CHANDIGARH HOUSING BOARD,CHANDIGARH vs. DCIT, C-1(1), CHANDIGARH

ITA 126/CHANDI/2019Status: DisposedITAT Chandigarh31 July 2024AY 2014-15Bench: SHRI KRINWANT SAHAY, ACCOUNTANT MEMBER ANDSHRI PARESH M. JOSHI (Judicial Member)30 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal partially allowed the appeal, allowing the claim for interest paid to allottees and the income tax on perquisites. The order of the CIT(A) was modified to this extent.

What were the facts?

The Chandigarh Housing Board (CHB) acted as a nodal agency for a housing scheme and earned interest on funds deposited in FDRs. The CHB also paid income tax on perquisites provided to its employees. The Income Tax Department added these amounts to the CHB's income and levied penalties.

What were the issues?

The key issues were whether interest earned on FDRs by a nodal agency is taxable and whether income tax paid on perquisites provided to employees is a deductible expenditure.

Which sections of the Income-tax Act were involved?

Section 271(1)(c),Section 40(a)(ii),Section 17(2)

AI-generated summary — verify with the full judgment below

Heard together (4 matters)

ITA No. 126/CHD/2019
ITA No. 103/CHD/2019
ITA No. 44/CHD/2021
ITA No. 125/CHD/2019

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

आयकर अपीलीय अिधकरण,च"डीगढ़ "यायपीठ,च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH‘A’ CHANDIGARH BEFORE: SHRI KRINWANT SAHAY, ACCOUNTANT MEMBER ANDSHRI PARESH M. JOSHI, JUDICIAL MEMBER, आयकर अपील सं./ITA No. 126/CHD/2019 िनधा"रण वष" /Assessment Year : 2014-15 बनाम M/s Chandigarh Housing Board, "थायीलेखासं./PAN /TAN No:AAALC0132H अपीलाथ"/Appellant ""यथ"/Respondent आयकर अपील सं./ITA No. 103/CHD/2019 िनधा"रण वष" /Assessment Year : 2013-14 The DCIT, बनाम M/s Chandigarh Housing Board, "थायीलेखासं./PAN /TAN No:AAALC0132H अपीलाथ"/Appellant ""यथ"/Respondent आयकर अपील सं./ITA No. 44/CHD/2021 िनधा"रण वष" /Assessment Year : 2015-16 M/s Chandigarh Housing Board, बनाम "थायीलेखासं./PAN /TAN No:AAALC0132H अपीलाथ"/Appellant ""यथ"/Respondent आयकर अपील सं./ITA No. 125/CHD/2019 िनधा"रण वष" /Assessment Year : 2014-15 M/s Chandigarh Housing Board, बनाम "थायीलेखासं./PAN /TAN No:AAALC0132H अपीलाथ"/Appellant ""यथ"

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