ITAT Amritsar

Onus to enforce attendance of hostile witness located beyond 500 Kms

M/s. Apeejay Education Society vs. Asstt. Commr. of Income Tax (ITAT Amritsar)

During Income tax proceedings, often statement of a person is used to catch hold of prospective tax evading assessees. But, it is trite that the statement of such a person cannot be allowed to be used against the assessee without even providing an opportunity of cross examining such person....

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In case of AIR based scrutiny AO’s scope is limited to AIR transactions only

Smt. Gurpreet Kaur Vs ITO (ITAT Amritsar)

ITAT Amritsar held that the scrutiny of cases selected on the basis of information received through Annual Information Return (AIR) would be limited only to the aspects of information received through AIR....

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Mere AIR Information not sufficient to believe Income escapement

Sh. Amrik Singh, Vs Income Tax Officer (ITAT Amritsar (SMC))

Stand alone AIR Information is not sufficient to hold that cash deposits constitute income. Cash deposits in bank account may or may not be Income. Hence when the treatment of the amount as Income is itself doubt , it definitely can not constitute Income escaping assessment and, therefore, it shall be too far fetched to hold that AIR Info...

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Tax on Damages for breach of contract received by Immovable property buyer

Rajesh Mayor Vs ITO (ITAT Amritsar)

The law under section 51 and 56(2)(ix) provides for the taxability of forfeiture of advance money received in the hands of seller. Till AY 2014-15, the forfeited sum was deductible from the cost and even the excess of forfeited money over cost was capital receipt not taxable by virtue of Supreme Court Judgment in Travoncore Rubbers. ...

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Petty charities in ‘golaks’ are not anonymous donations

DCIT Vs All India Pingalwara Charitable Society (ITAT Amritsar)

ITAT Amritsar held in the case of DCIT vs. All India Pingalwara Charitable Society that object of section 115BBC was to catch the unaccounted money which was brought in as Tax Free Income in the hands of the Charitable Trusts and this law was never meant for taxing the Petty Charities. ...

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Reopening without alleging non-production of material facts is invalid

M/s. Apeejay Education Society & others Vs ACIT (ITAT Amritsar)

It remains undisputed that in the reasons recorded by the AO, there is no allegation, much less any specific one, regarding any alleged failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment....

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Auditors’ Qualifications: Whether a death Knell for assessee?

M/s J&K Diary Producers, Processors and Marketing Co-operative Union Ltd. Vs ITO (ITAT Amritsar)

What is apparent is not always real. To reach out to the real story, one has to undertake the scavenging exercise. This daunting task undertaken by ITAT Amritsar in a recent case pronounced on 05-02-2016 to resolve the mayhem when survey documents along with auditors qualifications had apparently almost maimed the assessee....

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Assessee borrower not liable to prove the source of funds in the hands of lender

Sh. Dushiant Kumar Vs ITO (ITAT Amritsar Bench)

The ITAT Amritsar bench in case of Sh. Dushiant Kumar vs. ITO held that it is not the responsibility of the assessee to prove the source of funds in the hands of lender so long as he produce the lender before the AO who confirm the fact of lending money to assessee....

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Total Recall Vs Partial Recall of ITAT ORDER – ITAT Amritsar Comprehensive Decision

Shri Rohit Tandon Vs ITO (ITAT Amritsar)

Recently, ITAT Amritsar in a decisions in case of Rohit Tandon ITA 345/2009 pronounced on 05-03-2015 had an occasion to deal with the issue of powers vested with ITAT regarding recall of its order, when it recalled its earlier order rendered against the assessee. ...

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Premium paid under Keyman Insurance policy allowable as business expense

M/s F.C Sondhi & Co.(India) P Ltd Vs The DCIT (ITAT Amritsar), M/s Vishal Tools & Forgings Pvt Ltd Vs The Additional Commissioner of Income Tax

ITAT held in M/s F.C Sondhi & Co.(India) P Ltd Vs The DCIT that the premium paid on the keyman Insurance Policy would be allowed as a business expense because the same had been paid for the growth ...

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