Gurmeet Kaur Khurana Vs ITO (ITAT Chandigarh) The relevant facts of the case are that the assessee had invested an amount of Rs.6 lacs for immovable property with M/s Bajwa Developers Ltd. The investment was made vide cash payments. The transaction was flagged. It was noticed that no tax return was filed by the assessee. […]
Discrepancies in the silver jewellery cannot be said to be from an unexplained source as no such fact or allegation has either been made in the Survey. The discrepancy in the silver stock was in the regular course of the business of the assessee.
Explore the ITAT Chandigarh ruling in Classic Binding Industries vs. DCIT case. Victory for the assessee on 80-IC deduction for exchange rate fluctuation and substantial expansion.
Even if the assessee was unrepresented, CIT(A) should have adjudicated the issues before him based on the case record before him but unfortunately, CIT(A) chose not to do so and dismissed the assessee’s appeal without examining the case on merits. Therefore, the condonation of delay was allowable and substantial justice required that the issues should be re-examined by CIT(A).
Addition u/s 69 unsustainable as assessee books of account have not been rejected and also durin search no incriminating material was found which would point out towards the assessee introducing her unaccounted cash into the books of account.
The amount was never debited to the profit and loss account as an expenditure in the year they were received also the amount has not been written off. Said amount not taxable u/s 41(1)
Enhancing the quantity of gold by the weight of stones and diamonds is not logical. It was neither valued nor any Expert Valuers report was available on record. Addition unsustainable.
Books of accounts maintained by the assessee were audited and accepted by the AO. Cash sales and cash realized from debtors were also known to AO. Addition u/s 69A of cash deposited deleted.
Explore the ITAT Chandigarh ruling in Kapoor Singh Vs ITO case, analyzing delay condonation, agricultural assessees issues, and the merit of tax assessments.
HP Ex Servicemen Corporation Vs ACIT (ITAT Chandigarh) Issue– Ld. CIT(A) not granted the credit of TDS of Rs. 1,90,76,546/- (duly reflected in Form no. 26AS) by stating that the assessee had not offered the freight receipts as income for the relevant year under consideration ignoring the fact that the assessee had shown the net […]
