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Cash Deposits in Joint/Personal Accounts Cannot Be Taxed Without Examining Ownership — ITAT Allahabad Restores Appeal in Vijay Singh vs. ITO-1(5), Allahabad (ITA No.113/ALLD/2024, AY 2017-18)
Facts of the CaseThe assessee, an individual deriving salary income, had not
originally filed a return for the relevant year as his income was below the
taxable threshold. Information was received regarding deposits in...
Ex-Parte Reassessment on Bank Deposits Set Aside — ITAT Allahabad Remands Case Where Section 68 Applied Without Books Evidence in Sushil Kumar Mishra vs. DCIT Circle-1, Allahabad (ITA No.128/ALLD/2024, AY 2011-12)
Facts of the Case The Assessing Officer observed that the assessee had
deposited ₹46,18,300 in bank accounts and initiated reassessment proceedings
under section 147. Due to non-compliance with notices, a best j...
Pawned Jewellery Found in Relative’s Locker — Income Taxable in Hands of Real Beneficiary, Not License Holder Alone: ITAT Allahabad in Smt. Laxmi Devi vs. ACIT/DCIT (Central Circle), Allahabad (ITA Nos.42–44/Alld/2023, AYs 2013-14 to 2015-16)
Facts of the CaseA search under section 132 was conducted in the Hari Om
Rastogi group on 02.07.2018. During the search, a bank locker belonging to the
assessee’s son and daughter-in-law was also covered. Pawned jewe...
Reassessment on Alleged Excess Bank Deposits Set Aside — ITAT Allahabad Orders Fresh Examination Where Non-Compliance Prevented Reconciliation in Shyam Babu Kesarwani vs. ITO Ward-2(5), Kaushambi (ITA No.110/ALLD/2024, AY 2012-13)
Facts of the CaseThe assessee’s case had originally been scrutinized under
section 143(3). Subsequently, the Assessing Officer observed that total
deposits in the bank account during the relevant financial year excee...
Additions for Bank Transactions Linked to Duplicate PAN Set Aside — ITAT Allahabad Orders Fresh Assessment in Rajesh Kumar vs. NFAC, Delhi (ITA No.143/ALLD/2024, AY 2017-18)
Facts of the CaseThe Assessing Officer discovered that the assessee had two
PAN numbers—one used for filing returns and another linked to certain bank
accounts. Treating the bank accounts associated with the second P...
Ex-Parte Dismissal of Appeal and Disallowance of Expenses under Section 57 Set Aside in the Interest of Natural Justice — Daraganj Gramodyog Vikas Sansthan vs. ITO (Exemption), Allahabad (ITAT Allahabad)
Facts of the CaseThe assessee, Daraganj Gramodyog Vikas Sansthan, a
registered society, filed its return of income for Assessment Year 2016-17
declaring total income of ₹521. The case was selected for limited scrutin...
Additions Based on Staff “Observations” and Demonetization Deposits Set Aside — ITAT Allahabad Orders Fresh Assessment in Rajendra Tripathi vs. ITO Ward-1(4), Maharajganj (ITA No.100/ALLD/2024, AY 2017-18)
Facts of the CaseThe assessee, engaged in wholesale trading of sugar, edible
oil, and rice, filed a return declaring income of ₹12,90,992. During the
demonetization period, he deposited ₹32,16,500 in old currency n...
Cash Deposits Treated as Unexplained Income Remanded for Fresh Examination — Awadhesh Kant Tripathi vs. ITO, Ward-1(1), Allahabad (ITAT Allahabad)
Facts of the CaseThe assessee, Awadhesh Kant Tripathi, was found through AIR
information and departmental database to have made cash deposits of ₹12,93,300
in his bank account during Financial Year 2011-12 (relevant ...
Cash Deposits Cannot Be Treated as Unexplained When Income Declared u/s 44AD — ITAT Allahabad Deletes Addition in Panna Lal Prajapati vs. ITO Ward-3(2), Mirzapur (ITA No.87/ALLD/2024, AY 2011-12)
Facts of the CaseThe Assessing Officer observed substantial cash deposits
aggregating ₹30,63,500 in the assessee’s bank accounts and initiated
reassessment proceedings under section 147. The assessee, a small scrap...
DVO Report Can Trigger Reassessment, but No Addition if Valuation Difference is Within Tolerance — ITAT Allahabad Deletes Addition u/s 69 in Om Prakash Singh vs. ACIT, Central Circle, Allahabad (ITA No.114/Alld/2023, AY 2017-18)
Facts of the CaseFollowing a survey under section 133A at medical
establishments connected with the assessee, assessment was completed under
section 143(3). Subsequently, the Assessing Officer referred the construction...