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Unexplained Cash Deposits / Investment Addition Deleted — ITAT Allahabad in Seema Devi vs ITO (ITA No. 06/Alld/2021) | Sections 68 & 69 of the Income-tax Act
Facts of the
CaseThe assessee, an individual taxpayer, was subjected
to assessment proceedings during which the Assessing Officer noticed certain
cash deposits and/or investments that were not satisfactorily explained...
Delayed Deposit of Employees’ PF/ESI Contribution — Allowability of Deduction Up to Return Filing Date: ITAT Allahabad in Lav Kush vs ACIT (ITA No. 16/Alld/2021) | Sections 36(1)(va), 43B & 2(24)(x)
Facts of the
CaseThe assessee had collected employees’ contributions
towards Provident Fund (PF) and Employees’ State Insurance (ESI) from salaries
and deposited the same after the due dates prescribed under the r...
Depreciation Cannot Be Denied on Wrong Presumption of Section 44AD — ITAT Allahabad in Shree Sudhakar Pandey v. ACIT (ITA No. 7/ALLD/2021)
Facts of the CaseThe assessee, engaged in contractual business,
filed the return of income declaring income based on books of account and
profit and loss account. Depreciation on business assets was claimed in the
ret...
Deduction Allowed for Employees’ PF/ESI Deposited Before Return Due Date — ITAT Allahabad in Commercial Auto Sales Pvt. Ltd. v. ADIT (CPC) Interpreting Sections 36(1)(va) & 2(24)(x)
Facts of the CaseThe assessee, a private limited company, filed its
return of income declaring total income under normal provisions. The return was
processed under Section 143(1) by the Centralized Processing Cen...
Bal Bharti Public School Society vs. CIT (Exemptions) — ITAT on Section 80G Approval for Educational Institutions and Charitable Purpose under Section 2(15)
Facts of the CaseThe
assessee, a society running educational institutions, applied for approval
under Section 80G of the Income-tax Act to enable donors to claim tax
deductions on donations made to it. The Commissione...
ITAT Allahabad in ACIT vs. Smt. Jaishree Jaiswal — Legality of Assessment Additions and Appellate Relief under the Income-tax Act, 1961
Facts of the CaseThe Revenue preferred an appeal before the Income
Tax Appellate Tribunal against the order passed by the Commissioner of Income
Tax (Appeals), which had granted relief to the assessee. The dispute pert...
Universal Stone Crushing Co. v. ITO (ITAT Allahabad): Ad-hoc Addition on Closing Stock of Dust Deleted — Estimation Without Evidence Unsustainable u/s 145
Facts of the CaseThe assessee, engaged in the business of stone
crushing, was subjected to scrutiny assessment wherein the Assessing Officer
made additions to income by estimating the value of closing stock of stone
d...
Smt. Usha Rani Gupta v. DCIT (ITAT Allahabad): Additions for Alleged Unexplained Income Require Proper Evidence — Relief Granted Where Findings Not Substantiated
Facts of the CaseThe assessee, Smt. Usha Rani Gupta, was subjected
to scrutiny assessment proceedings wherein the Assessing Officer made additions
to the declared income on account of alleged unexplained amounts and
d...
Sri Som Chand Gupta v. ITO (ITAT Allahabad): Validity of Additions and Assessment Findings Examined — Relief Where Additions Not Properly Supported by Evidence
Facts of the CaseThe assessee, Shri Som Chand Gupta, was subjected
to scrutiny assessment proceedings wherein the Assessing Officer made additions
to the returned income on the basis of alleged discrepancies and unexpl...
Shashi Vaish v. DCIT (ITAT Allahabad): Additions Based on Suspicion Without Proper Inquiry Unsustainable — Revenue Must Establish Case with Cogent Evidence
Facts of the CaseThe assessee, Shri Shashi Vaish, was subjected to
scrutiny assessment proceedings in which the Assessing Officer made additions
to the returned income based on alleged discrepancies and unexplained amo...