2 ITAT Chandigarh

ITAT Chandigarh

Section 263 cannot be invoked for non-verification in year of transfer of utilization of amount deposited in Capital Gain Account

Surjit Singh S/o Mehtab Singh Proprietor M/s Beli Ram Surjit Singh Vs PCIT (ITAT Chandigarh)

Any action on part of the Assessing officer to verify utilization of amount deposited in capital gains account scheme needs to be undertaken or examined in the year when the period of three years from the date of transfer of original asset expires and not in year of transfer of original asset....

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Revisional power unjustified as detailed inquiry conducted by AO

Gurdeep Singh Vs PCIT (ITAT Chandigarh)

ITAT Chandigarh held that invocation of revisional power under section 263 of the Income Tax Act unjustified once detailed inquiry conducted by AO on the matter. ...

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Orders cannot be set aside on mere whims & fancies of Revisionary Authority

Rajbir Singh Vs PCIT (ITAT Chandigarh)

On facts we find that issues have been enquired into at length by AO and orders cannot be set aside on mere whims & fancies of Revisionary Authority...

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Penalty u/s 271(1)(c) not leviable as tax assessed is equal to TDS deducted

Karnail Singh Vs JCIT (ITAT Chandigarh)

ITAT Chandigarh held that as tax finally assessed would be equal to the tax deducted at source and hence there is no basis for levy of penalty u/s 271(1)(c) of the Income Tax Act....

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Matter which was not subject matter of limited scrutiny cannot be raised in revisionary proceedings

Longia Engineers Vs PCIT (ITAT Chandigarh)

ITAT held that matter relating to wages/labour expenses which was not subject matter of limited scrutiny cannot be raised in revisionary proceedings u/s 263 for the first time....

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Revisionary power u/s 263 invocable as old tax rates applied instead of amended rates

Agya Ram Manohar Lal Vs PCIT (ITAT Chandigarh)

ITAT Chandigarh held that AO erred in applying the rate of tax as 30% under section 115BBE instead of amended rate of tax 60% Accordingly revisionary power under section 263 rightly applied as order passed was erroneous and prejudicial to the interest of revenue....

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Order passed in cryptic manner cannot make it erroneous

Smt. Nagina Kochar Vs PCIT (ITAT Chandigarh)

Held that the mere fact that the assessment order has been passed in a cryptic manner, by itself cannot make the order erroneous or pre-judicial to the interest of Revenue Accordingly revisionary powers under section 263 of the Income Tax Act not invocable....

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Amount received in the nature of interest is taxable @15% under Article 12 of India-UK DTAA

Karnail Singh Vs ADIT (ITAT Chandigarh)

ITAT Chandigarh held that the amount of monthly assured return received till the time of possession of units is in nature of interest is taxable @15% under Article 12 of India-UK DTAA...

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Interest on refund due to additional claim payable from the date additional claim was raised

ACIT Vs Aarti International Ltd. (ITAT Chandigarh)

ITAT Chandigarh held that interest on refund resulting due to additional claim is payable from the date the additional ground, resulting into refund, has been put up for the first time. Here, TUFS receipt to be treated as capital receipt was for the first time taken up before CIT(A) on 04/01/2016....

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Section 12AA mandates passing of order refusing or granting registration in writing

Shyama Sharma Charitable Trust Vs CIT, Exemptions (ITAT Chandigarh)

Shyama Sharma Charitable Trust Vs CIT, Exemptions (ITAT Chandigarh) The provisions of section 12AA provides that the CIT(E) after receipt of application and calling for such documents and information as he thinks necessary and after making such enquiries as he may deem necessary and after satisfying himself about the objects of the assess...

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