ITAT Amritsar overturns Holy Faith International’s reassessment, citing AO’s failure to independently apply mind on external info and denial of cross-examination.
ITAT Amritsar held that addition on protective basis in the hands of assessee not justified as bank account is fraudulently opened in his name without the assessee’s knowledge. Accordingly, appeal of assessee allowed and addition directed to be deleted.
ITAT Amritsar removes Rs. 4.72 lakh income addition for senior citizen, citing accumulated cash for emergencies. Overturns CIT(A) decision on bank deposit.
ITAT Amritsar held that there is no violation of provisions of section 269SS of the Income Tax Act when cash payment was made at one go before sub-registrar at the time of registration of sale deed. Accordingly, penalty under section 271D deleted.
In the instant case, assessee had not filed any return within stipulated time framed u/s 139(1), but had filed the return u/s 139(8A) (updated return) on 31.03.2023 along with Form 67 filed online on the said date claiming FTC.
Addition of cash deposit under section 68 was not justified as the same could only be invoked if the taxpayer maintained books of accounts and assessee filed an income tax return under Section 44AD which did not require books of accounts.
Analysis of Swarn Singh Vs ITO (ITAT Amritsar) on validity of notice u/s 148 by Jurisdictional Assessing Officer (JAO) vs Faceless Assessing Officer. Key rulings discussed.
Relying on various judicial precedents, including the cases of Harish Sharma vs. ITO and Daulatram Rawatmull vs. CIT, the representative contended that in the absence of any separate source of income, the surrendered amount should be treated as business income.
ITAT Amritsar decision on Aay Kay Manufacturing Co. Vs ITO-CPC discusses TCS payable and Section 43B compliance, offering key insights for taxpayers.
ITAT concluded that the service of notice under Section 148 was improper and did not meet statutory requirements. Consequently, the reopening of the assessment was deemed invalid, and the assessment order was quashed as void ab initio.
