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Profit Estimation in Survey Cases — ITAT Allahabad Fixes 3.5% Net Profit for Sub-Contractor After Rejection of Books u/s 145(3) in M/s Jyoti Erectors Pvt. Ltd. vs. DCIT Circle-2, Allahabad (ITA No.77/ALLD/2020, AY 2016-17)
Facts of the CaseA survey under section 133A was conducted at the premises of
the assessee company. During the survey, a statement of a director/partner
indicated estimated turnover and income figures. Subsequently, th...
Section 44AD Not Applicable to Co-operative Society — ITAT Allahabad Sets Aside Best Judgment Assessment on Demonetization Deposits in Itaili Sadhan Sahkari Samiti Ltd. vs. ITO-2(4), Fatehpur (ITA No.58/ALLD/2024, AY 2017-18)
Facts of the CaseThe assessee, a registered co-operative society engaged in
supplying seeds and fertilizers to its members, deposited ₹16,44,100 in cash
during the demonetization period and did not file a return with...
Revised Return Filed with Inflated Turnover for Tender Qualification Requires Verification — ITAT Allahabad Remands Assessment in ACIT Circle-3, Mirzapur vs. M/s N. Chaurasia Associates, Sonebhadra (ITA Nos. 41 & 29/ALLD/2019, AY 2014-15)
Facts of the CaseThe assessee, a civil contractor, originally filed a return
declaring contract receipts of ₹5,46,10,926 and income of ₹18,67,570. The
return was processed under section 143(1) and refund was issued...
Accumulation of Income Without Form 10 — ITAT Allahabad Restores Matter for Verification of Compliance u/s 11(2) & 11(5) in Hindi Sahitya Sammelan vs. ITO (Exemption), Allahabad (ITA No.123/ALLD/2024, AY 2013-14)
Facts of the CaseThe assessee, a registered educational society, reported
gross receipts of ₹4,12,26,286 during the relevant assessment year. Out of this,
it spent ₹3,30,91,277 on revenue expenditure, ₹19,303 on ...
Reopening Based on Form 16A–P&L Discrepancy Upheld, but Addition for Alleged Undisclosed Receipts Deleted — ITAT Allahabad in DCIT Circle-1, Allahabad vs. M/s Deora Electric Works (ITA Nos.99 & 101/Alld/2020, AY 2009-10)
Facts of the CaseThe assessee filed its return declaring income of
₹17,40,230, and assessment was completed under section 143(3). Subsequently,
the Assessing Officer observed a discrepancy between contractual receipt...
Estimation of Profit After Rejection of Books u/s 145(3) — ITAT Allahabad Reduces Net Profit Rate from 2% to 0.7% in Livestock Trading Case of Ataul Mustafa vs. DCIT Circle-2, Allahabad (ITA No.84/ALLD/2023, AY 2013-14)
Facts of the CaseThe assessee was engaged in the wholesale business of
supplying livestock (buffaloes) to export houses. He reported sales of
₹17,10,18,753 with a declared net profit of ₹8,23,712, representing
app...
Additions Based on Disputed Bank Account Ownership Set Aside — ITAT Allahabad Orders Verification of Real Operator/Beneficiary in Amresh Kumar Singh vs. ITO Ward-2(1), Allahabad (ITA Nos.108 & 109/Alld/2024, AYs 2011-12 & 2012-13)
Facts of the CaseThe Assessing Officer received information regarding
substantial credits in a bank account maintained with Jammu & Kashmir Bank
in the name of M/s Elina Medi Services, allegedly a proprietary conce...
Reassessment u/s 147 & Addition u/s 69 on Auto-Sweep Fixed Deposits Set Aside — ITAT Allahabad Orders De Novo Assessment in Alfalah Educational & Welfare Society vs. Assessment Unit, ITD, Delhi (ITA No.144/ALLD/2024, AY 2015-16)
the assistance Facts of the CaseThe assessee society did not file a return of income for
Assessment Year 2015-16. The Income Tax Department received information that
the assessee had made time deposits amounting to ₹...
ITAT Allahabad Remands Additions for Capital Gains, Donation, and Cash Deposits: Smt. Ranjana Bajpai vs. DCIT — Fresh Opportunity to Explain Source of Funds
Facts of the CaseThe appeal arose from an order dated 22.12.2023 passed by
the Commissioner of Income Tax (Appeals), NFAC, for Assessment Year 2009-10.The Assessing Officer had reopened the assessment under
Section 147...
ITAT Allahabad Restores Registration Plea of Prayag Education Trust: School Activities Must Be Considered for Approval under Sections 12AB and 80G
Facts of the CaseThe appeals arose from two orders dated 28.06.2024 passed by
the Commissioner of Income Tax (Exemption), Lucknow, rejecting the Trust’s
applications for registration under Section 12AB and approval u...