ITAT Lucknow

Section 234E is prospective and apply to tax period after 1.6.2015

Shivansh Infraestate Pvt. Ltd Vs (ITAT Lucknow)

Shivansh Infraestate Pvt. Ltd Vs (ITAT Lucknow) ITAT find that it is undisputed fact that the assessee has been charged late fee u/s. 234E for various returns filed in the Form-26Q for late filing of the statements. These cases relate to Assessment Year 2014-15. The various Hon’ble High Courts including the Hon’ble Karnataka H...

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Accountant not become technical person for writing Accounts of 2 firms

Rajendra Kumar Chowdhary Vs ITO (ITAT Lucknow)

Salary of accountant cannot be treated as professional service for managing books of two firms to invoke TDS under section 194J...

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ITAT deletes addition of share of profit from Partnership Firm

Ajay Verma Vs Income Tax Officer (ITAT Lucknow)

Ajay Verma Vs ITO (ITAT Lucknow) Asessing Officer made the additions on account of 50% share of profit and partner’s salary as the Assessing Officer has held that no ITR/balance sheet/P&L account of Partnership Firm was filed to substantiate the claim. Before CIT(A) assessee filed detailed ITR of the firm and also filed the copy [&h...

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No addition for cash deposit During Demonetisation out of Receipts Shown on Presumptive Basis

Hardeep Kaur Vs ITO (ITAT Lucknow)

No Addition of Cash Deposit During Demonetisation Period under section 69A If Cash Deposit Is Part of Receipts Shown on Presumptive Basis and When the Part of Cash Deposit in Pre Demonetisation-Period Was Accepted....

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Section 68 Addition cannot be made for purchases

ACIT Vs Yogesh Mulwani (ITAT Lucknow)

ITAT held that Addition under section 68 of Income Tax cannot be made for purchases as purchases is an expense which is debited in books and not a loan or deposit which is credited in books...

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ITAT allows addition for cash deposit in bank on Peak Credit Basis

Vakeel Ahmad Vs ITO (ITAT Lucknow)

Vakeel Ahmad Vs ITO (ITAT Lucknow) find that the assessee has filed a copy of bank account with Punjab National Bank, wherein the opening balance as on 02.4.2009 is Rs.5,737/- and whereas deposits and withdrawals has been made in this account and the peak credit in this account in this account is Rs.79,668/- as on […]...

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Exemption u/s 11 not available as income hit by proviso to section 2(15)

U.P. Awas Evam Vikas Parishad Vs ACIT (ITAT Lucknow)

Held that exemption u/s 11 will not be available to an assessee if the total income of the assessee includes any income which is hit by the proviso to provisions of section 2(15) of the Act....

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Cash Gift taxable in the year of receipt and not in year it was traced

Gaurav Agarwal Vs DCIT (ITAT Lucknow)

Gaurav Agarwal Vs DCIT (ITAT Lucknow) From the examination of documents found during search and seizure operation u/s. 132 of the Act the Assessing Officer observed that assessee had received cash gifts of Rs.5,38,000/- in the name of his minor son. The Assessing Officer issued show cause notice to explain the cash gift received of [&hell...

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Commodity Derivatives Trading loss can be Set Off against Regular Business Income

Ramesh Verma Vs ACIT (ITAT Lucknow)

Ramesh Verma Vs ACIT (ITAT Lucknow) ITAT held that Reading clause (e) of the first proviso to section 43(5), and sections 70(1) and 73(1) of the I.T. Act together, it emerges that in the assessee’s case, since a derivatives commodity trading transaction is not a speculative transaction, loss arising therefrom can very well be set [&hell...

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Cause of delay material for granting condonation not length of delay

Ultrasound Education & Research Foundation Vs DCIT (ITAT Lucknow)

Length of delay is not a material to condone the delay and rather the cause of delay is to be considered for condonation of the delay....

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