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.
Voluntarily surrender of income can’t escape penalty if assessee deliberately not shown unaccounted income in return
Interest on loans not allowable if loan utilized to finance sister concern with no direct or indirect benefit to assessee
Hire Purchase Installments received to be taken as income by allowing corresponding expenditure as deduction
In absence of any evidence to contradict Value in valuation report of registered valuer is to be taken as fair market value as on 01.04.1981
Interest from surplus fund taxable as income from other sources
Interest Income due to delay in actual start of Project is assessable as Income from other sources
Penalty cannot be imposed on preponderance of probabilities
Delay could be condoned on the ground of Wrong Advice of Counsel
Reopening u/s 147 required only “reason to believe” and not the established fact of escapement of income
Appeal can be filed against wrong appeal effect given by Assessing Officer
CIT(A) has to follow directions given by the Tribunal, violation of directions can be treated as contempt of Court
Deduction u/s 80IC Rs cannot be denied on Foreign Exchange Rate Fluctuations
No Penalty u/s 271(1)(C) on Bonafide claim of wrong deduction
Non-furnishing of any explanation itself will lead to Penal Consequences
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.
