ITAT Chandigarh

S. 80IA Initial assessment year means 1st year opted by assessee for deduction

The D.C.I.T Vs M/s Yamuna Power & Infrastructure Ltd. (ITAT Chandigarh)

The assessee being eligible had option to start claiming deduction from any of the assessment years within time frame of Ay 2004-2005 to AY 2019-2020. Assessee exercises the option in AY 2008-09. AO made the disallowance by holding that assessment year 2004-05 is the initial AY. ITAT issued order in favour of Assessee....

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Registration u/s 12AA cannot be denied for mere non filing of ITR

Shri Shirdi Sai Darbar Charitable Trust (Dharamshala) Vs C.I.T. (Exemptions) (ITAT Chandigarh)

Just because the assessee has not filed its income tax returns in earlier years, it can not be said that the activities of the assessee are not genuine. It has been held that non-filing of return cannot be one of the reasons for denying registration under section 12A of the Act....

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Penalty u/s 271(1)(c) cannot be levied when returned income is accepted as it is

Sh. Praveen Garg Vs ACIT (ITAT Chandigarh bench)

Penalty u/s 271(1)(c) can be levied only in the cases of concealment of income in the return of income filed by the assessee. In the present case, the return filed in response to notice u/s 153A was accepted by the AO as it is which also included surrendered income not disclosed in the original return due to bonafide error....

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No charity in initial years cannot be sole basis for trust registration denial

M/s Prabhat (A House of Hope for Special Children) Vs CIT (Exemptions), (ITAT Chandigarh)

As per section 12AA, the commissioner has to satisfy himself about the objectives of the Trust and genuineness of its activities and for such purpose he has the power to call for such documents or information from the assessee as he thinks necessary. ...

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Interest from surplus fund taxable as income from other sources

M/s Himlayan Expressway Limited Vs ITO (ITAT Chandigarh)

ITAT Chandigarh held in the case M/s Himlayan Expressway Limited vs. ITO that it is clear that the borrowed funds were not required by the assessee for business purposes. Therefore, the same funds were surplus funds in nature for that period which was utilized for making term deposits on which the assessee earned the interest....

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S. 80IC: Despite substantial expansion there cannot be two initial A.Y.

Sh. Sumit Kumar Vs ITO (ITAT Chandigarh)

The initial assessment year has been defined and the expression or' has been used in respect of new units by stating commences operation' or complete substantial expansion'. Here the expression or' is to be read as a mutually exclusive expression which refers to a particular situation by excluding the other situation....

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No Penalty for non disclosure of Income manner, if same was not asked during statement recorded U/s/ 132(4)

DCIT Vs Shri Rajiv Chopra (ITAT Chandigarh)

Where no question was asked during statement recorded under section 132(4), in respect of manner of earning income surrendered, assessee could not be expected to substantiate same later on; penalty could not be levied under section 271AAA...

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Reopen proceedings not valid in absence of any tangible material to substantiate escaped income

M/s Amit Engineers Vs ACIT (ITAT Chandigarh)

ITAT Chandigarh held In the case of M/s Amit Engineers vs. ACIT that it is a trite law that the only condition for the Assessing Officer to reopen the case is that for whatever reasons he has ‘reason to believe’ that income has escaped assessment....

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If there is no loss to revenue then there would be no Disallowance and Rule 8D is not applicable for A.Y. 2007-08

M/s Trident Limited Vs The Addl. CIT (ITAT Chandigarh)

M/s Trident Limited vs. The Addl. CIT (ITAT Chandigarh) Assessee company made an investment of Rs. 5038.88 lacs and Rs. 4575.77 Lacs as on 31.03.2006 & 31.03.2007 in various tax free equity funds, from which assessee company gain an dividend of Rs. 46,91,849/-....

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Recovery of out of pocket costs incurred by society from ultimate beneficiaries of grant not taxable in the hands of society

ITO Vs Haryana Renewable Energy (ITAT Chandigarh)

The ITAT Chandigarh in the case of Haryana Renewable Energy held that recovery of a part of cost from ultimate customers by the society working for funding the projects from government grant being in nature of reimbursements cannot be taxed in the hands of society....

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