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Co-operative Bank Eligible for Deduction on Provision for Bad & Doubtful Debts — ITAT Allahabad in Zila Sahkari Bank Ltd. v. ACIT (ITA Nos. 135 & 136) under Section 36(1)(viia)
Facts of the CaseThe assessee, a District Co-operative Bank engaged
in banking activities, created a provision for bad and doubtful debts in
respect of advances made by its rural branches and claimed deduction under
S...
Millennium Academy vs. ITO — Section 40(a)(ia) Disallowance Deleted Where TDS Paid Before Return Due Date Following SC in Calcutta Export Company; Addition for Prospectus Sales Income Sustained (ITAT Allahabad)
Facts of the
CaseThe assessee, a partnership firm
engaged in providing distance education services in collaboration with a deemed
university, was assessed under Section 143(3).Two principal issues arose during
assess...
Search Assessment Valid After Abatement of Settlement Proceedings — ITAT Allahabad in Jeevan Jyoti Charitable Trust v. ACIT on Sections 153A, 153D & 245HA
Facts of the
CaseA search and seizure operation under Section 132 of
the Income-tax Act, 1961 was conducted on 29.05.2012 in the Jeevan Jyoti Group
of cases, including the assessee trust. Pursuant to the search, proce...
Capital Gain on Sale of Ancestral Agricultural Land Not Taxable Where Land Not a Capital Asset — ITAT Allahabad in Ganga Prasad v. ITO Interpreting Sections 2(14) & 45
Facts of the CaseThe assessee sold land described as agricultural
land during the relevant assessment year. The Assessing Officer treated the
land as a capital asset and brought the sale consideration to tax unde...
Addition for Unexplained Cash Deposit Deleted — ITAT Allahabad in Gulab Singh v. ITO Clarifies Scope of Section 69A and Burden of Proo
Facts of the CaseThe assessee, an individual, was subjected to
assessment proceedings during which the Assessing Officer noticed cash deposits
in the bank account for the relevant assessment year. The deposits we...
Addition under Section 68 Deleted Where Identity, Creditworthiness and Genuineness of Gift Proven — ITAT in Shanti Devi v. ITO
Facts of the
CaseThe assessee received a sum of money as a gift
through banking channels from an identifiable donor. During assessment
proceedings, the Assessing Officer treated the amount as unexplained cash
credit ...
Ex-Parte Additions on Unsecured Loans, Expenses and Household Withdrawals Set Aside — ITAT Restores Matter for Fresh Adjudication in Amit Kumar Gupta v. ITO
Facts of the
CaseThe assessee was subjected to assessment
proceedings which culminated in an ex-parte order due to alleged non-compliance
with statutory notices. The Assessing Officer made multiple additions,
includi...
Ex-Parte Assessment Set Aside for Lack of Opportunity — ITAT Restores Case to AO for Fresh Assessment in Amit Kumar Gupta v. ITO (ITA No. 40 & CO No. 7
Facts of the
CaseThe assessee was subjected to assessment
proceedings wherein the Assessing Officer completed the assessment ex-parte due
to non-appearance and alleged non-compliance by the assessee. Various additions...
Belated Return Bars Carry Forward of Business Loss but Not Unabsorbed Depreciation — ITAT Allahabad in Triveni Glass Ltd. v. ITO (AY 2012-13) Interpreting Sections 32(2), 72 & 139(3)
Facts of the
CaseThe assessee, a company engaged in manufacturing
glass products, filed its return of income for the relevant assessment year
belatedly, beyond the due date prescribed under Section 139(1) of the
Inco...
Employees’ PF/ESI Contribution Paid Before Return Due Date Allowable — ITAT Allahabad in Commercial Auto Sales Pvt. Ltd. v. ADIT (CPC) on Sections 36(1)(va) & 43B
Facts of the
CaseThe assessee, a private limited company engaged in
automobile business, filed its return of income declaring income under normal
provisions. The return was processed under Section 143(1) by the Centra...