Courts: ITAT Chandigarh
662 articlesIncome Tax
Income Tax
Time gap between withdrawal of cash & spending of cash not relevant unless it is proved that assessee spent the amount somewhere else
Income Tax
Income Tax
If there is no loss to revenue then there would be no Disallowance and Rule 8D is not applicable for A.Y. 2007-08
Income Tax
Income Tax
If assessee merely acted as a conduit without any right in money, no addition can be made u/s 69A
Income Tax
Income Tax
No addition u/s 68 on account of money received on allotment of shares, once identity of Investor Company established
Income Tax
Income Tax
Disallowance of expenses on adhoc basis without finding any personal use by chairman of trust, not sustainable
Income Tax
Income Tax
Recovery of out of pocket costs incurred by society from ultimate beneficiaries of grant not taxable in the hands of society
Income Tax
Income Tax
Reopen proceedings not valid in absence of any tangible material to substantiate escaped income
Income Tax
Income Tax
Penalty u/s 271(1)(c) cannot be levied when returned income is accepted as it is
Income Tax
Income Tax
Substantial expansion possible only on existing units-Assessee eligible for 25% Deduction U/s. 80IC not 100%
Income Tax
Income Tax
In case of rejection of books, estimation of gross profit based on past history justified
Income Tax
Income Tax
Voluntarily surrender of income can’t escape penalty if assessee deliberately not shown unaccounted income in return
Income Tax
Income Tax
Interest on loans not allowable if loan utilized to finance sister concern with no direct or indirect benefit to assessee
Income Tax
Income Tax
Hire Purchase Installments received to be taken as income by allowing corresponding expenditure as deduction
Income Tax
Income Tax
