ITAT Chandigarh condones a 228-day delay in Joginder Singh’s appeal and remands the unexplained cash credit case for reassessment by the Assessing Officer.
ITAT Chandigarh dismisses an appeal after the assessee opts for the Direct Tax Vivad Se Vishwas (DTVSV) Scheme 2024, with conditions for revival if needed.
Assessee was entitled for exemption under section 10(10B) for Voluntary Retirement Scheme (VRS) compensation on whole of the amount received citing that the Central-Government approved schemes that benefited Employees.
Every deposit in the bank account cannot always be an income. Therefore, condition of deposit of advance tax could not be imposed blindly without considering contention of assessee that his income was below the taxable limit.
ITAT Chandigarh deletes ₹32 lakh addition against Pawan International, ruling cash deposits from opening stock sales cannot be treated as unexplained income.
ITAT Chandigarh reverses AO’s 10% disallowance of property improvement costs, accepting architect’s valuation for accurate capital gains calculation.
Assessee was also expected to be vigilante in so far as assessment proceedings were concerned. Most of the time assessee went in slow motion and avoid proceedings by not responding to notice(s) of Department, not appearing before AO, not following up with CA/Advocates.
ITAT Chandigarh held that no incriminating material found during course of search and assessment is completed during date of search hence addition under section 68 of the Income Tax Act not sustainable.
During the assessment proceedings, AO provided many opportunities to the Assessee to explain the nature and source of deposits made during the demonization period, however, the Assessee did not gave any satisfactory explanation during the assessment proceedings.
ITAT Chandigarh held that reassessment order under section 147 of the Income Tax Act cannot be passed without compliance with mandatory requirement of notice under section 143(2) of the Income Tax Act. Thus, order passed u/s. 144 r/w 147 set aside.
