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ITAT - Chennai ITAT Nullifies Revision Over Taxability of Non-compete Fee, Deems Sec.28(va) Irrelevant.
Sindya Securities & Investments Pvt. Ltd Vs ACIT
(2023) TaxCorp(LJ) 32450 (ITAT-CHENNAI) · Section 28(va)
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ITAT - Chennai ITAT Rules Against Cognizant: Buyback Via Court Scheme A "Colourable Device", Attracts DDT
Cognizant Technology-Solutions India Pvt. Ltd Vs The Asst. Commissioner of Income Tax
(2023) TaxCorp(LJ) 32361 (ITAT-CHENNAI)
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ITAT - Chennai ITAT Overturns Penalty u/s 271FAA for Defects in 'Reportable Accounts Statement' After Timely Rectification.
KEB Hana Bank Vs The Joint Director of Income Tax
(2023) TaxCorp(LJ) 32144 (ITAT-CHENNAI)
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ITAT - Demonetisation Deposit Addition Upheld by Chennai ITAT; Rejects Claim of Cash Gift on Marriage.
Karthick Natarajan Vs The DCIT
(2023) TaxCorp(LJ) 31992 (ITAT-CHENNAI)
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ITAT - Chennai ITAT Dismisses 'Conflict of Interest' Objection, Labels it Frivolous and Mischievous.
Daechang Seat Co. Ltd Vs The DCIT
(2023) TaxCorp(LJ) 31899 (ITAT-CHENNAI)
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In terms of Article 8 of India-Korea DTAA, the rentals of ship are in the nature of profit from the operation of ship or aircraft in international traffic carried on by an enterprise of a contracting state which can only be taxed in contracting state i.e. Korea and not in India.
Doosan Power Systems India Pvt. Ltd Vs The JCIT, DCIT
(2023) TaxCorp(LJ) 31846 (ITAT-CHENNAI) · Section 40(a)(i)
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Obligation to deduct tax at source under Section 195 arises only when such remittances is a sum chargeable to tax under section 4, 5 and 9 of the Act.
Trusted Aerospace Engineering Pvt. Ltd Vs The Deputy Commissioner of Income Tax
(2023) TaxCorp(LJ) 31819 (ITAT-CHENNAI)
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Merely for the reason that there is a violation of certain notifications issued by the Government in transacting with specified bank notes, the genuine explanation offered by the assessee towards source for cash deposit cannot be rejected.
Purani Hospital Supplies Private Limited Vs The Deputy Commissioner of Income Tax
(2023) TaxCorp(LJ) 31703 (ITAT-CHENNAI)
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Merely because certain attributes like fixed remuneration, leaves, rules, fixed timings were applicable to doctors, they cannot be considered as employees in absence of master-servant relationship.
Kovai Medical Centre and Hospital Limited Vs Deputy Commissioner of Income tax
(2023) TaxCorp(LJ) 31621 (ITAT-CHENNAI) · Section 194J
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Reassessment proceedings initiated on Singaporean Shipping Co., based on survey conducted on its Indian subsidiary fails on the ground of jurisdiction as well as on merits.
Bengal Tiger Line Pte Ltd Vs DCIT
(2023) TaxCorp(LJ) 31487 (ITAT-CHENNAI)
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Unless the accounts of various persons including technicians of the movie was settled, it is impossible to release the movie on the specified date for public audience, thus there was a business expediency in settling of accounts of various parties.
T. Rajendran Vs Assistant Commissioner of Income Tax
(2023) TaxCorp(LJ) 31471 (ITAT-CHENNAI) · Section 40A(3)
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The Assessee has rightly declared short term capital gains towards profit derived from purchase & sale of shares, thus CIT's assumption of jurisdiction fails.
Saravana Stocks – Investments (P) Ltd Vs The DCIT, ACIT
(2023) TaxCorp(LJ) 31402 (ITAT-CHENNAI)
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Assessee failed to file any corroborative evidence to substantive as to why the money received towards sale of property was kept in his sister-in-law's bank account, when he was having right and interest in the property.
M. Natarajan Vs The Income Tax Officer
(2023) TaxCorp(LJ) 31401 (ITAT-CHENNAI)
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Growing white button mushroom is an agricultural activity and income derived from said activity is agricultural income which is exempt from tax.
British Agro Products (India) Pvt. Ltd Vs Deputy Commissioner of Income Tax
(2023) TaxCorp(LJ) 31355 (ITAT-CHENNAI)
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The Assessee rightly computed taxable income in compliance with ICDS by negating the adjustments made for disclosure of financial assets and liabilities as per IND-AS.
Shriram Properties Limited Vs Principal Commissioner of Income Tax
(2023) TaxCorp(LJ) 31207 (ITAT-CHENNAI)
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The nature and head of income on a particular receipt is dependent on the intent of the Assessee and the treatment given in the books of accounts for the relevant AY.
A. Jesu Rajendran Vs Income Tax Officer
(2023) TaxCorp(LJ) 31181 (ITAT-CHENNAI) · Section 50C
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There is no illegality with respect to the cash deposited in the bank after Nov 24, 2016 but before Dec 31, 2016.
Rangasamy Deepa Vs The Income Tax Officer
(2023) TaxCorp(LJ) 31180 (ITAT-CHENNAI)
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Section 54F is beneficial provision and substantial compliance of the same would entitle Assessee to claim full deduction.
D. Vijayalakshmi Vs ITO
(2023) TaxCorp(LJ) 30848 (ITAT-CHENNAI) · Section 54F
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Law is very clear in as much as the amount which is not utilized for construction and purchase of property before filing return of income must necessarily be deposited in an account duly notified by the Central Government so as to be exempted under Section 54F.
Ramalingam Nagarajan Vs The Income Tax Officer
(2023) TaxCorp(LJ) 30847 (ITAT-CHENNAI) · Section 54F
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The deduction under Section 10B could not be denied to 100% EOU for a pending ratification certificate where approval was granted by Development Commissioner.
Cornet Technologies (India) Pvt. Ltd Vs Assistant Commissioner of Income Tax
(2023) TaxCorp(LJ) 30821 (ITAT-CHENNAI) · Section 10B
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