ITAT Chandigarh

Section 11 exemption cannot be withdrawn merely for profit from certain incidental or ancillary activities of the trust

JCIT(OSD), (Exemptions) Vs Patiala Improvement Trust (ITAT Chandigarh)

JCIT(OSD), (Exemptions) Vs Patiala Improvement Trust (ITAT Chandigarh) The AO noticed that during the year relevant to the assessment year under consideration the assessee carried on the business of sale and purchase of residential plots and commercial properties and earned huge net profit of Rs. 9,95,74,223/-, which does not fall within ...

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Books cannot be rejected for mere non-Maintenance of Stock Register or for adoption of incorrect method of stock valuation

Paramount Impex Vs ACIT (ITAT Chandigarh)

Paramount Impex Vs ACIT (ITAT Chandigarh) we are not in agreement with the Revenue that the non maintenance of stock register was sufficient for exercising the power of rejecting the books of the assessee. It is not unusual for businesses dealing in large number of small items and operating at a small or medium scale […]...

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Section 80IA(4) deduction eligible on developing / providing Lift Irrigation Scheme/ Lift Water Supply Scheme

Unipro Techno Infrastructure Private Ltd Vs DCIT (ITAT Chandigarh)

Unipro Techno Infrastructure Private Ltd Vs DCIT (ITAT Chandigarh) The brief facts relating to the issue are that the assessee is primarily engaged in developing / providing Lift Irrigation Scheme/ Lift Water Supply Scheme for different state governments. The assessee claims that the said development work carried out by the assessee falls...

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Additional claim can be made before ITAT despite no such claim in Return of Income

Bector Food Specialties Ltd Vs JCIT (ITAT Chandigarh)

The issue under consideration is whether submitting additional claims before tribunal, which is not claim in return of income will be sustain in law?...

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Expenditure on Club membership fees for business allowable

ISGEC Heavy Engineering Ltd Vs DCIT (ITAT Chandigarh)

ISGEC Heavy Engineering Ltd Vs DCIT (ITAT Chandigarh) In the present case the assessee has incurred the expenses on account of club membership fees for the employees and to entertain customers, so, these were business expenses under section 37(1) of the Act. ITAT Follows Hon’ble Supreme Court Judgment in the case of CIT Vs. United [...

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Section 44AD not obligates assessee to maintain books of account

Nand Lal Popli Vs DCIT (ITAT Chandigarh)

Nand Lal Popli Vs DCIT (ITAT Chandigarh) Assessing Officer, for making the impugned addition has started with the presumption that an amount to the extent of 92% of the gross receipts is the expenditure incurred by the assessee, which is a totally wrong premise. If the income component is estimated, how the expenditure component on [&hell...

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Interest for TDS Default levied on Buyer of Property even if NRI Seller Already Paid Taxes in his Return

Sh. Harpal Singh Vs DCIT (ITAT Chandigarh)

The issue under consideration is whether interest u/s 201(1A) will be levied on assessee even if NRI seller had already paid taxes as per his return?...

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Interest on Enhanced Compensation u/s 28 of Land Acquisition Act, 1894 is Exempt u/s 10(37)

ITO Vs Sh. Dhanender Kumar HUF (ITAT Chandigarh)

whether interest received u/s 28 of the Land Acquisition Act, 1894 on compulsory acquisition of agricultural land in the nature of compensation is exempt u/s 10(37) or chargeable to tax under head 'Income from Other Sources'?...

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IDC receipts for State Government cannot be taxed in the Hands of Assessee

Infrastructure Development Fund Vs DCIT (ITAT Chandigarh)

The issue under consideration is whether the CIT(A) is correct in upholding IDC receipts as normal trading receipts ignoring that the money belongs to state government?...

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Section 2(22)(e) Deeming fiction cannot be applied on mere suspicion

ACIT Vs Shri Gurdeep Singh (ITAT Chandigarh)

ACIT Vs Shri Gurdeep Singh (ITAT Chandigarh) The intention behind enacting provisions of section 2(22) (e) are that closely held companies (i.e. companies in which public are not substantially interested), which are controlled by a group of members, even though the company has accumulated profits would not distribute such profit as divide...

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