ITAT Chandigarh held that AO erred in applying the rate of tax as 30% under section 115BBE instead of amended rate of tax 60% Accordingly revisionary power under section 263 rightly applied as order passed was erroneous and prejudicial to the interest of revenue.
Held that the mere fact that the assessment order has been passed in a cryptic manner, by itself cannot make the order erroneous or pre-judicial to the interest of Revenue Accordingly revisionary powers under section 263 of the Income Tax Act not invocable.
ITAT Chandigarh held that the amount of monthly assured return received till the time of possession of units is in nature of interest is taxable @15% under Article 12 of India-UK DTAA
ITAT Chandigarh held that interest on refund resulting due to additional claim is payable from the date the additional ground, resulting into refund, has been put up for the first time. Here, TUFS receipt to be treated as capital receipt was for the first time taken up before CIT(A) on 04/01/2016.
Shyama Sharma Charitable Trust Vs CIT, Exemptions (ITAT Chandigarh) The provisions of section 12AA provides that the CIT(E) after receipt of application and calling for such documents and information as he thinks necessary and after making such enquiries as he may deem necessary and after satisfying himself about the objects of the assessee society and […]
Piyush Overseas Pvt. Limited Vs DCIT (ITAT Chandigarh) ITAT find merit in the contention of the ld AR that where the assessment has been conducted through a virtual electronic platform, it may not be feasible to submit and upload the voluminous books of account, sale / purchase register, cash book, and other ledger account along with […]
ITAT Chandigarh held that suspicions entertained by the Revenue cannot be the basis of unsettling the valid order and hence revisionary order proceeded entirely on presumptions, conjectures and surmises is liable to be quashed.
ITAT Chandigarh held that for claiming deduction u/s 57(iii) of the Income Tax Act primary motive of incurring such expenditure should be directly relatable to the earning of income falling under the head income from other sources. Such expenditure are deductible even if there is net loss.
Retention of revenues by assessee society as grant in aid by Government of Punjab and assessee society thus continue to remain wholly funded by Government & assessee is thus held eligible for exemption under section 10(23C) (iiiab).
ITAT Chandigarh held that denial of cross-examination, based on which addition on account of unrecorded sales was confirmed, demolishes the very foundation of making addition and hence such addition is unsustainable in law.
