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.
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.
