ITAT Chandigarh

Depreciation @ 60% allowable on Set Top Boxes acquired on Finance Lease

Fastway Transmission (P) Ltd. Vs ACIT (ITAT Chandigarh)

Fastway Transmission (P) Ltd. Vs ACIT (ITAT Chandigarh) Conclusion: Set top boxes was the property of CISCO which was taken by assessee on lease from CISCO against payment of lease charges thus assessee was not entitled to claim the principal component of alleged lease rent paid as ‘revenue expenditure’ u/s 37(1) however, entitled to ...

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Penalty cannot be imposed for mere Section 12A registration cancellation

Guru Nanak Public School Vs ACIT (ITAT Chandigarh)

TAT see no reason to uphold the levy of penalty in the present case U/s 271(1)(c) of the Act, since the basis for levy of penalty, being cancellation of registration granted to the assessee U/s 12A of the Act and as a consequence treating its surplus and corpus donation as not exempt but taxable under the Act, has been quashed by the ITAT...

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No Exemption from MAT as Assessee is a developer not having any unit in a SEZ

Gee City Builders (P) Ltd. Vs DCIT (ITAT Chandigarh)

Assessee was not eligible for exemption from payment of MAT as per the provisions of section 115JB(6), since, admittedly, it did not qualify as a business or services rendered by an entrepreneur or developer in a unit or SEZ as per definition of the said terms in the SEZ Act....

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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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