018 and served upon the assessee through RPAD.

If statutory liabilities are not routed through the profit and loss account, will they still be disallowed under Section 43?

September 12, 2024 4638 Views 0 comment Print

Summary of cross appeals involving VAT disallowances under Section 43B for AY 2018-19, addressing accounting methods, CIT(A) decision, and case law reliance.

Addition based on notional entry without actual transfer of asset unsustainable: ITAT Raipur

September 2, 2024 483 Views 0 comment Print

ITAT Raipur held that tax implication of the gift transaction shall arise in the year in which the said asset will be sold/transferred. Thus, addition based on the notional / fictitious entry of asset made in books of account unjustified.

Penalty u/s. 272A(1)(d) not imposable when assessment completed u/s. 143(3): ITAT Raipur

September 2, 2024 1572 Views 0 comment Print

ITAT Raipur held that penalty imposed under section 272A(1)(d) of the Income Tax Act unjustified when an assessment has been completed under section 143(3) of the Income Tax Act.

Addition u/s 68 was deleted as no incriminating material found during search for Unabated AY

August 29, 2024 750 Views 0 comment Print

However, the completed/unabated assessments could be re-opened by the AO in exercise of powers under sections 147/148, subject to fulfilment of the conditions as envisaged/mentioned under sections 147/148 and those powers were saved.

Request to restore matter not granted as matter not represented by assessee since long time: ITAT Raipur

August 28, 2024 264 Views 0 comment Print

ITAT Raipur held that law will help only those who are vigilant and will not assist the one who are careless. Accordingly, request of assessee to restore matter back not granted as assessee has chosen not to represent its matter for more than 08 years.

Deletion of Unexplained Cash Without Proper Verification Unjustified; Matter Restored: ITAT Raipur

August 27, 2024 321 Views 0 comment Print

ITAT Raipur held that CIT(A) deleted the addition towards unexplained cash under section 68 of the Income Tax Act without proper verification of the facts and evidences and thus the matter restored back to the file of AO for adequate verifications.

Section 57 Deduction Allowable for Interest Expense Incurred to Earn Income from Other Sources: ITAT Raipur

August 26, 2024 1137 Views 0 comment Print

ITAT Raipur held that interest expenditure incurred for earning income chargeable under the head “Income from other sources” is allowable as deduction under section 57 of the Income Tax Act.

ITAT Orders Re-Adjudication of Section 54F Exemption with Fresh Evidence

August 13, 2024 501 Views 0 comment Print

Summary of ITAT Raipur decision in Satish Agrawal vs. ITO. The case concerns denied exemption under Section 54F of the Income Tax Act for AY 2014-15.

ITAT Sets Aside CIT(A)’s Order for not providing fair & reasonable opportunity

July 17, 2024 438 Views 0 comment Print

ITAT Raipur order on Rajesh Kumar Tiwari vs ITO. ITAT sets aside Income Tax reassessment completed without providing fair & reasonable opportunity

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