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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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Once the income is offered in subsequent years and accepted during assessment framed under Section 143(3), no addition can be sustained in relevant assessment years.
Amec Foster Wheeler India Pvt. Ltd Vs The ACIT
(2022) TaxCorp(LJ) 30703 (ITAT-CHENNAI)
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The issue of amendment brought in Section 80JJA by inserting proviso which has relaxed condition in regard to number of days of employment of new employees has been interpreted as retrospective in nature.
Craftsman Automation Pvt. Ltd Vs The Joint Commissioner of Income Tax
(2022) TaxCorp(LJ) 30673 (ITAT-CHENNAI) · Section 80JJAA
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Assessee’s intention to conceal income is further proved by the fact that the PAN of PoA holder was only given for TDS purposes as if he was the only recipient of the sale consideration.
Dr. Sabesan Parameswaran Vs The ACIT
(2022) TaxCorp(LJ) 30561 (ITAT-CHENNAI)
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The Assessee has made complete disclosure of facts and the issue whether interest received from the idle funds in the form of FDRs is a capital or revenue receipt is highly debatable.
Nagarjuna Oil Corporation Ltd Vs The ACIT
(2022) TaxCorp(LJ) 30545 (ITAT-CHENNAI)
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Services rendered by Dollar Team of Indian holding company neither preparatory nor auxiliary, but main functions of a business entity.
Redington Distribution Pte. Ltd Vs M/s.Redington Distribution Pte. Ltd.
(2022) TaxCorp(LJ) 30491 (ITAT-CHENNAI)
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The expenses deducted from export turnover needs to be deducted from total turnover.
Pentasoft Technologies Ltd. Vs The Income Tax – Officer (OSD)
(2022) TaxCorp(LJ) 30458 (ITAT-CHENNAI) · Section 10A
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VAT collected and paid by Assessee under the provisions of Tamil Nadu VAT Act, 2006 is an allowable expenditure and cannot be disallowed under the amended provisions of section 40(a)(iib).
Tamilnadu State Marketing Corporation Ltd. Vs The ACIT
(2022) TaxCorp(LJ) 30447 (ITAT-CHENNAI) · Section 40(a)(iib)
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An appeal or claim pending before the appellate fora which were earlier withdrawn in terms of certificate issued by VsV authority shall deemed to have be revived, the moment any of the condition stipulated in the certificate is violated.
Lifecell International Pvt. Ltd Vs ACIT
(2022) TaxCorp(LJ) 30413 (ITAT-CHENNAI)
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The provisional approval granted by the Revenue for claiming exemption under Section 80G is applicable from the beginning of AY in which application was made and not from the date on which provisional approval was granted.
NSR Charitable Trust Vs The PCIT
(2022) TaxCorp(LJ) 30366 (ITAT-CHENNAI) · Section 80G
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Penalty of Rs. 1.5 Lac levied by Revenue under Section 271B is being deletd.
Perfect Stone Limited Vs The Assistant Commissioner of Income Tax, National Faceless
(2022) TaxCorp(LJ) 30365 (ITAT-CHENNAI)
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The observation of the AO is nothing, but a suspicion, because as claimed by the AO, the sales declared by the assessee for the AY 2017-18, is not increased when compared to last Financial Year.
Asokan Meena Vs The Income Tax Officer
(2022) TaxCorp(LJ) 30357 (ITAT-CHENNAI)
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Services rendered by marketing partner in terms of agreement was in the nature of FTS and in absence of tax deduction at source, the expenditure was liable to be disallowed under Section 40(a)(i).
Sunsmart Technologies Pvt. Ltd Vs The Asst. Commissioner of Income Tax
(2022) TaxCorp(LJ) 30356 (ITAT-CHENNAI)
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When the valuation of the property was referred to the DVO, Revenue ought to have waited for the DVO’s report to ascertain the fair market value of the property for the purposes of Section 56(2)(vii)(b).
Sudalaimani Palanivelrajan Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 30301 (ITAT-CHENNAI) · Section 56(2)(vii)(b)
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Exemption under Section 11 is to be restricted only to the amount diverted in violation of Section 13.
Mumbai Education Trust Vs DY.CIT (E)
(2022) TaxCorp(LJ) 30209 (ITAT-CHENNAI) · Sections 11, 13
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