ITAT Amritsar held that non-filing of tax audit report due to technical glitch is the reasonable cause shown. Accordingly, penalty under section 271B of the Income Tax Act not leviable for such non-filing of tax audit report.
ITAT Amritsar held that high seas sale transaction cannot be treated as speculative transaction as entire transaction is going through by proper delivery of the goods during purchase and the documents are provided for evidence of delivery of goods.
ITAT Amritsar’s decision in the case of Hari Chand Vs ITO. The appeal challenged the addition of unexplained cash deposits and undisclosed interest income. The ITAT remitted the case back to the AO for further adjudication, emphasizing the need for proper verification and a reasonable opportunity for the assessee. Gain insights into the grounds raised by the assessee and the arguments presented by both parties in this case.
ITAT Amritsar in Abdul Hamid Khan Vs ITO, deleted an ex parte addition made during the COVID-19 pandemic under Section 68 of Income Tax Act
ITAT Amritsar held that interest on FDR’s received by co-operative society by investing in another co-operative society is eligible for deduction under section 80P(2)(d) of the Income Tax Act.
ITAT Amritsar held that because of wrong allotment of two PANs, assessee cannot be set as a non-filer or undeclared of tax in the return of one PAN as income duly declared via other PAN. Matter remanded back.
ITAT Amritsar held that corpus donation received by trust not holding the registration u/s 12AA is not taxable provided the same is verified. Accordingly, matter remitted back to AO for verification of corpus donation.
ITAT Amritsar held that in absence of cogent and satisfactory explanation, delay of 781 days in filing of an appeal cannot be condoned. Accordingly, condonation of delay not granted.
In Hira Lal Kadlabju vs. ACIT, ITAT Amritsar remits the case back to the assessing officer as the ownership of seized cash remains undecided pending High Court determination.
ITAT Amritsar orders restoration of Bashir Ahmad Sofi’s case due to violation of natural justice. Ex parte orders quashed, fresh assessment directed.
