ITAT Chandigarh held that exemption under section 54B of the Income Tax Act is not available when property was not purchased in the name of the assessee.
ITAT Chandigarh held that disallowance of expenses u/s 14A read with Rule 8D is unwarranted on the premise that the investment in shares were stock-in-trade.
Inderjit Singh Mann Vs ACIT (ITAT Chandigarh) The assessee has filed copy of the sale deed dated 19.2.2009 in the paper book in which it is specifically mentioned that assessee received various advances from the purchasers on different dates in the year 2007 before execution of sale deed. According to the chart prepared by the […]
It goes without saying that in the absence of enabling powers, no disallowance can be made. As such, enabling provisions being absent, the CPC did not have the jurisdiction to make the disallowance in question, in the order u/s 143 (1) of the Act.
ITAT held that assessment order is bad in law as assessing authority passed order u/s 143(3) without issuing mandatory notice u/s 143(2)
ITAT Chandigarh held that the income so surrendered by way of account receivables cannot be brought to tax under the deeming provisions u/s 69 r/w section 115BBE of the Income Tax Act.
Where assessee had offered business receipts amounting to Rs 41,81,800/- in his return of income which was sufficient to make business advances of Rs 8,05,000/- there was no justifiable reason to not accept the entries in the cash book corresponding to advances of Rs 8,05,000/- made out of said business receipts.
ITAT Chandigarh held that as additional evidence submitted are essential and critical for determination of issue under consideration, matter remanded back to ld. CIT(A).
ITAT Chandigarh held that claiming of wrong depreciation on the advice of auditor is bona fide claim and hence penalty under section 271(1)(c) of the Income Tax Act not leviable.
ITAT Chandigarh held that AO not empowered to disturb the assessment order/ reassessment order which has attained finality, unless contrary material gathered in the course of proceedings u/s 153A of the Income Tax Act.
