THE INCOME TAX OFFICER, AMRITSAR. vs. M/S WAZIR SINGH ENTERPRISES, AMRITSAR.

ITA 626/ASR/2016Status: DisposedITAT Amritsar14 February 2019AY 2013-148 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal dismissed all grounds of appeal raised by the Revenue Department, upholding the CIT(A)'s deletions. The Tribunal partly allowed the assessee's cross-objections by deleting the addition affirmed by the CIT(A) regarding car and telephone expenses.

What were the facts?

The Revenue Department appealed the CIT(A)'s deletion of additions made by the AO regarding disallowance of proportionate interest, 20% disallowance of expenses, and unverifiable travelling expenses. The assessee also filed cross-objections regarding confirmation of interest income and commission income additions, and disallowance of car and telephone expenses.

What were the issues?

Whether disallowance of proportionate interest on advances and a percentage of general/travelling expenses is justified. Whether additions for un-offered interest and commission income are valid, and if disallowance of car/telephone expenses is appropriate.

Which sections of the Income-tax Act were involved?

Section 36(i)(iii),Section 37(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, AMRITSAR BENCH, AMRITSAR

Before: SH. N.S.SAINI & SH. N.K.CHOUDHRY

Hearing: 13.02.2019Pronounced: 14.02.2019

PER N.K.CHOUDHRY, JM: The Revenue Department has challenged the order dated 30.09.2016 impugned herein passed by the Ld. CIT(A)-2, Amritsar, u/s 250(6) of the I.T. Act, 1961 (hereinafter called as ‘the Act’), whereas the assessee has 2 C.O. No.20 (Asr)/2017 also filed the C.O.No.20(Asr)/2017 in challenge as well as in support of the order impugned herein.

2.

The assessee although filed the adjournment app

The order continues below.

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