TaxTMI 
TaxTMI 
2019 (8) TMI 1416
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....acts are involved therein, they are being decided by this common order. For the sake of convenience the facts are being taken from ITA No.266 of 2018. 2. ITA No.266 of 2018 has been filed under Section 260A of the Income Tax Act, 1961 (for short 'the Act') against the order of the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar passed in MA No.34/(ASR)/2017 (arising out of ITA No.115(ASR)/2015) dated 06.11.2017 for the Assessment Year 2011-2012. The dispute relates to the assessment years 2008-2009, 2009-2010, 2010-2011, 2011-2012, 2012-2013. 3. These 10 appeals have been filed against the orders of the Income Tax Appellate Tribunal, Amritsar deciding 20 appeals (10 filed by the Assessee and 10 filed by the Revenue). 4....
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....rwise this is nothing but diversion of funds/income. It is a kind of donation in the name of religion. The assessee in his personal capacity is free to do charity and give/part away his income to a religious/charitable organization. The assessee is free to deal with his income post tax, in manner he deems fit, but not at the cost of tax. In this case, since the assessee is closely connected with a religious organization, has routed the charity to the organizations before paying the appropriate taxes on the net income Charity/donation has been included in the cost of expenditure of his business and in turn the assessee has reduced his profits to that extent. This is a subterfuge to deflate the true taxable income. The income has been diverte....
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....accepted the assertion regarding discounted/free sale of books and granted the following relief :- "6.8 In view of the above stated facts and in the circumstances of the case, the trading addition made by the Assessing Officer on account of undisclosed profits is restricted to Rs. 1,78,35,234/- and balance addition of Rs. 1,69,48,692/-, Rs. 3,47,83,926/- (-) Rs. 1,78,35,234/-] is directed to be deleted. In nutshell, the assessee will get a relief of Rs. 1,69,48,692/- [Rs. 3,47,83,926/- (-) Rs. 1,78,35,234/-] out of total trading addition of Rs. 3,47,83 the result, the ground No.2, 3 and 4 of appeal taken by the assessee are partly allowed. 6.9 As the addition has been worked out on the cost of sales, no separate addition on account of....
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....reference may be made to the following paragraphs of the Order passed by the Assessing Officer (Annexure A-1) :- "1. We have already explained in detail the procedure of discounted sale to your goodself and also provided the details of sale at concessional sale vide para 4 of our letter dated 10/2/2014. These concessional sale is made to the needy students by various schools and on the recommendation of the School authorities we make the sale. We had also requested that these may be verified from the respective schools principals. We had also submitted the detailed procedure vide para 4 of our reply dated 03/03/2014. Even quarterly VAT 15 returns and yearly return VAT 20 was submitted vide para 11 of our reply dated 10/2/2014. No defect ....