Sarabjeet Singh Vs ITO (ITAT Amritsar) The brief fact of the case that the assessee is a trader &filed his return u/s 139(1) by taking the benefit of presumptive scheme u/s 44AD of the Act. During the F.Y. 2010-11 related A.Y. 2011-12 the turnover was 15,50,000/- & declared total income of Rs.1,40,880/-. The notice u/s […]
ITAT held that Corpus donations received by Trusts, which is not registered u/s.12A/12AA of Income Tax Act, are not taxable as they assume the nature of ‘Capital receipt’ the moment donations are given to ‘Corpus of Trust’
The entire assessment was itself erroneous and bad in law due to non-service of notice to the relevant address of the assessee. The ld. Counsel had not pressed the factual aspect of the assessee. We considered only the legal issue. Accordingly, the assessment order itself is void and liable to be quashed.
Weather unclaimed deduction can be claim before assessing authority without filing revised return and weather power of appellate authority can allow claim of duction which was not claimed in return of income.
Malwa Coop. L & C Society Ltd. ITO (ITAT Amritsar) In this case Hon’ble ITAT already determined the turnover, and the direction was made accordingly. Also related to deduction u/s 80P(2)(a)(vi) specific direction was made by the Hon’ble ITAT in its order dated 13.10.204 in ITA No. 483/Asr/2014. ITAT heard the rival submissions and relied […]
The general prudence of the law is that the same income cannot be taxed twice. On other hand, the partners are not liable to pay tax on the remuneration which was already paid by the firm in its return of income.
Income Tax Reassessment invalid if A.O having jurisdiction over the case of the assessee had failed to obtain the requisite sanction u/s 151 of the Act from the Pr. CIT qua his ‘reasons to believe’
Assessing authority had passed the order beyond his jurisdiction by calculating the cost of acquisition on basis of his own assumption.
ITAT Amritsar held that reassessment proceedings initiated on recorded reasons on belief that the specific income has escaped assessment, however, addition on some other income not having any connection with the recorded reason is erred in law.
AO made additions on ground that cash deposited in bank account was more than total turnover declared by assessee, since assessee furnished bank statements which showed that there were deposits and withdrawals of almost equal amounts and AO failed to give any findings regarding said withdrawals, assessee deserved to get benefit of telescoping and thus, addition was unjustified
