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Neeraj Agrawal v. DCIT (ITAT Allahabad): Additions on Excess Stock, Cash & Unsecured Loans Upheld — Rejection of Books Valid under Sections 145(3), 68, 69B & 133A (AY 2012-13)
Facts of the
CaseThe assessee, proprietor of a jewellery business
dealing in silver and gold ornaments, was subjected to a survey under Section
133A at both head office and branch premises. During the survey, discrepa...
Addition on Unexplained Cash Deposits in Bank Account — ITAT Allahabad Grants Relief to Waseem Ahmad | Sections 68 & 69A of Income-tax Act
Facts of the CaseThe assessee, Waseem Ahmad, was subjected to assessment
proceedings during which the Assessing Officer noticed substantial cash
deposits in the bank account of the assessee. The assessee was required t...
Neeraj Agrawal v. DCIT (ITAT Allahabad): Additions on Excess Stock, Cash, Sundry Creditors & Unsec Valid Rejection of Books after Survey undured Loans —er Sections 133A, 145(3), 68 & 69B (AY 2012-13)
Facts of the
CaseThe assessee, proprietor of M/s Raj Shree
Jewellers, engaged in trading and manufacturing of silver jewellery and trading
in gold jewellery, was subjected to survey proceedings under Section 133A on
...
Penalty u/s 272A(1)(d) Cannot Be Levied for Belated Compliance When Assessment Completed After Considering Reply — ITAT Allahabad in Suresh Kumar vs ACIT
Facts of the
CaseThe assessee, an individual, filed his return
declaring total income of ₹2,69,820 for AY 2017-18. The case was selected for
scrutiny, and notices under Sections 143(2) and 142(1) were issued
electr...
ITAT Allahabad: Jewellery of Married Women Presumed Explained under CBDT Instruction 1916 — Additions on Search Cash and Stock Partly Deleted | Sheo Chandra Gupta v. ACIT (ITAT Allahabad, 2023)
FACTS OF THE
CASEA search and seizure operation under Section 132
was conducted at the residential and business premises of the assessee engaged
in saree trading. During the search, jewellery, cash, and stock were fou...
Invalid Penalty Notice under Section 271(1)(c): ITAT Allahabad Deletes Penalty for Vague Show-Cause Notice — Bal Bharti Nursery School Case
Facts of the
CaseThe assessee, Bal Bharti Nursery School, filed
appeals before the Income Tax Appellate Tribunal, Allahabad Bench, challenging
orders of the CIT(A)/NFAC confirming penalties imposed by the Assessing Of...
Ex-Parte Order Without Hearing Violates Natural Justice: ITAT Allahabad Sets Aside CIT(A) Order under Section 250(6) — Nawab Ali Fatehpura Pakaddi Case
Facts of the
CaseThe assessee, Nawab Ali Fatehpura Pakaddi, filed an
appeal before the Income Tax Appellate Tribunal, Allahabad Bench, challenging
the order of the CIT(A)/NFAC dated 15.06.2022 for Assessment Year 2017...
Penalty u/s 271B Not Sustainable if Turnover Below ₹1 Crore After Excluding Capital Receipt — ITAT Allahabad in Mohd. Aslam vs CIT(A)
Facts of the
CaseThe assessee filed an appeal against the order of
the Commissioner of Income Tax (Appeals), NFAC, confirming penalty of ₹55,660
imposed under Section 271B for failure to obtain tax audit under Secti...
Ex-Parte Order by CIT(A) Without Reasoned Findings Violates Section 250(6): ITAT Allahabad Remands Case — Hanuman Prasad and Sons vs ITO (AY 2017-18)
Facts of the
CaseThe assessee filed an appeal against the order of
the Commissioner of Income Tax (Appeals), NFAC, which had confirmed the
assessment order ex-parte. The assessee submitted that notices were issued
du...
Penalty u/s 271(1)(b) Deleted for Belated Compliance & Ex-Parte Order Set Aside for Fresh Adjudication — ITAT Allahabad in Grijesh Tiwari v. ITO (AY 2012-13)
Facts of the
CaseThe assessee filed two appeals before the Income
Tax Appellate Tribunal, Allahabad Bench, against orders of the Commissioner of
Income Tax (Appeals)/NFAC dated 17.02.2023 for Assessment Year 2012-13.
...