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Revision under Section 263 Valid Where Assessing Officer Failed to Examine Mandatory Penalty under Section 271AAC on Surrendered Income Taxed under Section 115BBE – Radheshyam Agarwal vs. PCIT (Central), Bhopal (ITAT)
Facts of the
CaseThe assessee, Radheshyam Agarwal, proprietor of M/s
Laxmandas Radheshyam Saraf, is engaged in the business of trading in gold and
silver ornaments and money lending. A survey under Section 133A was co...
Share Capital and Share Premium Addition under Section 68 Deleted After Establishing Identity, Creditworthiness and Genuineness – Kameshwar Alloys and Steels Pvt. Ltd. vs. ACIT, CC-1, Ranchi (ITAT)
Facts of the
CaseThe assessee, Kameshwar Alloys and Steels Pvt.
Ltd., filed its return of income for Assessment Year 2014–15. The case was
initially selected for scrutiny on the issue of share capital and share prem...
Ex Parte Reassessment Based on AIR Cash Deposits Set Aside; Matter Remanded to CIT(A) for Consideration of Sale of Agricultural Land Evidence – Radhakishan vs. ITO-2, Dewas (ITAT Indore)
Facts of the
CaseThe assessee, Radhakishan, an agriculturist and
senior citizen residing in a remote village, filed no return in response to
notice issued under Section 148 dated 24.03.2017 for Assessment Year 2010-11...
Ex Parte Reassessment and Appellate Dismissal Set Aside; Matter Restored for Adjudication on Merits in Capital Gains Case – Jagdish Kumar Mahto vs. DCIT/ACIT, Circle-1, Ranchi (ITAT)
Facts of the
CaseThe assessee, Jagdish Kumar Mahto, an individual,
filed his return of income for Assessment Year 2016–17 declaring total income
of ₹10,06,440. During assessment proceedings, the Assessing Officer ...
Penalty under Section 271(1)(c) Deleted Due to Vague Notice and Absence of Specific Charge; Estimated Income Cannot Attract Penalty – Pramod Kumar Gupta vs. DCIT, Circle-5(1), Bhopal (ITAT)
Facts of the
CaseThe assessee, Pramod Kumar Gupta, filed his return
of income for Assessment Year 2010-11 declaring total income of ₹16,60,780. The
assessment was completed under Section 143(3) on 28.03.2013 by esti...
Payments to Specified Persons Held Reasonable; Section 11 Exemption Restored by Applying Principle of Consistency – ITO (Exemption) vs. Dudhharan Memorial Charitable Trust (ITAT Ranchi)
Facts of the
CaseThe assessee, Dudhharan Memorial Charitable Trust,
filed its return of income for Assessment Year 2017–18 declaring nil income.
The case was selected for limited scrutiny under CASS and notices unde...
Cash Deposits Explained Through Prior Withdrawals and Partnership Receipts; Section 69A Addition Deleted in Full – Pradeep Patni vs. ITO-5(2), Bhopal (ITAT Indore)
Facts of the
CaseThe assessee, Pradeep Patni, an individual engaged
in fabrication work and partner in M/s Hindustan Sales Industrial Corporation,
filed his return of income for Assessment Year 2016-17 declaring total...
Ex Parte Reassessment for AIR Cash Deposits Set Aside with Cost; Matter Remanded for De Novo Adjudication on Merits – Neha Tamrakar vs. ITO-5(1), Bhopal (ITAT)
Facts of the
CaseThe assessee, Neha Tamrakar, filed her return of
income for Assessment Year 2009-10 declaring income of ₹1,02,100. Based on AIR
information indicating cash deposits of ₹22,04,600 in a savings bank...
Rebate under Section 87A Allowable on Tax Payable under Sections 111A and 112 Despite New Tax Regime; Partial Relief Granted – Kanhaiya Lal Panchal vs. BPL-W-(91)(95), Ratlam (ITAT)
Facts of the
CaseThe assessee, Kanhaiya Lal Panchal, an individual,
filed his return of income for Assessment Year 2024-25 declaring total income
of ₹4,15,620, comprising salary income, short-term capital gains unde...
Delay of 508 Days in First Appeal Condoned Due to Counsel Negligence and COVID-19; Ex Parte Assessment under Section 144 Remanded for Fresh Adjudication – Kalpana Narware vs. ITO, Betul (ITAT)
Facts of the
CaseThe assessee, Kalpana Narware, filed her return of
income for Assessment Year 2017-18. The case was selected for scrutiny based on
information under Operation Clean Money relating to cash deposits dur...