AO has no right to calculate sales on hypothetical basis ignoring the evidence submitted during the course of assessment proceedings. Once the amount is declared as turn over cannot be called concealed income and be taxed doubly on same amount. The addition U/s 68 is beyond jurisdiction of the ld. AO as the turnover is already reflected in the books of the assessee.
ITAT Amritsar held that failure in furnishing of Form No. 10B is a procedural defect. Accordingly, denial of deduction u/s 11 of the Income Tax Act for such a defect is unsustainable in law.
ITAT Amritsar held that addition merely on the basis of statement taken at the time of locker operation without confronting the incriminating material or any other corroborative evidence has no evidentiary value u/s 292C.
ITAT Amritsar held that non-receipt of intimation resulted into no action on the part of the assessee. Accordingly delay of 9 years condoned as the assessee had reasonable cause of non-receipt of intimation
AO had applied his mind while doing the assessment therefore, the investigation by AO could not be called ‘lack of investigation’ and revision order passed under section 263 was quashed.
ITAT Amritsar held that mere typographical mistake in mentioning the balance of capital account doesnot amount to concealment. Accordingly, addition on account of unexplained money unsustainable.
Sh. Yasir Bilal Khan Vs DCIT (ITAT Amritsar) ITAT Amritsar held that penalty u/s 271B for non-furnishing of audit report within specified date leviable as assessee failed to prove nexus between non-completion of the audit report u/s. 44AB with the flood of Kashmir. Facts- The penalty was levied by the ld. AO u/s. 271B of […]
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.
