ITAT Chandigarh

In case of Limited scrutiny AO cannot make additions or disallowances on other issues

Shri Vijay Kumar Vs ITO (ITAT Chandigarh)

Shri Vijay Kumar Vs ITO (ITAT Chandigarh) The main contention of the Ld. Counsel for the assessee is that the Assessing Officer while making the impugned additions has exceeded his jurisdiction. That the case of the assessee was selected for limited scrutiny issue i.e. regarding security transaction. The Assessing Officer could not find a...

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No disallowance of Interest on borrowed capital for Interest free advances if Sufficient own funds available

Shri Dharam Pal Aggarwal Vs ACIT (ITAT Chandigarh)

Where assessee made interest free advances out of interest free own funds available with it, no disallowance of deduction under section 36(1)(iii) was called for....

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ITAT suggests creation of Tax Advisory Cell & Tax Compliance Scheme

Smt. Asha Gandhi Vs ITO (ITAT Chandigarh)

Smt. Asha Gandhi Vs The ITO (ITAT Chandigarh) Conclusion: Tribunal urged State to remove violations of tax laws by new assessees such as part time enterprising housewives, illiterate, semi-skilled men/women or teenagers by highlighting the concepts of agents of economic change; creation of Tax Advisory Cell; and coming out with Policy/Tax...

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Tax administration not expected to collect taxes based on ignorances of assessee

Shri Dilpreet Singh Vs ITO (ITAT Chandigarh)

Shri Dilpreet Singh Vs ITO (ITAT Chandigarh) Section 148 Conclusive proof as to escapement of income at notice stage not required At the stage of issue of notice under section 148 of Income Tax Act, 1961, the only question to be seen is whether there was relevant material, on the basis of which a reasonable […]...

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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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