IIM Sirmaur secures tax exemption registration after ITAT Chandigarh rules against denial based on a technical error in application, citing judicial precedents.
ITAT Chandigarh directs CIT to grant 12AA registration to Paramount Education Charitable Trust, overturning rejection based on Societies Act registration.
ITAT Chandigarh held that compensation under a family settlement is liable to be assessed under the head ‘Capital Gain’ and not ‘Income from Other Sources’. Thus, deduction u/s. 54 and 54EC allowed and addition made by AO set aside.
ITAT Chandigarh held that invocation of revisionary power under section 263 of the Income Tax Act not sustainable since PCIT failed to establish that assessment order was erroneous and prejudicial to the interest of revenue. Accordingly, appeal of assessee allowed.
ITAT Chandigarh held that addition by applying gross profit rate on alleged bogus purchases not justified since it was proved that alleged purchases were made at par and were not under-valued or inflated. Thus, appeal of assessee allowed.
ITAT Chandigarh held that deduction u/s 54B of the Income Tax Act, 1961 is not admissible if the new capital asset i.e. agriculture land is purchased in the name of wife of the assessee. Accordingly, appeal of assessee partly allowed.
ITAT Chandigarh remits FI Foundation’s 80G registration case back to CIT(E) for examination on merits after application rejection due to delayed filing.
ITAT Chandigarh held that amount in locker being cash received on sale of flat which is already assessed to capital gain. Accordingly, addition under section 69 of the Income Tax Act towards unexplained cash rightly deleted by CIT(A). Thus, appeal of revenue dismissed.
ITAT Chandigarh held that cash deposits in assessee’s bank account was less than the amount mentioned in the reopening notice and thus reasons recorded by the AO were not found to be valid and, therefore, the reassessment framed was quashed. Accordingly, appeal of assessee allowed.
ITAT Chandigarh annuls reassessment against Manjit Singh due to jurisdictional error by ITO Dasuya in issuing notice under Section 148.
