M/S GANESH DASS HUF,SIRSA vs. PCIT, ROHTAK

ITA 287/CHANDI/2023Status: DisposedITAT Chandigarh24 February 2026AY 2018-19Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)95 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessment orders were erroneous as they failed to consider mandatory statutory provisions regarding the taxation of interest income. The Pr. CIT's revisionary powers under Section 263 were found to be validly invoked, and the assessment orders were set aside with directions for fresh assessment.

What were the facts?

The appeals were filed by various assessees challenging orders passed by the Principal Commissioner of Income Tax (Pr. CIT) under Section 263 of the Income Tax Act. The Pr. CIT had revised assessment orders, deeming them erroneous and prejudicial to the revenue, primarily concerning the taxability of interest on enhanced compensation.

What were the issues?

Whether the Pr. CIT correctly invoked Section 263 powers to revise assessment orders that failed to tax interest on enhanced compensation, and whether such interest is exempt under Section 10(37).

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 147,Section 148,Section 145A(b),Section 56(2)(viii),Section 57(iv),Section 10(37),Section 194A

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Cases cited in this judgment(30)Show list

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Heard together (4 matters)

ITA No. 488/Chd/ 2024
ITA No. 494 /Chd/ 2024
ITA No. 286 /Chd/ 2023
ITA No. 287/Chd/ 2023

Read from the judgment's own cause title. This page is filed under one of them.

आयकर अपीलीय अिधकरण,च"ीगढ़ "ायपीठ “ए” , च"ीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH “A”, CHANDIGARH HEARING THROUGH: PHYSICAL MODE "ी लिलत कुमार, "ाियक सद" एवं "ी कृणव" सहाय, लेखा सद" BEFORE: SHRI. LALIET KUMAR, JM & SHRI. KRINWANT SAHAY, AM आयकर अपील सं./ ITA No. 488/Chd/ 2024 िनधा"रण वष" / Assessment Year : 2018-19 Shri Surjeet Singh बनाम The Pr. CIT H.No. 14/672, Baldev Singh Rohtak Nambardar wali G Khairpur Sirsa 125055, Haryana "ायी लेखा सं./PAN NO: DEGPS6997D अपीलाथ"/Appellant ""थ"/Respondent आयकर अपील सं./ ITA No. 494 /Chd/ 2024 िनधा"रण वष" / Assessment Year : 2013-14 Shri Randhir Singh बनाम The PCIT House No. 327, Baldev Singh Rohtak Number Dar Wali Gali, Ward No. 4, Khairpur, Sirsa, Haryana, 125055 "ायी लेखा सं./PAN NO: AQPPS9488M अपीलाथ"/Appellant ""थ"/Respondent आयकर अपील सं./ ITA No. 286 /Chd/ 2023 िनधा"रण वष" / Assessment Year : 2018-19 Arvail Singh बनाम The Pr. CIT 142A, D.C. Colony, Barnala Road, Rohtak Najdelan Kalan, Sirsa-125055, Haryana "ायी लेखा सं./PAN NO: AAKPV9513H अपीलाथ"/Appellant ""थ"/Respondent आयकर अपील सं./ ITA No. 287/Chd/ 2023 िनधा"रण वष" / Assessment Year : 2018-19 Ganesh Dass HUF The Pr. CIT बनाम 64, Dwarka Puri, NearPost Office Roht

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