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.
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.
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.
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.
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
ITAT Amritsar held In the case of M/s Aaren Exports vs. DCIT that a Keyman insurance policy is to enable business organizations to insure the life of a Keyman in order to protect the business against the financial loss which may occur in the likely eventuality of premature death.
ITAT Amritsar held In the case of M/s Dev Raj Hi-Tech Machines Ltd. vs. DCIT that it is apparent that assessee had made a surrender as additional income over and above the normal profits of the concern and since the income has been declared as business income
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.
ITAT Amritsar held In the case of M/s. Pardeep Singh Wazir vs. The DCIT that Circular no. 1/2009, dated 27th March, 2009 issued by CBDT is effective from 01/04/2009 i.e. for the assessment year 2009-10 onwards.
In the case of Hoshiarpur Improvement Trust Vs The Income Tax Officer Ward 1, Hoshiarpur , the assessee being a trust was registered under the Punjab Towns Improvement Trusts Act, 1922. It was providing services under the control and supervision of State Government for development of cities and towns.
