ITAT Amritsar Judgments — January 2018

THE INCOME TAX OFFICER, WARD - IV(1), JALANDHAR vs SH. RAJESH JOSHI, JALANDHAR

ITA 510/ASR/2017[2011-12]Status: Disposed29 Jan 2018AY 2011-12Remanded

The Tribunal held that the assessee's employment outside India prior to the relevant financial year, coupled with his limited stay in India, likely made him a non-resident. Therefore, salary earned abroad would not be taxable in India.

M/S SPACE AGE POWER PVT. LTD,SRINAGAR vs ITO, WARD 3(3), SRINAGAR

ITA 258/ASR/2017[2012-13]Status: Disposed23 Jan 2018AY 2012-13Allowed

The Tribunal held that the CIT(A) should have passed a speaking order and could not dismiss the appeal without a hearing. The comparable cases cited by the AO were not appropriate. The matter was restored to the AO for proper determination of income.

SH. VARINDER KUMAR SOUL,JALANDHAR vs INCOME TAX OFFICER, WARD - 3(2), JALANDHAR

ITA 451/ASR/2017[2012-13]Status: Disposed16 Jan 2018AY 2012-13Dismissed

The Tribunal held that the reopening of assessment was valid due to the admitted under-reporting of rental income. The Tribunal further found that the assessee failed to provide a satisfactory explanation for the cash deposits, as required by Sections 69/69A, and upheld the addition.

THE DY. COMMISSIONER OF INCOME TAX, JALANDHAR vs THE NAWANSHAHR CENTRAL CO-OP BANK LTD, NAWANSHAHR

ITA 61/ASR/2017[2013-14]Status: Disposed3 Jan 2018AY 2013-14Dismissed

The Tribunal held that the issues were covered by previous decisions of the Tribunal in similar cases. The Tribunal affirmed that interest on NPA is taxable only upon realization and provisions against standard assets are allowable under Section 36(1)(viia).

PUNJAB GRAMIN BANK,KAPURTHALA vs THE DY COMMISSIONER OF INCOME TAX, JALANDHAR

ITA 655/ASR/2016[2013-14]Status: Disposed3 Jan 2018AY 2013-14Partly Allowed

The Tribunal remitted the issue of LIC premium payment back to the CIT(A) for fresh examination, considering both Section 37(1) and Section 43B(f). The Tribunal dismissed the revenue's appeal regarding the provision for bad and doubtful debts on standard assets, upholding the CIT(A)'s decision.

THE DY. COMMISSIONER INCOME-TAX, JAMMU vs M/S. THE JAMMU & KASHMIR BANK LTD, SRINAGAR

ITA 298/ASR/2014[2009-10]Status: Disposed3 Jan 2018AY 2009-10Dismissed

The Tribunal held that the issues raised by the revenue were covered by its own previous decisions and the orders of the CIT(A). Consequently, the revenue's appeal was dismissed.

INCOME-TAX OFFICER, BATHINDA vs SH. MOHAN LAL, BATHINDA

ITA 170/ASR/2015[2011-12]Status: Disposed3 Jan 2018AY 2011-12Dismissed

The Tribunal upheld the CIT(A)'s order, finding that the AO's additions were based on assumptions and misinterpretations of the impounded documents. The CIT(A) had correctly reasoned that the calculation of unrecorded bricks was flawed and that labor payments made through jamadars did not attract TDS provisions.

M/S. FREEDOM INDUSTRIES LTD,AMRITSAR. vs THE ASSISTANT COMMISSIONER OF INCOME TAX, AMRITSAR.

ITA 37/ASR/2016[2010-11]Status: Disposed3 Jan 2018AY 2010-11Allowed

The Tribunal held that if the interest-free funds available with the assessee are more than the interest-free advances, a presumption arises that the advances were made out of own funds. The disallowance of interest under Section 36(1)(iii) was therefore incorrect.

ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs M/S PUNJAB GRAMIN BANK, KAPURTHALA

ITA 648/ASR/2016[2013-14]Status: Disposed3 Jan 2018AY 2013-14Partly Allowed

The Tribunal remitted the issue of LIC premium payment back to the CIT(A) for fresh examination, considering both Section 37(1) and Section 43B(f). The Tribunal dismissed the revenue's appeal regarding the provision for bad and doubtful debts on standard assets, upholding the CIT(A)'s decision.