ITAT Chandigarh

Rule 11U(b) not mandate that Balance Sheet should be audited on valuation date

Electra Paper and Board Pvt. Ltd. Vs ITO (ITAT Chandigarh)

Electra Paper and Board Pvt. Ltd. Vs ITO (ITAT Chandigarh) In the instant case undisputedly on the date of allotment of shares i.e. 31.3.2016, a balance-sheet was drawn by the assessee albeit the said balance sheet was unaudited on that date. The FMV of the shares was determined on the basis of said balance-sheet. The […]...

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PF Disallowance: Amendment in Sec 36(1)(Va) & 43B Applicable From AY 2020-21

Sandhu Automobiles Pvt. Ltd. Vs DCIT (ITAT Chandigarh)

Sandhu Automobiles Pvt. Ltd. Vs DCIT (ITAT Chandigarh) It is seen that in the facts of the present case no doubt that there was a delay in the payments of PF in respect of employees contribution as far as time line set out by the relevant statute is concerned. However, it is not disputed that […]...

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Explanation of opening cash in hand out of Tuition Income of earlier Years cannot be rejected without assigning any reason

Smt. Sarabjit Kaur Vs ITO (ITAT Chandigarh)

Smt. Sarabjit Kaur Vs ITO (ITAT Chandigarh) In both the years under consideration, the assessee has declared income from tuition fee in her return of income and in both the years there were cash deposits in the bank account being maintained by the assessee. The Assessing officer added the cash deposits to the income of […]...

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AO made adequate enquiries – PCIT not conducted any independent enquiry- Section 263 proceedings invalid

Sh. Sanjay Jain Vs PCIT (ITAT Chandigarh)

Sh. Sanjay Jain Vs PCIT (ITAT Chandigarh) In the present set of cases, AO asked the assessees to furnish the relevant details relating to Long Term Capital Gain, Short Term Capital Gain, exemption u/s 10(36) of the Act, deduction u/s 57 of the Act and unsecured loans and the assessees furnished all the relevant documents […]...

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ITAT directs NFAC to reconsider Appeal instead of dismissing merely for delay in filing

Neelam Hospital Vs ITO (ITAT Chandigarh)

Neelam Hospital Vs ITO (ITAT Chandigarh) Admittedly and undisputedly, the assessee had filed the appeal before the NFAC beyond the period of limitation and there was a delay of 252 days in filing the appeal. However, it is also undisputed that the NFAC did not adjudicate the appeal of the assessee on merits but dismissed […]...

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Employees’ contribution towards ESI/PF paid before due date of filing of return of income allowable

Arjun Yadav Vs DCIT (ITAT Chandigarh)

Arjun Yadav Vs DCIT (ITAT Chandigarh) In the instant case, it is not in dispute that employees’ contribution to ESI and PF had been deposited well before the due date of filing of return of income u/s 139(1) of the Act. We further note that though the ld. CIT(A) has not disputed the various decisions […]...

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Section 69A addition not justified for Amount received through Bank, duly recorded in books & explained by Assessee

Smt. Jagmohan Kaur Bajwa Vs ITO (ITAT Chandigarh)

Entries relating to advances received from Hardev Singh and his son Maninder Singh Sahi from Canada were recorded in books of account and assessee also explained that amount was received as an advance for making investment in property by said person, and assessee was engaged in the property business. Assessee also requested AO to summon c...

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Section 263 jurisdiction valid on issues not enquired by AO

Sh. Rajeev Goyal Vs PCIT (ITAT Chandigarh)

A perusal of the record shows that this allegation of the Ld. Pr. CIT is correct in so far as no query has been raised by the AO on these two issues and neither has the assessee made any submissions either before the AO or even before the Ld. PR. CIT on these two issues even when the said issues were duly mentioned in the show cause notic...

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ITAT allows prior period Expenses based on principle of crystallization of liability

Kamla Retail Ltd. Vs ACIT (ITAT Chandigarh)

Kamla Retail Ltd. Vs ACIT (ITAT Chandigarh) It is no doubt true that it is incumbent upon the assessee to account for the expenses in respective financial year in which they are incurred or the liability towards such expenses has accrued which is in line with the mercantile system of accounting as well as concept […]...

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Employees contribution of ESI/PF paid prior to filing of return of income u/s 139(1) allowable

Citi Centre Developers Vs CPC (ITAT Chandigarh)

Citi Centre Developers Vs CPC (ITAT Chandigarh) Since the facts of the present cases are identical to the facts involved in Raja Ram Vs. ITO, Yamunanagar (ITAT, Chandigarh) therefore respectfully following the earlier orders as referred to herein above of the different Benches of the ITAT, the impugned additions made by the Assessing Offi...

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