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No Addition under Section 68 Without Books of Account — ITAT Holds Bank Statement Is Not Assessee’s Books | ITO vs. Sheetalaya
Facts of the
CaseThe assessee had deposited certain sums in a bank
account during the relevant assessment year but did not maintain regular books
of account. During assessment proceedings, the Assessing Officer (AO) t...
Addition Without Supporting Evidence Deleted — ITAT Grants Relief to Assessee in Purushottam vs. ITO | Key Income-tax Case Law
Facts of the
CaseThe assessee, Purushottam, was subjected to
assessment proceedings in which the Assessing Officer (AO) made additions to
income on the ground that certain receipts, transactions, or amounts were not
...
Addition Based on Presumptions Not Sustainable — ITAT Grants Relief to Assessee in DHSL vs. ITO | Key Income-tax Case Law
Facts of the
CaseThe assessee, DHSL, was subjected to assessment
proceedings wherein the Assessing Officer (AO) made additions to income on the
premise that certain receipts or transactions were not satisfactorily
ex...
Educational Institution Entitled to Exemption — ITAT Deletes Addition Against Bal Bharti School | ITO vs. Bal Bharti
Facts of the
CaseThe assessee, Bal Bharti, was running an
educational institution engaged in imparting education. During assessment
proceedings, the Assessing Officer (AO) denied exemption and treated certain
receipt...
Addition Unsustainable Without Proper Evidence — ITAT Grants Relief to Assessee in ITO vs. Bharat | Key Income-tax Case Law
Facts of the
CaseDuring assessment proceedings, the Assessing
Officer (AO) made additions to the assessee’s income on the ground that certain
transactions or receipts were not satisfactorily explained. The AO treate...
ITAT Allahabad: Addition on KVP Accrued Interest and Bank Deposit Remanded — Additional Evidence Admitted Where Assessee Prevented by Sufficient Cause | Shiv Mani Tripathi v. ITO (AY 2011-12)
Facts of the CaseThe assessee filed an appeal before the Income Tax Appellate
Tribunal (ITAT), Allahabad Bench, against the order of the Commissioner of
Income Tax (Appeals) for Assessment Year 2011-12. The lower autho...
Section 54 Deduction Allowed for Investment in Residential House Outside India (Pre-2014 Amendment) — ITAT Allahabad in ITO v. Raghav Wadhawan, Following Gujarat HC in Leena Jugalkishor Shah
Facts of the CaseThe assessee claimed deduction under Section 54 of the
Income-tax Act on capital gains arising from transfer of a property, on the
ground that the gains were invested in a residential house property lo...
ACIT vs. M/S DIBYA CONSTRUCTION CO— ITAT Deletes Addition for Alleged Unexplained Income/Investment under Sections 68/69 Holding That Additions Cannot Be Sustained on Mere Suspicion Without Rebutting Documentary Evidence
Facts of the CaseThe assessee challenged the order passed by the Commissioner
of Income Tax (Appeals) arising out of an assessment completed under Section
143(3) of the Income-tax Act. The assessee contended that the a...
Revision u/s 263 Set Aside Where Assessment Not Erroneous or Prejudicial — M/s ARM Rice Mills vs CIT, Allahabad (ITAT Allahabad) | Scope of Section 263 Explained
Facts of the CaseThe assessee was subjected to assessment under Section 143(3)
of the Income-tax Act. Subsequently, the Commissioner of Income Tax invoked
revisionary jurisdiction under Section 263 on the ground that t...
ACIT vs. Anil (Assessee) — ITAT Deletes Addition/Disallowance Holding That Assessment Must Be Based on Evidence and Proper Inquiry under the Income-tax Act
Facts of the CaseThe assessee, Anil, was subjected to scrutiny assessment
wherein the Assessing Officer made additions/disallowances on the ground that
certain transactions or sources were not satisfactorily explained....