ITAT Chandigarh

Gift by individual to HUF is exempt same as a gift from HUF to its member

Pankil Garg Vs  PCIT (ITAT Chandigarh)

Amount received by assessee from ‘HUF’, being its member, was a capital receipt in his hands and was not exigible to income tax as in case of individual, the HUF has not been included in the definition of relative in explanation to section 56(2) (vii) as it was not so required because in case of HUF,...

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Section 271AAB Penalty justified if surrendered stock was unaccounted

M/s Royal Lifestyle Jewellers Pvt. Ltd Vs DCIT (ITAT Chandigarh)

Penalty under section 271AAB was justified as the surrender had been made on account of discrepancy /shortage in stock which had not been accounted for by assessee and the same was therefore rightly been held to qualify as “ undisclosed income” as per the definition in section 271AAB....

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Tax cannot be levied on Loan Waived under one time settlement

Sh. Jai Pal Gaba Vs ITO (ITAT Chandigarh)

Sh. Jai Pal Gaba Vs ITO (ITAT Chandigarh) The very language of the section 28(iv) speaks about the value of any benefit or perquisite arising from business or exercise of a profession. Now considering the facts and circumstances of the case, though, the loan was taken for the purpose of business but the same was […]...

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No addition in Assessment U/s. 153A if No incriminating material found

DCIT Vs M/s Chandigarh Developers Pvt. Ltd. (ITAT Chandigarh)

As assessment for impugned assessment year was not pending on the date of search, therefore, no addition could to be made in assessment framed under section 153A in the absence of any incriminating material found during search....

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Commission not allowable in absence of evidence of rendering services

Shri Charanjeet Singh Chadha Vs JCIT (ITAT Chandigarh)

Assessee has not produced any evidence before the authorities below regarding as to what services have been rendered by Shri Sarabjit Singh for the business of the assessee. No confirmation from Shri Sarabjit Singh was filed before the authorities below....

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Profit / losses of all undertakings are to be treated separately while calculating deduction u/s 80IC

Milestone Gears Private Limited Vs ACIT (ITAT Chandigarh)

Milestone Gears Private Limited Vs ACIT (ITAT Chandigarh) For the purpose of calculating deduction u/s 80IC, profit of each undertaking should be treated separately and losses from other eligible undertaking should be ignored. Profit and losses of all the eligible undertaking couldn’t be netted off. Facts –- Assessee is engaged in the...

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Tax on Interest on enhanced compensation arising on compulsory acquisition of agricultural land

Satbir & Ors. Vs ITO (ITAT Chandigarh)

Satbir & Ors. Vs ITO (ITAT Chandigarh) Capital gains–Interest on enhanced compensation arising on compulsory acquisition of agricultural land–Taxability Interest earned under section 28 of Land Acquisition Act, 1894, which is on enhanced compensation, is treated as an accretion to the value and therefore, is part of the en...

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Foreign travel expenses of MD of company for business purpose allowable

Ms Mount Shivalik Brewereis Ltd. Vs DCIT (ITAT Chandigarh)

Foreign travelling expenses incurred by assessee-company for its Managing Director (MD) should be allowed as deduction as AO had no basis for holding the expenses incurred on the MDs trip to Germany as excessive or personal....

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Set off of business losses against capital gains is not mandatory

Sh. Ajay Kumar Singhania Vs DCIT (ITAT Chandigarh)

Sh. Ajay Kumar Singhania Vs DCIT (ITAT Chandigarh) The sole issue involved in this appeal is as to whether under the provisions of section 71 of the Income-tax Act, 1961 (in short ‘the Act’) there is an option to the assessee to set off the business losses against the capital gains or is it mandatory to […]...

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Interest disallowance justified for Interest-free loan to sister concern for non-commercial expediency

C.R. Auluck & Sons (P) Ltd. Vs ACIT (ITAT Chandigarh)

Where assessee-company had advanced interest-free loan to its sister concerns out of interest bearing fund, the disallowance under section 36(1)(iii) was proper because the loan could not be said to have been given out of commercial expediency, when the two concerns had independent lines of manufacturing and were manufacturing different ...

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