Tag: itat jaipur

When assessee is given immunity from disclosing chicken, can’t be asked to disclose eggs – ITAT deleted addition u/s 69A In a recent judgment, ITAT quashed addition u/s 69A towards interest income on money declared under IDS-2016 observing that when the assessee is given immunity not to disclose …

Once it is established that assessee has not maintained the books of account, same can not be audited – ITAT In a recent judgment, ITAT Jaipur quashed the levy of penalty u/s 271B for failure to get accounts audited u/s 44AB holding that once it is established that …

When assessee had already repaid unsecured loans along with the interest no addition can be made under Section 68 treating them accommodation entries. In a recent judgment, ITAT Jaipur held that where assessee had already repaid unsecured loans along with the interest no addition can be made under …

ITAT deleted penalty u/s 270A for non specification as to whether assessee misreported the income or under reported In a recent judgment, ITAT Jaipur has deleted penalty u/s 270A for non specification as to whether assessee misreported the income or under reported. It was also held that when …

Penalty u/s 271AAC deleted by ITAT as income surrendered was declared in revised return substituting original return. In a recent judgment, ITAT Jaipur deleted Penalty u/s 271AAC as income surrendered in survey u/s 133A by the assessee was declared in revised return filed which substituted the original return …

Travel back theory as propounded by the CBDT Instruction is against the spirit of the ratio laid down by the Hon’ble Apex Court in Ashish Agarwal case – ITAT In a recent judgment, ITAT Jaipur has held that travel back theory as propounded by the CBDT Instruction is …

Benefit of exemption u/s 11 cannot be denied, only because assessee misplaced and could not produce registration certificate issued u/s 12AA – ITAT  In a recent judgment, ITAT Jaipur held that benefit of exemption u/s 11 cannot be denied only because assessee could not place on record registration …

Cash withdrawn from the bank account cannot be considered as unexplained money when the turnover was not disputed – ITAT In a recent judgment, ITAT Jaipur deleted addition under section 69A holding that cash withdrawn from the bank account cannot be considered as unexplained money when the turnover …

“When substantial justice and technical considerations are pitted against each other, the cause of substantial justice deserves to be preferred” ITAT quotes Apex Court observation while condoning delay of seven days in filing appeal before CIT(A). Case Details: ITA No. 435,436,437 & 438/JP/2014 Assessment Years : 2006-07 to 2009-10 …

In a recent judgment, ITAT Jaipur while allowing assessee’s claim of exemption u/s 11 held that the Supreme Court decision in Goetze India Ltd. vs. CIT  that assessee was not entitled to claim exemption which was not made in the return was applicable to AO and not to the appellate authority. Case …