Case Law Details
Brief Facts:
1. The assessee is an individual, who filed his income tax return for the assessment year under consideration on March 31st, 2010. The assessee worked as an Exhibitor and Infrastructure Provider during the year under consideration. Subsequently, the case was selected for scrutiny under CASS on the basis of AIR information.
2. The A.O., during the course of proceedings, noticed building material and processing charges claimed as expense in the profit and loss account. It was contended that the same were of capital nature and hence, added to assessee’s income. The Tribunal, in its order, has mentioned the following facts:
a) The A.O. has disallowed these expenses merely stating that, these expenses were of capital nature and has not given any detailed finding on the issue.
b) No independent reasons were given by the A.O. for imposing penalty. Reliance was placed upon the fact that in the quantum proceedings, the expenses claimed by the assessee were held to be of capital nature.
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I have uploaded the judgment on our website and link for the same is as follows :-
https://taxguru.in/wp-content/uploads/2015/06/Jagjit-singh.pdf#sthash.vvs2xw80.dpuf
Dear sir,
The order is under the pronouncements TAB. Downloaded a Copy.
Thank you
Ravi S V
Sir,
I regret to inform you that the details of the above mentioned case law of the ITAT Chandigarh Bench is non existant. Please verify the same and if possible please forward the accurate ITA No. and oblige.
Ravi S V