Tag: ITAT Amritsar

Penalty u/s 271(1)(c) merely because quantum was decided against assessee by ITAT. The assessment and penalty proceedings are independent

Penalty u/s 271(1)(c) not imposable merely because quantum was decided against assessee by ITAT. The assessment proceedings and penalty proceedings are independent proceedings. ITAT Amritsar, in a recent judgment, upheld the deletion of the peanlty when additions were made on estimation basis. Case Law Details : I.T.A No.148 (Asr)/2014 Assessment Year: …

Availability of self owned interest free funds for disallowance u/s 36(1)(iii) can only be determined by examining the accounts

In a recent judgment, Amritsar has held that issue of availability of self owned interest free funds for making disallowance u/s 36(1)(iii) can only be determined by examining the accounts. Case Details: ITA No.66(Asr)/2016 Assessment year:2008-09   M/s. Sehdev Enterprises vs. Income Tax Officer Date of Order/Judgment: 21/04/2016 Brief Facts …

No creditor’s liability cessation u/s 41(1) for an entry outstanding in books over the years and not been challenged in the initial year of such entry

ITAT Amritsar, in a recent judgment, has held that no conclusion of cessation of creditor’s liability u/s 41(1) can be drawn for an entry outstanding in books over the years and not been challenged in the initial year of such entry.  Case Law Details: M/s. Modern Distributors vs. Income Tax Officer …

Mere AIR information that deposits made in bank account not indicative that income has escaped assessment u/s 147

In a recent judgment, ITAT Amritsar has upheld that the mere AIR information that deposits were made in a bank account do not indicate that these deposits constitute an income which has escaped assessment. Case Details: ITA No.129(Asr)/2015 Assessment year:2005-06 Ashwani Kumar vs. Income Tax Officer Date of Order/Judgment: 23/02/2016 Facts …

Shipping charges using non-resident shipping are not liable to TDS u/s 172(8) as supplemented by CBDT Circular No. 723/1995

ITAT Amritsar, in a recent judgment has held that shipping charges (Inland haulage charges, Terminal handling charges, Bunker adjustment factor, Cost adjustment factor, etc) using non-resident shipping are not liable to TDS u/s 172(8) as supplemented by CBDT Circular No. 723/1995 Case Details: ITA No.257(Asr)/2014 Assessment year:2006-07 PMS …
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