Blog Categories
All Posts
Accounting Standard 9
CBDT 1
Chartered Accountant 1
Chartered Engineer 1
Greetings 1
Income Tax Act 2025 0
Labour Law 2
MCA Notification 1
MSME 1
NGO- Trust & Society 0
PLACEMENT 1
Press Information Bureau, Government of India (PIB) 2
RBI & Banks 1
RERA 0
RTI 1
STUDENT ICAI 1
Virtual Webinar 4
Subscribe to Newsletter
Join our subscribers list to get the latest Tax Updates and Opportunities.
Ex-Parte NFAC Order Without Hearing Unsustainable — ITAT Allahabad Remands Demonetization Jewellery Sale Case in Preeti Gupta vs. ITO-3(2), Mirzapur (ITA No.129/Alld/2023, AY 2017-18)
Facts of the CaseThe assessee’s case was selected for scrutiny due to large
cash deposits during the demonetization period. She deposited ₹15,03,000 in her
bank account, claiming that ₹13,83,000 was received from...
Ex-Parte Reassessment for Cash Deposits Set Aside — ITAT Allahabad Remands Case Where Assessee Could Not Comply Due to Remote Location in Pankaj Kumar Choubey vs. ITO Ward-3(2), Mirzapur (ITA No.86/ALLD/2024, AY 2011-12)
Facts of the CaseInformation was received that the assessee had deposited cash
of ₹32,22,490 in a savings bank account during the financial year 2010-11.
Based on this information, proceedings under section 147 were ...
NFAC Order Ignoring Uploaded Evidence Violates Natural Justice — ITAT Allahabad Remands NRI Investment & Bank Deposit Case in Mohammad Sahadat Ali vs. ITO (NFAC), Delhi (ITA Nos.147 & 148/ALLD/2024, AYs 2013-14 & 2014-15)
Facts of the CaseThe Department received information that the assessee had
constructed a market (“Apna Bazar”) and made investments of ₹12,11,300 (AY
2013-14) and ₹2,34,620 (AY 2014-15), along with unexplained ...
ITAT Delhi: Addition u/s 68 Cannot Survive When Seized Ledger & Receipts Prove Loan Repayment – New Link Overseas Finance Ltd vs DCIT (AY 2011-12),
ITAT Delhi: Addition u/s 68
Cannot Survive When Seized Ledger & Receipts Prove Loan Repayment – New
Link Overseas Finance Ltd vs DCIT (AY 2011-12) Sections InvolvedIncome-tax Act, 1961
Section 68 – Unexp...
Bank Account Mapped to Firm’s PAN but Belonging to Proprietor Requires Fresh Verification — ITAT Allahabad Remands Additions u/s 69A in M/s Auto King vs. ITO Ward-1(1), Allahabad (ITA Nos.145 & 146/ALLD/2024, AYs 2015-16 & 2018-19)
Facts of the CaseThe assessee, a partnership firm, had not filed returns for
AYs 2015-16 and 2018-19. Based on information regarding substantial bank
transactions, reassessment proceedings were initiated under sections...
Suppressed Sales & Unaccounted Purchases Additions Largely Unsustainable Without Correlated Seized Evidence — ITAT Allahabad Partly Upholds Relief in M/s Kesarwani & Co. vs. JCIT (Central Circle), Allahabad (ITA Nos. 393 & 429/ALLD/2014, AY 2010-11)
Facts of the CaseThe assessee firm was assessed under section 143(3) following
search proceedings. The Assessing Officer made several additions, including:₹87,94,292
for alleged suppressed sales₹2,66,73,629
for al...
Fraudulently Opened Bank Account Cannot Be Taxed in Victim’s Hands — ITAT Allahabad Deletes ₹18.32 Crore Addition; Subsequent Year Remanded in Chandra Bhawan vs. ITO Ward-2(5), Kaushambi (ITA Nos. 41/ALLD/2024 & 141/ALLD/2023, AYs 2016-17 & 2017-18)
Facts of the CaseThe assessee, an LIC agent with modest income, was linked to a
savings bank account at Axis Bank in which extremely high cash deposits were
recorded. He denied ownership of the account and alleged that...
Derivative Trading Loss Must Be Allowed to Set Off Against Derivative Trading Income — Classification in Return Not Determinative: ITAT Allahabad in Arup Banerji vs. DCIT Circle-1, Allahabad (ITA No.80/ALLD/2024, AY 2014-15)
Facts of the CaseThe assessee reported income of ₹60,19,056 from derivative
trading but had inadvertently disclosed it under the head “Short-Term Capital
Gains” in the return. He sought to set off this income aga...
Alleged Suppressed Sales & Unaccounted Purchases Based on Seized Material Not Sustainable Without Correlation — ITAT Allahabad Upholds Major Relief in ACIT vs. M/s Kesarwani & Co., Allahabad (ITA Nos. 393 & 429/ALLD/2014, AY 2010-11)
Facts of the CaseThe assessee firm was subjected to search proceedings,
following which assessment under section 143(3) was completed for AY 2010-11.
The Assessing Officer made multiple additions, including:
₹87,94...
After Rejection of Books, No Separate Additions Permissible — ITAT Allahabad Estimates Contract Profit @ 6% and Deletes Additions u/s 69A & 40(a)(ia) in M/s Nagendra Rai vs. ACIT, Mirzapur (AYs 2009-10 & 2010-11)
Facts of the CaseThe assessee, an individual contractor executing road
construction works for MPRRDA, filed returns supported by audited accounts.
During scrutiny, he failed to produce books of account, claiming they h...