ITAT Chandigarh

Section 68 not applies when assessee explained nature & source of Income

Harish Sharma Vs ITO (ITAT Chandigarh)

Harish Sharma Vs ITO (ITAT Chandigarh) Admittedly, in the present case the notebook entries containing entry pertaining to the business of M/s Sharma Overseas Services was recovered from the possession of the assessee. The authorities below have not rejected the contention of the assessee that the entries in note book pertained to the bus...

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ITAT Chandigarh suggests creation of TAX ADVISORY CELL

Ashok Kumar Vs ITO (ITAT Chandigarh)

Ashok Kumar Vs ITO (ITAT Chandigarh) Before parting, it needs be highlighted that for India to achieve the status of a USD 5 trillion economy, the banking industry necessarily needs to have a very robust and transparent mechanisms of zero tolerance of abuse of power without which the Indian ambition can only remain a pipe […]...

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Signed document cannot be whimsically discarded; Don’t burden Taxpayer with unfair additions

Naresh Sharma Vs AO (ITAT Chandigarh)

Naresh Sharma Vs AO (ITAT Chandigarh) 1. The AO needs to ascertain if the sale transaction was indeed genuine and whether the signatures on the Agreement to Sell ‘Ikrarnama’ has been disowned by the purchaser as a forgery. 2. When a document duly relied upon by one of the parties is allegedly signed by both parties, […]...

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No revision by CIT if AO had taken a possible view

Venkatesh Technokraft Pvt. Ltd. Vs ITO (ITAT Chandigarh)

CIT was not justified in exercising his powers under section 263 and considering the assessment order passed by AO as erroneous and prejudicial to the interest of the Revenue as AO after appreciating the complete documentary evidences placed on record and applying his mind to the facts of the case, accepted the evidences filed by assessee...

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Written submissions without a conscious waiver cannot be treated as waiver of Right to be heard

Amrik Singh Bhullar Vs ITO (ITAT Chandigarh)

Amrik Singh Bhullar Vs ITO (ITAT Chandigarh) ITAT Chandigarh thrashing three important issues of mass importance in pervasive and Omnipotence e-proceedings in tax administration held; In the light of the above different set of reasoning, the issues raised are being decided under the following sub-issues: i) Limitation ii) What would const...

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Reassessment initiation solely based on report of Investigation Wing liable to be quashed

Future Tech IT Systems Pvt. Ltd. Vs ITO (ITAT Chandigarh)

Reassessment proceedings initiated upon report of the Investigation Wing was not valid as AO had not applied his mind independently and acted solely upon the report of the Investigation Wing....

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Mere Word Satisfied Invalidates Section 148 Approval given without Reasoning

Tek Chand Vs ITO (ITAT Chandigarh)

Tek Chand Vs ITO (ITAT Chandigarh) The A.O. obtained the approval of the PR. CIT before issuing the notice under section 148 of the Act. The proposal dt. 11/03/2016 seeking the approval for issuance of notice under section 148 of the Act, by the A.O. is placed at page no. 2 & 3 of the […]...

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Undisclosed Business Income not taxable under Section 115BBE r.w. Section 68 & 69

Shri Bhuwan Goyal Vs DCIT (ITAT Chandigarh)

Shri Bhuwan Goyal Vs DCIT (ITAT Chandigarh) Landmark Chandigarh ITAT order on Section 115BBE on  investment made out of undisclosed business income held not to fall in Section 69 & 115BBE (AY 17-18). In the present case it is not in dispute that the assessee surrenderd the income of Rs. 3.64 Crores in the statement […]...

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Cash found short cannot be treated as income of assessee

A.P. Refinery Pvt. Ltd. Vs DCIT (ITAT Chandigarh)

A.P. Refinery Pvt. Ltd. Vs DCIT (ITAT Chandigarh) The issue before us relates to addition made to the income of the assessee on account of cash found short with the assessee. Cash short, at the most represents expenses / outgoings out of cash available with the assessee not accounted for in the books of the […]...

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Section 11(2) not mandate a limitation for filing notice of accumulation in Form No. 10

Infrastructure Development Fund Vs DCIT (ITAT Chandigarh)

Infrastructure Development Fund Vs DCIT (ITAT Chandigarh) The Tribunal adjudicating on the identical issue, has held that if form No. 10 is filed during the continuation of the assessment proceedings that should have been taken into consideration by the Assessing Officer. That non filing of the Form No. 10 within stipulated period may be ...

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