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Assessment Set Aside Due to Lack of Proper Opportunity and Verification — ITAT Allahabad in H.K. Colonisers Pvt. Ltd. v. ITO (ITA No. 370/Alld)
Facts of the CaseThe assessee, a private limited company engaged in real estate
activities, was subjected to assessment proceedings in which the Assessing
Officer made additions to income based on available material, a...
Ex-Parte Order Set Aside for Lack of Proper Opportunity — ITAT Allahabad Remands Case in Swatantra Mishra v. ITO (ITA No. 131/Alld/2019)
Facts of the CaseThe assessee was subjected to assessment proceedings in which the
Assessing Officer completed the assessment ex-parte, allegedly due to
non-compliance with statutory notices. Additions were made to the...
Addition on Account of Unexplained Cash Deposits Deleted Due to Lack of Proper Inquiry — ITAT Allahabad in Mahavir Prasad Satish Chandra v. ITO (ITA No. 69/Alld)
Facts of the CaseThe assessee was subjected to scrutiny assessment during which the
Assessing Officer observed substantial cash deposits in the bank account.
Treating the deposits as unexplained, the Assessing Officer ...
Penalty Proceedings Unsustainable Where Additions Are Deleted — ITAT Allahabad in M/s Sharda Wines v. ITO (ITA No. 378/Alld)
Facts of the CaseThe assessee, engaged in the business of liquor trading, was
subjected to assessment proceedings wherein certain additions were made to the
declared income by the Assessing Officer.Consequently, penalt...
Ad-hoc Disallowance of Expenses and Addition of Sundry Creditors Set Aside — Matter Remanded for Fresh Verification in Kasim Hussain v. DCIT (ITAT Allahabad, ITA No. 128/Alld/2019)
Facts of the CaseThe assessee was subjected to scrutiny assessment, during which
the Assessing Officer made substantial additions to income. These included:
Ad-hoc
disallowance of business expenses
Addition
...
Ex-Parte Assessment on Cash Deposits Set Aside — ITAT Allahabad Remands Matter for Fresh Hearing in Chandra Bali Singh v. ITO (ITA No. 129/Alld)
Facts of the CaseThe assessee was subjected to reassessment proceedings for the
relevant assessment year on the basis of information regarding substantial cash
deposits in bank accounts. Notices were issued under statu...
Jeevan Jyoti Group vs. ITO (ITAT Allahabad) — Eligibility and Validity of Settlement under Vivad Se Vishwas Scheme (VSVS) in Pending Tax Appeals
Facts of the CaseMultiple appeals filed by the assessee before the Income Tax
Appellate Tribunal were pending adjudication for relevant assessment years.
During the pendency of the appeals, the assessee opted to resolv...
Delay in Filing Appeal Condoned by ITAT — Liberal Approach Adopted in Ashok Kumar Panda v. ITO (ITA No. 136/Alld)
Facts of the CaseThe assessee filed an appeal before the Income Tax Appellate
Tribunal with a delay beyond the prescribed statutory period. Along with the
appeal, the assessee submitted an application seeking condonati...
Conversion of Leasehold Land into Freehold Charges Allowable as Cost of Improvement u/s 48 for Capital Gains — ITAT Allahabad in Sanjay Majumdar v. PCIT (ITA No. 68/Alld/2018)
Facts of the CaseThe assessee, an individual and co-owner of an immovable property,
sold his share in land originally held on leasehold basis. Prior to sale, the
property was converted from leasehold to freehold upon p...
Interest on Bank Deposits & Forfeiture of Contractor EMD During Pre-Operative Period — Capital Receipt vs Income from Other Sources | ITAT Allahabad in Meja Urja Nigam Pvt. Ltd. v. ITO (AY 2013-14 & 2014-15) — Sections 56 & 143(3)
Facts of the CaseThe assessee, a company engaged in setting up a thermal power
project, had not commenced commercial production during the relevant assessment
years (AY 2013-14 and AY 2014-15). During the construction ...