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Shashi Vaish vs. DCIT (ITAT Allahabad): Addition for Alleged Bogus Capital Gain from Penny Stock Deleted — Conditions of Section 68 Not Satisfied
Facts of the CaseThe assessee declared Long-Term Capital Gain (LTCG)
arising from the sale of listed equity shares and claimed exemption under
Section 10(38) of the Income-tax Act, 1961. The shares were stated to have ...
Umesh Kumar Sindhi vs CIT (Central), Allahabad — ITAT Allahabad on Revision u/s 263: Scope of Commissioner’s Powers in Search/Assessment Cases
Facts of the CaseThe assessee’s case was assessed by the Assessing
Officer, who passed an assessment order after examining the relevant material
and details furnished.Subsequently, the Commissioner of Income Tax
(Ce...
Shri Rama Pati Gupta vs ITO, Pratapgarh — ITAT Allahabad on Addition for Unexplained Cash Deposits u/s 68/69A and Burden of Proof on Assessee
Facts of the CaseDuring scrutiny assessment, the Assessing Officer
observed substantial cash deposits in the assessee’s bank account. The assessee
was required to explain the source of these deposits.Not being satisf...
Shri Ram Kishan Sewa Kendra, Mahoba vs ITO, Banda — ITAT Allahabad on Additions for Unexplained Income/Cash Credits and Assessment Validity
During assessment proceedings, the Assessing
Officer examined the financial records of the assessee, Shri Ram Kishan Sewa
Kendra. Certain transactions, including cash deposits and credits, were
considered inadequately...
Rajesh Bajaj vs DCIT Circle-1, Allahabad — ITAT Allahabad on Additions for Unexplained Income/Cash Credits and Evidentiary Burden under Sections 68/69
Facts of the
CaseDuring assessment proceedings, the Assessing
Officer examined the financial records and bank transactions of the assessee,
Rajesh Bajaj. Certain deposits and credits were considered not satisfactorily...
Prahalad Prasad Gupta vs ITO, Maharajganj (ITAT Allahabad) — Disallowance of Godown Rent & Business Expenses Despite Audited Books u/s 44AB | AY 2014-15
Facts of the CaseThe assessee filed an appeal against the order of
the Commissioner of Income Tax (Appeals), Gorakhpur for Assessment Year
2014-15. The dispute primarily related to disallowance of godown rent paid for
...
Anil Kumar, Allahabad vs ITO, Allahabad — ITAT Allahabad on Additions for Unexplained Cash Deposits/Income and Evidentiary Burden under the Income-tax Act
Facts of the CaseDuring assessment proceedings, the Assessing
Officer noticed substantial cash deposits and financial transactions in the
assessee’s bank account. The assessee was called upon to explain the nature an...
Algoo Singh vs JCIT, Range-III, Mirzapur (ITAT Allahabad) — Legality of Assessment and Additions by Joint Commissioner | Scope of Powers & Validity of Proceedings under the Income-tax Act
Facts of the CaseThe assessee challenged the assessment order passed
by the Joint Commissioner of Income Tax, Range-III, Mirzapur for the relevant
assessment year. The dispute pertained to additions made in the assessm...
Sanjeev Upadhyay vs. Income Tax Officer — ITAT Allahabad on Addition for Unexplained Income/Bank Deposits and Burden of Proof under Sections 69/69A & 143(3) of the Income-tax Act
Facts of the CaseThe assessee, Shri Sanjeev Upadhyay, filed an
appeal before the Income Tax Appellate Tribunal (ITAT), Allahabad Bench,
challenging the order passed by the lower authorities concerning additions made
t...
Rajendra Kumar vs. Income Tax Officer — ITAT Allahabad on Ex-Parte Order by CIT(A), Violation of Natural Justice & Mandatory Speaking Order under Section 250(6) of the Income-tax Act
Facts of the CaseThe assessee filed an appeal before the Income Tax
Appellate Tribunal (ITAT), Allahabad Bench, challenging the order passed by the
Commissioner of Income Tax (Appeals) [CIT(A)]. The original assessment...