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ITAT Ahmedabad held that addition towards unexplained cash deposits not justified as CIT(A) has partly accepted the cash book and partly rejected the cash book without assigning any reason. Accordingly, appeal allowed.
In the abovementioned matter ITAT remanded the matter to AO after observing that assessee failed to apply under rule 46 A (Additional Evidence) of the IT Rules.
Assesse being a partnership firm, engaged in the business as dealer in petroleum products who filed its return at Rs.3,00,950/-. Subsequently the case was selected for limited scrutiny.
ITAT Kolkata remands case of Prakash Bhalotia to AO for fresh order, citing lack of opportunity to present evidence in AY 2017–18 case of unexplained cash deposits.
Despite there was a valid disclosure made by assessee and AO being duly apprised of the factum of merger, AO made the draft assessment order in the name of a party which no longer existed on that date.
ITAT Kolkata held that CIT(A) rightly deleted addition under section 68 of the Income Tax Act since identity and creditworthiness of share purchased duly explained. Accordingly, appeal of revenue dismissed.
ITAT Jaipur held that when the cash found in books are more then physically found no further addition is required to be made in the hands of the assessee. Accordingly, addition towards unexplained cash set aside.
Whether or not a permanent establishment existed in a State during a given period must be determined on the basis of the circumstances applicable during that period and not those applicable during a past or future period.
ITAT Jaipur held that disallowance of cash payment under section 40A(3) of the Income Tax Act deleted since genuineness of the transactions and the payment and identity of the receiver are established. Accordingly, appeal allowed.
Assessee was justified in objecting to jurisdiction of AO and transfer of his case, which obviously could not have been adjudicated upon without affording an opportunity of hearing and disclosing to him the reasons for not accepting his point of view.
