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ABC India Ltd. vs. DCIT — ITAT on Validity of Notice under Section 143(2) Issued by Non-Jurisdictional AO and Pecuniary Jurisdiction under CBDT Instruction
Facts of the CaseThe
assessee filed its return of income declaring nil taxable income. The case was
selected for scrutiny, and notices under Sections 143(2) and 142(1) were issued
by the Deputy Commissioner of Income ...
Mohd. Salman Farooqui vs ITO — ITAT Allahabad on Validity of Reassessment and Addition under Section 147/148, Income-tax Act, 1961
Facts of the
CaseThe Assessing Officer initiated reassessment
proceedings against the assessee on the ground that income chargeable to tax
had allegedly escaped assessment. Notice under the relevant statutory
provisi...
Disallowance of Interest on Advances to Sister Concerns — ITAT Allahabad in ACIT vs Shervani Sugar Syndicate Ltd (ITA No. 227/Alld/2016) | Section 36(1)(iii) of the Income-tax Act
Facts of the
CaseThe assessee, a corporate entity engaged in the
sugar manufacturing business, had obtained borrowed funds on which interest
expenditure was incurred. During the relevant assessment year, the assessee
...
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...