ITAT Chandigarh held that as additional evidence submitted are essential and critical for determination of issue under consideration, matter remanded back to ld. CIT(A).
ITAT Chandigarh held that claiming of wrong depreciation on the advice of auditor is bona fide claim and hence penalty under section 271(1)(c) of the Income Tax Act not leviable.
ITAT Chandigarh held that AO not empowered to disturb the assessment order/ reassessment order which has attained finality, unless contrary material gathered in the course of proceedings u/s 153A of the Income Tax Act.
ITAT Chandigarh held that addition of mere book entry unsustainable as no amount has been received and no adverse interference with regard to the same has been drawn by the department.
ITAT Chandigarh held that invocation of revisionary jurisdiction under section 263 of the Income Tax Act without satisfying twin conditions i.e. that the order of the AO must be erroneous and prejudicial to the interest of revenue is unsustainable in law.
Any action on part of the Assessing officer to verify utilization of amount deposited in capital gains account scheme needs to be undertaken or examined in the year when the period of three years from the date of transfer of original asset expires and not in year of transfer of original asset.
ITAT Chandigarh held that invocation of revisional power under section 263 of the Income Tax Act unjustified once detailed inquiry conducted by AO on the matter.
On facts we find that issues have been enquired into at length by AO and orders cannot be set aside on mere whims & fancies of Revisionary Authority
ITAT Chandigarh held that as tax finally assessed would be equal to the tax deducted at source and hence there is no basis for levy of penalty u/s 271(1)(c) of the Income Tax Act.
ITAT held that matter relating to wages/labour expenses which was not subject matter of limited scrutiny cannot be raised in revisionary proceedings u/s 263 for the first time.
