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ITAT Allahabad: After Rejection of Books u/s 145(3), Gross Profit Must Be Estimated on Reasonable Basis — Average of Past and Subsequent Year GP Adopted | Jai Bajrang Gur Bhandar vs ITO (AY 2017-18)
Facts of the
CaseThe assessee, Jai Bajrang Gur Bhandar, a
partnership firm engaged in wholesale trading of gur, sugar, dal and similar
commodities, filed its return of income for Assessment Year 2017-18 declaring
inc...
ITAT Allahabad Remands Additions on Section 50C, Depreciation & 26AS Mismatch — Ex-Parte NFAC Order Set Aside for De Novo Assessment | Rajesh Kumar Singh vs ITO (AY 2016-17)
Facts of the
CaseThe assessee, Rajesh Kumar Singh, filed his return
of income for Assessment Year 2016-17 declaring total income of Rs. 4,05,650.
The case was selected for limited scrutiny to examine (i) correctness o...
ITAT Allahabad Sets Aside Ex-Parte Dismissal in Demonetization Cash Deposit Case — Matter Remanded for Fresh Decision on Merits | Sunil Kumar vs ITO (AY 2017-18)
Facts of the
CaseThe assessee, Sunil Kumar, was subjected to
assessment proceedings after information was received that he had deposited
cash of Rs. 11,95,500 during the demonetization period. A notice under Section
...
Ex-Parte NFAC Dismissal Set Aside for Non-Compliance — ITAT Allahabad Grants Fresh Opportunity in Pawan Tiwari vs. ITO, Sultanpur (AY 2017-18)
Facts of the CaseThe assessee, an individual, filed his return of income on
24.05.2019 declaring total income of ₹7,96,783 for Assessment Year 2017-18.The assessment was completed under Section 144 of the Income
Tax ...
Ex-Parte NFAC Order Set Aside for Non-Compliance — ITAT Allahabad Grants Fresh Opportunity to Co-operative Society in Malwan Kisan Sewa Sahkari Samiti Ltd. vs. ITO, Fatehpur (AY 2017-18)
Facts of the CaseThe assessee, a co-operative society registered under the
Uttar Pradesh Cooperative Societies Act, 1965, filed its return of income for
Assessment Year 2017-18 declaring NIL income.The Assessing Office...
Ex-Parte NFAC Dismissal for Non-Compliance Set Aside — ITAT Allahabad Restores Reassessment Case on Cash Deposits in Prabhu Naraian Tiwari vs. ITO, Mirzapur (AY 2011-12)
Facts of the CaseBased on specific information that the assessee had deposited
₹35,75,735 in his savings bank account with ICICI Bank Ltd., proceedings under
Section 147 of the Income Tax Act, 1961 were initiated.Sta...
Penalty under Section 270A Cannot Be Levied on Estimated Income Without Misreporting — ITAT Allahabad Deletes Penalty in Ajit Tripathi vs. NFAC (AY 2017-18)
Facts of the CaseThe assessee had commenced a dairy business under the
“Kamdhenu Yojna” of the Uttar Pradesh Government by obtaining a bank loan of
₹91,00,000. This was the first year of business. The assessee de...
NFAC Ex-Parte Dismissal for Non-Compliance Set Aside — ITAT Allahabad Restores Appeal in Rakesh Kumar Singh vs. DCIT/ACIT-3, Mirzapur (AY 2016-17)
Facts of the CaseThe assessee filed his return of income declaring taxable
income of ₹10,19,230 for Assessment Year 2016-17. The case was selected for
scrutiny through CASS, and the assessment was completed at a tota...
Ex-Parte NFAC Dismissal for Non-Prosecution Set Aside — ITAT Allahabad Restores Section 69 Addition Case in Ram Bodh Singh vs. ITO, Pratapgarh (AY 2012-13)
Facts of the CaseThe assessee, an individual engaged in the business of a brick
kiln under the name M/s R.B.S. Ent. Udyog, did not file a return of income for
Assessment Year 2012-13.During assessment proceedings, the ...
NFAC Ex-Parte Dismissal Set Aside — ITAT Allahabad Restores Reassessment Appeal in Shesh Nath Singh vs. DCIT, Allahabad (AY 2010-11)
Facts of the CaseThe assessee, an individual engaged in civil contract work and
earning interest income from banks, was subjected to reassessment proceedings
for Assessment Year 2010-11.Statutory notices under Section ...