ITAT Raipur held that addition towards unexplained investment unsustainable as AO failed to place on record any material which would conclusively establish that the said society was a benamidar of the assessee. Accordingly, addition based on bald allegation couldn’t be accepted.
ITAT Raipur held that assessee company was entitled for depreciation on WDV on consideration that was paid by it and not on WDV that was lastly shown by CSEB, before its disintegration.
ITAT Raipur quashes CIT(E)’s rejection of registration u/s 12AA for Agrasen Jan Kalyan Trust. The appeal highlights that activities should not decide registration, but rather the charitable objects.
ITAT Raipur held that invocation of section 263 of the Income Tax Act justified as AO passed the order without making any enquiry or verification and hence such order passed is deemed to be erroneous and prejudicial to the interest of revenue.
ITAT Raipur held that once it is established that the commission income were receivable, the said commission income is liable to be brought to tax in the year in which the same has been accured.
In the case of Smt. Aruna Tiwari Vs. PCIT, the ITAT Raipur ruled that a non-est assessment order cannot be revised by the CIT under Section 263 of the Income Tax Act.
ITAT Raipur held that A.O after rejecting the books of accounts of the assessee could not have based his assessment on the said books of accounts. Accordingly, once the books of account of an assessee are rejected, then profit has to be estimated.
ITAT Raipur held that addition u/s 68 towards unsecured loan received by assessee treating the same as bogus based on mere presumptions and suspect is bad in law and liable to be set aside.
ITAT Raipur held that payment towards purchase of beer from the State Government is an exception to the applicability of section 40A(3). However, brushing aside the said objection/ response filed by the assessee had rendered entire mechanism provided u/s 143(1)(a) as redundant and otiose.
ITAT Raipur held that addition in case of bogus purchase transaction restricted to the extent of the difference between the gross profit of genuine purchases transactions and gross profit of bogus purchases transactions.
