ITAT Amritsar held that provisions of section 115BBE of the Income Tax Act cannot be made applicable where assessee has made a statement that the excess stock was a result of suppression of profit in respect of sales made outside the books of accounts.
ITAT Amritsar held that provisions of section 68 of the Income Tax Act is inapplicable as assessee does not maintain any books of accounts. Mere possession of pass book cannot be treated as books of accounts. Accordingly, addition u/s 68 unsustainable.
ITAT Amritsar held that section 68 of the Income Tax Act is not empowered to allow addition of sundry debtors/ advance to growers. Accordingly, addition of the same deleted.
ITAT Amritsar held that appellant being a government undertaking is required to take necessary permission for filing of an appeal from its head office. Delay in getting the permission resulted into delay in filing of an appeal. Such not intentional or mala fide delay should be condoned.
ITAT Amritsar held that as income of the deceased person offered to tax, credit of TDS cannot be denied merely because it appears in the name of deceased mother. A particular income cannot be taxed twice under the law.
ITAT Amritsar held that loss incurred as amount written off paid against advance of land reflected in column bad & doubtful in ITR is allowable as business loss as genuinity of transaction not questioned.
Sh. Balwinder Kumar Vs ITO (ITAT Amritsar) Ld. A.O cannot blow hot and cold at the same time by partly rejecting the books of accounts and partly accepted the books of accounts, which is bad-in-law. If the AO rejected the books of accounts, then he can’t rely on the same books of accounts for opening […]
J.K. Council for Social Welfare And Information Technology Vs CIT (Exemption) (ITAT Amritsar) Brief fact of the case is that the assessee-society had submitted an application for registration u/s 12A of the Act. The primary object of the assessee is that running and maintaining institutions in rural area, and enhance the poor marginalised youth to […]
iTAT held that issuance of SCN, mentioning proposed additions under 144B(xvi), is a mandatory requirement and any assessment order passed without issuance of SCN is bad in law.
Pathankot Hindu Urban Co-operative Bank Ltd Vs DCIT (ITAT Amritsar) In this case assessee claimed the loss on diminution value of securities as well as stock. The main grievance of the revenue is that this particular value was not taken in the books of accounts. But factually correct that the circular of the CBDT has […]
