ITAT Chandigarh held that addition invoking the deeming provisions of section 69 r.w.s. 115BBE of the Income Tax Act unjustified as nature and source of undisclosed income/ investment duly explained by the assessee.
Chandigarh ITAT ruled interest income from cooperative bank eligible for deduction under Sec 80P(2)(d). Detailed analysis of the case.
Chandigarh ITAT allows additional evidence in assessments under section 144, ensuring fair taxpayer treatment and legal compliance.
Dive into the recent ITAT judgment on Sec 69B & 115BBE, exploring the treatment of unrecorded stock in a business survey. Analysis of AO, CIT(A), and ITAT perspectives.
The crux of the matter lies in the alleged non-compliance with CBDT Circulars, emphasizing the mandatory nature of DIN in all communications.
ITAT Chandigarh held that initiation of reassessment proceeding merely on the fact that AO has not carried out independent enquiries of confirmations from the creditors, without pointing out any deficiency or inaccuracy, cannot be a base to hold that order was erroneous in so far as prejudicial to the interest of revenue. Accordingly, reassessment unsustainable.
ITAT Chandigarh held that imposition of penalty u/s. 271(1)(b) of the Income Tax Act unjustified as special audit completed u/s. 142(2A) and audit report submitted within the extended time limit provide by AO.
Addition under Section 153A could not be made in the absence of incriminating material found during the course of a search conducted under Section 132. In case no incriminating material was unearthed during the search, AO could not reassess taking into consideration the other material in respect of completed assessments/unabated assessments.
Learn how the Income Tax Appellate Tribunal restricted the jurisdiction of Section 263 regarding issues not forming part of a limited scrutiny assessment in the case of Aggarwal Promoters Vs PCIT.
ITAT Chandigarh held that reopening of assessment under section 147 of the Income Tax Act based on wrong and irrelevant facts recorded under the reasons recorded for the formation of belief of escapement of income chargeable to income tax is unsustainable in law and liable to be quashed.
