Tag: ITAT Amritsar

Addition of bogus purchases deleted as opportunity of cross examination was never provided by AO despite assessee’s request In a recent judgment ITAT Amritsar deleted addition of bogus purchases holding that an opportunity of cross examination was never provided by AO despite assessee’s request which would make the …

When books of accounts are rejected and profits are estimated, no separate disallowance can be made on basis of entries in books In a recent judgment, ITAT Amritsar has held that when books of accounts are rejected and gross profit is estimated at a percentage on sales, it …

Enhanced compensation on compulsory acquisition of agricultural land will be treated as income from other sources and not under the head capital gains. In a recent judgment, ITAT Amritsar has held that enhanced compensation on compulsory acquisition of agricultural land will be treated as income from other sources …

Rejecting application for registration u/s 12AB without confronting society with inspector’s report was violation of the principle of natural justice – ITAT In a recent judgment, ITAT Amritsar has held that when inspector’s report was never confronted to the assessee society before rejecting the application for registration u/s …

Undated, unsigned and typed loose sheet of paper are dumb document, could not be taken as the sole basis for determination of undisclosed income In a recent judgment, ITAT Amritsar has held that undated, unsigned and typed loose sheet of paper without witness, without any acceptable narration are …

Land sold by plotting held to be business income not capital gain as the sale was completed within a short period of few months and space was left for streets. In a recent judgment, this was upheld by ITAT Amritsar. Case Law Details: I.T.A No.478(Asr)/2014 Assessment Year: 2010-11 …

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: …

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 …

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 …

In a recent judgment, ITAT Amritsar has quashed penalty imposed u/s 271(1)(c) for non declaration of bank fixed deposit interest when the assessee due to her old age, forgot to obtain the information and certificates from the bank on account of accrual of interest Case Details: ITA No.170(Asr)/2014 Assessment …