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Derivative Loss Set-Off Requires Compliance With Section 43(5) Conditions: ITAT Allahabad in Arup Banerji vs DCIT
Facts of the CaseThe
assessee, Shri Arup Banerji, is a medical professional who was also engaged in
derivative trading. For Assessment Year 2015-16, the assessee claimed a loss of
₹1,57,21,804 from derivative tradin...
Appeals Dismissed as Not Pressed at Assessee’s Request: ITAT Allahabad in Kailash Jaiswal vs ACIT (Central Circle)
Facts of the CaseThe
assessee, Shri Kailash Jaiswal, filed two appeals before the Income Tax
Appellate Tribunal, Allahabad Bench, for Assessment Years 2008-09 and 2013-14.
The appeals were directed against separate ap...
Dismissal of Appeal for Non-Prosecution Without Speaking Order Violates Section 250(6): ITAT Allahabad in Anjanish Kumar Tiwari vs ITO
Facts of the CaseThe
assessee, Shri Anjanish Kumar Tiwari, filed his return of income for Assessment
Year 2017-18 on 17.08.2017 declaring total income of ₹10,94,454. The Assessing
Officer completed the assessment un...
Share Capital Addition Under Section 68 Deleted After Proving Identity, Creditworthiness and Genuineness: ITAT Allahabad in Prayag Capitals India Ltd. vs ITO
Facts of the CaseThe
assessee, Prayag Capitals India Limited, filed its return of income for
Assessment Year 2015-16 declaring total income of ₹11,10,050. The assessment
was completed under Section 143(3) of the Inc...
Penalty Under Section 271(1)(c) Cannot Survive When Quantum Appeal Is Pending: ITAT Allahabad in Ravindra Nath Patel vs ITO
Facts of the CaseThe
assessee, Shri Ravindra Nath Patel, is engaged in the business of wholesale
grain trading and rice manufacturing. For Assessment Year 2008-09, the
assessment was completed under Section 143(3) of ...
Ex-Parte Best Judgment Assessment and Non-Speaking Appellate Order Set Aside: ITAT Allahabad in M/s Anil Kumar Sunil Kumar vs DCIT
Facts of the CaseThe
assessee, M/s Anil Kumar Sunil Kumar, is a partnership firm engaged in
wholesale trading of hardware and sanitary fittings. For Assessment Year
2018-19, the Assessing Officer completed the assessm...
Entire Bank Deposits Cannot Be Treated as Unexplained Money Without Proper Verification: ITAT Allahabad in Deepak Auto Sales vs ITO
Facts of the CaseThe
assessee, M/s Deepak Auto Sales, engaged in the business of purchase and sale
of two-wheelers as a sub-dealer of Honda motorcycles at Kunda, Pratapgarh, did
not file its return of income for Asses...
Dismissal of Appeal for Non-Prosecution Without Speaking Order Violates Section 250(6): ITAT Allahabad in Uma Kesharwani vs ITO
Facts of the CaseThe
assessee, Smt. Uma Kesharwani, was originally assessed under Section 143(3) of
the Income Tax Act for Assessment Year 2013-14 on 10.02.2016, determining total
income at ₹4,69,460 as against retu...
Ex-Parte Reassessment and Appellate Dismissal for Non-Prosecution Set Aside: ITAT Allahabad in Shatrughan Maurya vs Assessment Unit
Facts of
the Case The assessee, Shri Shatrughan Maurya, did not file
his return of income for Assessment Year 2018-19. Based on information
available with the Department, it was noted that the assessee had deposi...
Delay in Filing Appeal Due to Medical Reasons Must Be Condoned: ITAT Allahabad in Rakesh Kumar Srivastava vs ITO
Facts of the CaseThe
assessee, Shri Rakesh Kumar Srivastava, filed an appeal for Assessment Year
2021-22 against the appellate order dated 03.12.2024 passed by the Commissioner
of Income Tax (Appeals). An intimation u...