Shri Sanjay Singal Vs DCIT (ITAT Chandigarh) Addition of Rs. 61.86 Crore in 9 Appeals on Account of Bogus Long Term Capital Gain U/S 10(38) Claimed Deleted on Facts of Alleged Penny Scrip of PIL (Praneta Industries Ltd) and Revenue Rule 29 Application Containing Fir Filed by ED Against Companies of Bhushan Group & Statement […]
Since the major write off claim evidently pertained to vaccines which assessee consistently claimed had been nearing expiry and thus had no realizable value and nothing had been pointed out regarding the insufficiency of evidences filed by assessee, therefore, the claim of assessee was fully justified for write off of vaccines since undoubtedly such vaccines were not capable of being used beyond expiry period and had no realizable value thereafter.
Manav Mangal Society Vs DCIT (ITAT Chandigarh) Conclusion: Since the specified persons possessed the requisite qualifications and rendered the services, therefore, it cannot be held that payment of salary to the specified persons was unreasonable particularly when no comparable case was cited by AO. Therefore, the exemption could not be denied under section 13(1)(c). Held: […]
Simar Kaur Vs ACIT (ITAT Chandigarh) It is seen that the assessee has consistently maintained its challenge that notice was not issued as it has not been served. The tax authorities have rejected the challenge holding that non-receipt is not equivalent to non-service. It is seen that though the challenge is recorded the wording in […]
Ropar Properties And Builders Pvt. Ltd. Vs ITO (ITAT Chandigarh) To convert the limited scrutiny into complete scrutiny, the Assessing Officer shall be required to form a reasonable view that there is a possibility of under statement of income and that view should be based on credible material or information available on record and such […]
Bajaj Sons Ltd. Vs DCIT (ITAT Chandigarh) We find that a separate surrender of Rs. 97.11 lacs has been made by Shri SB Bajaj Director of the assessee company on account of unexplained cash found during the search action. However, so far as the surrender of Rs. 15 lac to cover any discrepancy is concerned, […]
Building Committee (Society) Barnala Vs CIT (Exemption) (ITAT Chandigarh) It is pertinent to observe that the ld.CIT(E) failed to comprehend the role of Bar Association in judicial dispensation. He construed the existence of the assessee-society in a very narrow manner, as if it is a group of some professionals who are working for their individual […]
ITO Vs Chawli Devi (ITAT Chandigarh) Interest received by assessee on compulsary acquisition of of its land u/s 28 of Land Acquisition Act is in the nature of compensation and not interest which is taxable under the head of income from other sources u/s 56. FULL TEXT OF THE JUDGMENT/ORDER OF CHHATTISGARH HIGH COURT These […]
Harish Sharma Vs ITO (ITAT Chandigarh) Admittedly, in the present case the notebook entries containing entry pertaining to the business of M/s Sharma Overseas Services was recovered from the possession of the assessee. The authorities below have not rejected the contention of the assessee that the entries in note book pertained to the business concern […]
Since AO passed the assessment order and accepted the return filed by assessee after examining the issue regarding increase in capital account as assessee had credited his capital account with agricultural income and the capital gain from sale of flats and had reflected that same in its capital account, therefore, CIT had exceeded jurisdiction under section 263 by directing AO to make fresh assessment on the issues which were not the subject matter of the AO’s limited scrutiny.
