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
Revenue could not controvert the fact that there has been frequent deposits and withdrawals by the assessee out of his saving bank account. No evidence is available on record suggesting that the money as withdrawn by the assessee was used for any other purpose.
Dickson Electronics Vs ITO (ITAT Amritsar) It is seen, that the judicial view of the various High Courts is divergent regarding the deductibility or otherwise of tax on discount allowed to distributor on sale of prepaid Sim Card. However, there is no decision by the Hon’ble Jurisdictional High Court, either way. That being so, all […]
G. E. Conductors Pvt. Ltd Vs ACIT (ITAT Amritsar) Admittedly, while framing the assessment vide order u/s 143(3) dated 21/3/2014, the assessing officer did not make any reference to section 11 5JB or give any working of section 11 5JB either in the assessment order or the accompanying documents (APB, Pg. 3 to 10). In […]
Srijal Gupta Vs ITO (ITAT Amritsar) After a thoughtful observation of the fact of the case we decided that the reopening was made u/s. 148 related to purchase of property amount to Rs.9,53,750/-. But after completion of assessment, the ld. AO had accepted the assessee’s investment and had not added any amount related to source […]
Sukhdev Singh Kang Vs ITO (ITAT Amritsar) it is the claim of the ld A.R, that as the jurisdiction over the case of the assessee was undeniably vested with the Income Tax Officer, Nakodar, therefore, the Income Tax Officer, Ward-4, Phagwara who had no jurisdiction over his case had clearly traversed beyond his jurisdiction and […]
Explore the dispute in Sh. Avtar Singh case where the Assessing Officer decision to reopen the assessment is challenged. Detailed analysis of cash deposits and legal aspects.
Abdul Samad & Sons Vs ITO (ITAT Amritsar) From the finding of Ld. CIT(A), it is clear that the finding is based on the premise that the assessee failed to substantiate the expenditure however the contention of the assessee is that due to flood material evidences was washed away and FIR was duly registered, further […]
ITAT Amritsar quashes ad-hoc disallowance of Rs.1,02,350 by ITO, citing lack of specificity in voucher verification. Analysis of the case & key arguments.
