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TAT Allahabad: Demonetization Cash Deposits by Petrol Pump Cannot Be Treated as Unexplained u/s 69A Without Proper Verification — Matter Remanded for Fresh Assessment | Shri Ganesh Bio Diesel Kisan Sewa Kendra vs ITO (AY 2017-18)
Facts of the
CaseThe assessee, Shri Ganesh Bio Diesel Kisan Sewa
Kendra, filed its return of income declaring a total income of Rs. 3,240 for
Assessment Year 2017-18. The case was selected for scrutiny, and noti...
Enhancement Without Notice u/s 251(2) Invalid — ITAT Allahabad Sets Aside Ex-Parte Demonetization Deposit Addition u/s 69A in Vikash Kumar vs. ITO Ward-3(2), Mirzapur (ITA No.45/ALLD/2024, AY 2017-18)
Facts of the CaseThe assessee had not filed a return of income for AY 2017-18.
Information available with the Department showed cash deposits of ₹11,42,000 in
a bank account during the demonetization period (09.11.20...
Section 68 Addition on Plot Booking Advances Remanded — ITAT Allahabad Holds Ex-Parte Appellate Order Unsustainable Where Company Had Closed Operations in Unisun Housing Company Ltd. vs. ITO Ward-2(3), Allahabad (ITA No.30/ALLD/2024, AY 2006-07)
Facts of the CaseThe assessee, a private limited company engaged in real estate
development, filed a return declaring income of ₹22,214. The assessment was
completed at ₹62,25,390, including additions relating to a...
ITAT Allahabad Remands Best-Judgment Assessment u/s 144 for Fresh Examination of Sundry Creditors, Advances and NP Addition — SPS Automobiles vs ITO (AY 2015-16)
Facts of the
CaseThe assessee, SPS Automobiles, filed its return of
income for Assessment Year 2015-16 declaring total income of Rs. 6,71,980.
During scrutiny proceedings, the Assessing Officer issued notices under Se...
Bank Deposits of Business Correspondent Handling Customer Funds Require Verification — ITAT Allahabad Sets Aside Addition u/s 69 & 115BBE in Suraj Kumar Tiwari vs. ITO Ward-1(5), Bhadohi (ITA No.35/ALLD/2024, AY 2017-18)
Facts of the CaseThe assessee filed his return declaring income of ₹2,10,140
under the head “Income from Other Sources.” He was working as a Business
Correspondent (BC) for the State Bank of India, Gopiganj Branc...
Entire Bank Deposits Cannot Be Taxed as Unexplained When Linked to Business Receipts — ITAT Allahabad Orders De Novo Assessment in Suneel Kumar Gupta vs. ITO Ward-2(2)(5), Banda (ITA No.46/ALLD/2024, AY 2017-18)
Facts of the CaseThe Assessing Officer received information that the assessee
had deposited ₹17,86,000 during the demonetization period in his State Bank of
India account. Multiple notices under section 142(1) were i...
Bank Deposits of Employer’s Business Receipts Cannot Be Taxed as Employee’s Income Without Proper Enquiry — ITAT Allahabad Remands Section 69A Addition in Shyamlo Datt Shukla vs. ITO Ward-2(3), Allahabad (ITA No.29/ALLD/2024, AY 2012-13)
Facts of the CaseBased on AIR information indicating cash deposits of
₹45,16,000 in the assessee’s savings bank account, reassessment proceedings
were initiated under section 147 by issuing notice under section 148...
NFAC Cannot Dismiss Appeals Ex-Parte Without Deciding Capital Gains Issues — ITAT Allahabad Restores LTCG Dispute on Property Sale in Abhay Narayan Pandey vs. ACIT Circle-1(1), Allahabad (ITA Nos.42 & 43/ALLD/2024, AYs 2012-13 & 2017-18)
Facts of the CaseFor AY 2012-13, the assessee originally filed a return
declaring income of ₹16,00,650. Information was later received regarding sale
of property at Greater Noida for ₹7,40,47,000. Reassessment proc...
Ex-Parte Reassessment with Multiple Additions on Property Purchase Set Aside — ITAT Allahabad Grants Fresh Opportunity in Shakeel Hussain vs. ACIT (NFAC), Delhi (ITA No.31/ALLD/2024, AY 2015-16)
Facts of the CaseThe assessee filed his return declaring income of ₹10,48,170.
The Assessing Officer received information that the assessee had jointly
purchased immovable property at Tignauta, Naini, Allahabad with ...
Section 115BBE Cannot Apply to Surplus of Educational Fees — ITAT Allahabad Allows Rectification u/s 154 in Saraswati Vidhya Mandir Inter College vs. ITO Ward-2(2)(5), Banda (ITA No.69/ALLD/2024, AY 2017-18)
Facts of the CaseThe assessee, an educational institution, had not filed its
return of income. Information was received regarding cash deposits during the
demonetization period. Notices under section 142(1) were issued...