ITAT Chandigarh

No Penalty on Income declared in revised return filed within limitation period

Gajjan Singh Thind Vs ACIT (ITAT Chandigarh)

The provisions of section 271(1)(c) of the Act are penal in nature and they are required to be strictly construed. These cannot be extended by way of liberal interpretation to include the cases, which otherwise, do not fall within the purview and scope of the provisions of section 271(1)(c) of the Act....

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Assessment not valid if section 143(2) notice was not issued within time limit

H.P. Singh & Others Vs ITO (ITAT Chandigarh)

Where notice under section 143(2) was not issued within the time limit prescribed in proviso to section 143(2), the assessment framed under section 143(3) pursuant to such notice was invalid and accordingly, the same was liable to be quashed....

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No Netting of profit/loss of eligible units to calculate section 80-IC deduction

Alliance India Vs DCIT (ITAT Chandigarh)

No netting of profits and losses of the eligible units was to be done for the purpose of calculating the deduction under section 80-IC and each unit for the said purpose had to be treated separately....

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Section 80IC deduction allowable despite 01 day delay in return filing

M/s Shree Ganesh Concast Group of Industries Vs. DCIT (ITAT Chandigarh)

Where the delay of 1 day in on-line filing of return occurred not due to any negligence of the assessee, rather, the reason for the same was beyond the control of the assessee, therefore matter was remanded back to AO to examine the limited aspect as to whether the assessee, otherwise, was entitled to claim deduction under section 80-IC o...

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Income on account of undisclosed sundry debtors surrendered to be considered as deemed income u/s 69

DCIT Vs Khurana Rolling Mills (P) Ltd (ITAT Chandigarh)

Surrender offered by assessee on account of undisclosed sundry debtors was purely related to business carried out by assessee, therefore, same had to be assessed as deemed income under sections 69, 69A/B/C and assessee was entitled to claim the benefit of set off of losses both current and brought forward in accordance with law against th...

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Income from commercial exploitation of popularity of Cricket not incidental to main object U/s. 2(15)

Punjab Cricket Association Vs ACIT (ITAT Chandigarh)

Punjab Cricket Association Vs ACIT (ITAT Chandigarh) Punjab Cricket Association (Assessee) is regularly following commercial activity by commercially exploiting its property and rights to hold matches and thereby earning huge income, hence the said activity can not be said to be incidental activity rather the commercial exploitation of th...

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Section 271BA: No Penalty for bonafide failure in filing of Form No. 3CEB

Shree Ram Dass Rice & General Mills Vs DCIT (ITAT Chandigarh)

Where assessee failed to upload the report electronically in Form No. 3CEB but said report was promptly made available in the assessment proceedings itself, said failure was accepted as bona fide and accordingly, the penalty levied under section 271BA was to be quashed....

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In case of Limited scrutiny AO cannot make additions or disallowances on other issues

Shri Vijay Kumar Vs ITO (ITAT Chandigarh)

Shri Vijay Kumar Vs ITO (ITAT Chandigarh) The main contention of the Ld. Counsel for the assessee is that the Assessing Officer while making the impugned additions has exceeded his jurisdiction. That the case of the assessee was selected for limited scrutiny issue i.e. regarding security transaction. The Assessing Officer could not find a...

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No disallowance of Interest on borrowed capital for Interest free advances if Sufficient own funds available

Shri Dharam Pal Aggarwal Vs ACIT (ITAT Chandigarh)

Where assessee made interest free advances out of interest free own funds available with it, no disallowance of deduction under section 36(1)(iii) was called for....

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ITAT suggests creation of Tax Advisory Cell & Tax Compliance Scheme

Smt. Asha Gandhi Vs ITO (ITAT Chandigarh)

Smt. Asha Gandhi Vs The ITO (ITAT Chandigarh) Conclusion: Tribunal urged State to remove violations of tax laws by new assessees such as part time enterprising housewives, illiterate, semi-skilled men/women or teenagers by highlighting the concepts of agents of economic change; creation of Tax Advisory Cell; and coming out with Policy/Tax...

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