The Chandigarh ITAT has dismissed a trust’s appeal for 80G approval, ruling that its hospital operates commercially and has no verifiable charitable activities.
ITAT Chandigarh deletes a Section 68 addition on share capital, ruling that a listed company is not required to prove a source of source for investment.
Chandigarh ITAT in Sanjeev Kumar Kathuria vs ITO held that FMV as on 1 April 2001 can be adopted as cost of acquisition for property received as gift. PCIT’s reliance on stamp duty value at the time of gift deed (2009) was rejected.
The ITAT Chandigarh directed the grant of a 12AA registration to a temple trust under state control, emphasizing that a trust deed is not essential when the state governs its administration.
ITAT Chandigarh held that foundation of reopening of assessment under section 148 of the Income Tax Act based on wrong facts is not justifiable. Hence, reopening of assessment is liable to be quashed.
ITAT Chandigarh dismisses revenue’s appeal, affirming partial interest disallowance for Mahesh Kumar Goyal based on consistency with prior assessment years
ITAT Chandigarh sets aside tax addition against Amico Textiles, ruling assessment invalid due to AO’s failure to follow mandatory Section 153C procedure for seized documents.
ITAT Chandigarh held that addition towards bogus Long Term Capital Gain u/s. 153A of the Income Tax Act cannot be sustained in the absence of any incriminating material found during the course of search. Accordingly, appeal allowed and addition deleted.
AO taxed the said surrendered amount under the provisions of section 115BBE of the Income Tax Act. CIT(A) allowed the appeal of the assessee. Being aggrieved, revenue has preferred the present appeal.
ITAT Chandigarh held that surplus funds of a charitable institution are being held in a fiduciary capacity hence can never be used for any other purpose except for charitable activity. Accordingly, matter remanded back to AO for fresh adjudication.
