Courts: ITAT Chandigarh
Find latest ITAT Chandigarh judgments, orders and case laws on income tax covering assessments, additions, deductions, exemptions, capital gains, reassessment and penalties.
CIT being a revisional authority not permitted to step into shoes of Assessing officer
Discount on shares under ESOPs is allowable expenditure
Merely because assessment order of AO is Brief & Cryptic it cannot be considered as erroneous & prejudicial to revenue interest
Addition based on negative stock, calculated by AO by preparing monthly trading account not sustainable
Time gap between withdrawal of cash & spending of cash not relevant unless it is proved that assessee spent the amount somewhere else
If there is no loss to revenue then there would be no Disallowance and Rule 8D is not applicable for A.Y. 2007-08
If assessee merely acted as a conduit without any right in money, no addition can be made u/s 69A
No addition u/s 68 on account of money received on allotment of shares, once identity of Investor Company established
Disallowance of expenses on adhoc basis without finding any personal use by chairman of trust, not sustainable
Recovery of out of pocket costs incurred by society from ultimate beneficiaries of grant not taxable in the hands of society
Reopen proceedings not valid in absence of any tangible material to substantiate escaped income
Penalty u/s 271(1)(c) cannot be levied when returned income is accepted as it is
Substantial expansion possible only on existing units-Assessee eligible for 25% Deduction U/s. 80IC not 100%
In case of rejection of books, estimation of gross profit based on past history justified
ITAT Chandigarh judgments and orders cover appeals involving a broad range of issues under the Income-tax Act. This page compiles Tribunal decisions on assessments, additions, deductions, exemptions, capital gains, business income, unexplained income, reassessment, TDS, penalties, limitation and procedural matters. Taxpayers, Chartered Accountants, advocates, businesses and consultants can use the ITAT Chandigarh category to locate relevant precedents and research income-tax disputes. TaxGuru updates this collection with Tribunal decisions published on the website, providing convenient access to recent and important earlier ITAT Chandigarh case laws.
