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Opening Trade Creditors Not Taxable & DVO Report Under Section 142A Not Binding Without Independent Application of Mind — ITAT Allahabad in M/s Kesarwani Zarda Bhandar vs. JCIT (Central Circle), Allahabad (ITA Nos. 80, 89–93/ALLD/2023, AYs 2004-05 to 2009-10)
Facts of the CaseA search under section 132 was conducted on 27.08.2009,
followed by assessments under section 153A for AYs 2004-05 to 2009-10.
Additions were made primarily on two counts:
Alleged
bogus sundry ...
Reassessment Notice Issued to Deceased Person Is Void Ab Initio — ITAT Allahabad Quashes Addition of ₹28.21 Lakh in Hands of Legal Heir in Late Anand Jeewan Verma (L/H Amit Verma) vs. ITO Ward-1(1), Allahabad (ITA No.24/ALLD/2024, AY 2009-10)
Facts of the CaseBased on AIR information regarding substantial cash deposits
in a bank account during FY 2008-09, the Assessing Officer issued a notice
under section 148 in the name of Shri Anand Jeewan Verma. However...
Opening Balances of Sundry Creditors Cannot Be Taxed u/s 68 in Subsequent Year — ITAT Allahabad Orders Verification in M/s Baba Builders vs. ACIT Circle-II, Allahabad (ITA No.350/Alld/2015, AY 2011-12)
Facts of the CaseThe assessee, a partnership firm engaged in civil construction
works, filed its return declaring income of ₹28,69,950. The Assessing Officer
completed assessment under section 143(3), determining inc...
Ex-Parte Addition of ₹1.15 Crore u/s 69A for Cash Deposits Set Aside — ITAT Allahabad Grants Fresh Opportunity Considering Illiteracy & COVID Constraints in Jitendra Kumar vs. ITO Ward-2(2), Banda (ITA Nos.32 & 33/ALLD/2024, AY 2017-18)
Facts of the CaseThe assessee did not file a return of income for AY 2017-18.
Based on AIMS information, the Department found substantial cash deposits
aggregating ₹1,15,87,100 across multiple bank accounts. Reassess...
Demonetization Cash Deposits by Cold Storage Firm Remanded for Verification — Valid 143(2) Notice Based on PAN Jurisdiction Upheld in Maa Sharda Cold Storage vs. ITO Ward-2(5), Allahabad (ITA No.04/ALLD/2024, AY 2017-18)
Facts of the CaseThe assessee, a partnership firm engaged in operating a cold
storage and ice factory, filed its return for AY 2017-18 along with audited
accounts. The case was selected for limited scrutiny to examine ...
Addition @ 8% of Bank Deposits u/s 44AD Without Opportunity Set Aside — ITAT Allahabad Restores Case Despite NFAC Dismissal on Technical Grounds in Guddu Kumar Gupta vs. ACIT/ITO (NFAC), Delhi (ITA Nos.59 & 70/ALLD/2024, AY 2013-14)
Facts of the CaseThe assessee had not filed a return of income for the relevant
year. The Department received information that cash deposits amounting to
₹1,46,63,200 had been made in his savings bank account. Despit...
Estimation of Profit After Rejection of Books Must Follow Past History — Arbitrary 8% NP Rate on Contract Receipts Rejected by ITAT Allahabad in DCIT vs. Shri Shakeel Haider, Amethi (AYs 2011-12 & 2012-13)
Facts of the CaseThe assessee, a civil contractor engaged in road construction
work for NHAI and other authorities, filed returns for AYs 2011-12 and 2012-13
declaring income from contract receipts. During assessment p...
Revised Return Filed to Correct Accountant’s Error Requires Examination of Books — ITAT Allahabad Orders De Novo Assessment in Ayush Jaiswal vs. NFAC (ITA No.20/ALLD/2024, AY 2020-21)
Facts of the CaseThe assessee initially filed a return declaring income of
₹14,49,900 and subsequently filed a revised return declaring ₹6,17,900. The
case was selected for scrutiny due to the significant reduction...
Old Trade Creditors Cannot Be Treated as Bogus & DVO Report Not Binding Without Considering Objections — ITAT Allahabad Grants Partial Relief in M/s Kesarwani Zarda Bhandar vs. JCIT Central Circle, Allahabad (ITA Nos. 80, 89–93/ALLD/2023, AYs 2004-05 to 2009-10)
Facts of the CaseA search under section 132 was conducted on the assessee’s
premises on 27.08.2009, followed by assessments under section 153A. Additions
were made on two principal issues:
Alleged
bogus sundr...
Demonetization Cash Deposits May Be Business Receipts — ITAT Allahabad Remands for Verification; Section 44AD May Apply in Aulad Husain vs. CIT(A), Delhi (ITA No.39/ALLD/2024, AY 2017-18)
Facts of the CaseUnder Operation “Clean Money,” the Department identified
persons who had deposited substantial cash during the demonetization period but
had not filed returns. The assessee had deposited ₹14,90,9...