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Unexplained Cash Credit on Cash Deposits from Dairy Business – ITAT Delhi Partly Sustains Addition under Section 68 in Vinay Kumar vs ITO (AY 2006-07)
Facts of the Case
The assessee, Vinay Kumar, proprietor of M/s Sunshine Enterprises, carrying on
the business of sale of dairy products, had deposited cash of Rs. 12.50 lakh in
his bank account during Assessment Year ...
ITAT Allahabad: Ex-Parte NFAC Order Set Aside — Matter Remanded Where Legal Grounds on Reassessment, Limitation and Section 69A Addition Not Examined | Jitendra Kesarwani vs ITO (AY 2010-11)
Facts of the
CaseThe assessee, Jitendra Kesarwani, was subjected to
reassessment proceedings after information was received regarding a cash
deposit of Rs. 10,00,000 in his bank account during Financial Year 2010-11. ...
ITAT Allahabad Remands Section 69A Addition on Demonetization Cash Deposits — Agricultural Income & KCC Source to Be Verified | Mohammad Irfan Jafri vs ITO (AY 2017-18)
Facts of the
CaseThe assessee, Mohammad Irfan Jafri, did not file a
return of income for Assessment Year 2017-18. During verification under
“Operation Clean Money”, the Department found that the assessee had depos...
ITAT Allahabad: After Rejection of Books u/s 145(3), Gross Profit Must Be Estimated on Reasonable Basis — Average of Past and Subsequent Year GP Adopted | Jai Bajrang Gur Bhandar vs ITO (AY 2017-18)
Facts of the
CaseThe assessee, Jai Bajrang Gur Bhandar, a
partnership firm engaged in wholesale trading of gur, sugar, dal and similar
commodities, filed its return of income for Assessment Year 2017-18 declaring
inc...
ITAT Allahabad Remands Additions on Section 50C, Depreciation & 26AS Mismatch — Ex-Parte NFAC Order Set Aside for De Novo Assessment | Rajesh Kumar Singh vs ITO (AY 2016-17)
Facts of the
CaseThe assessee, Rajesh Kumar Singh, filed his return
of income for Assessment Year 2016-17 declaring total income of Rs. 4,05,650.
The case was selected for limited scrutiny to examine (i) correctness o...
ITAT Allahabad Sets Aside Ex-Parte Dismissal in Demonetization Cash Deposit Case — Matter Remanded for Fresh Decision on Merits | Sunil Kumar vs ITO (AY 2017-18)
Facts of the
CaseThe assessee, Sunil Kumar, was subjected to
assessment proceedings after information was received that he had deposited
cash of Rs. 11,95,500 during the demonetization period. A notice under Section
...
Ex-Parte NFAC Dismissal Set Aside for Non-Compliance — ITAT Allahabad Grants Fresh Opportunity in Pawan Tiwari vs. ITO, Sultanpur (AY 2017-18)
Facts of the CaseThe assessee, an individual, filed his return of income on
24.05.2019 declaring total income of ₹7,96,783 for Assessment Year 2017-18.The assessment was completed under Section 144 of the Income
Tax ...
Ex-Parte NFAC Order Set Aside for Non-Compliance — ITAT Allahabad Grants Fresh Opportunity to Co-operative Society in Malwan Kisan Sewa Sahkari Samiti Ltd. vs. ITO, Fatehpur (AY 2017-18)
Facts of the CaseThe assessee, a co-operative society registered under the
Uttar Pradesh Cooperative Societies Act, 1965, filed its return of income for
Assessment Year 2017-18 declaring NIL income.The Assessing Office...
Ex-Parte NFAC Dismissal for Non-Compliance Set Aside — ITAT Allahabad Restores Reassessment Case on Cash Deposits in Prabhu Naraian Tiwari vs. ITO, Mirzapur (AY 2011-12)
Facts of the CaseBased on specific information that the assessee had deposited
₹35,75,735 in his savings bank account with ICICI Bank Ltd., proceedings under
Section 147 of the Income Tax Act, 1961 were initiated.Sta...
Penalty under Section 270A Cannot Be Levied on Estimated Income Without Misreporting — ITAT Allahabad Deletes Penalty in Ajit Tripathi vs. NFAC (AY 2017-18)
Facts of the CaseThe assessee had commenced a dairy business under the
“Kamdhenu Yojna” of the Uttar Pradesh Government by obtaining a bank loan of
₹91,00,000. This was the first year of business. The assessee de...