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Assessee is entitled to Section 80-IA deduction claimed by the way of revised return filed within the time available under Section 139(5).
Aquasub Engineering Vs The DCIT
(2022) TaxCorp(LJ) 30208 (ITAT-CHENNAI) · Section 80-IA
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The Assessee is not entitled for depreciation on plant & machinery as the assets had not been put to use in its business.
PVP Ventures Ltd. Vs The Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 30130 (ITAT-CHENNAI)
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The assessment of long term capital gains pertaining to receipts for compulsory acquisition of land under Tamil Nadu Highways Act, 2001, should have been done in exact proportion of the land belonging to each of the co-owner and remits the matter back to the file of Revenue for fresh adjudication.
E. Murugan Vs The Income Tax Officer
(2022) TaxCorp(LJ) 30126 (ITAT-CHENNAI)
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Revenue is bound to apply value of goods declared for central excise purpose, because central excise authorities are competent to determine value of product for the purpose of duty levy.
Kamivisa Products Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 30116 (ITAT-CHENNAI)
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There is no question of any capital gain as all assets and liabilities were transferred at book value and the question of determination of capital gains does not arise.
Univercell Telecommunications India-Pvt. Ltd Vs The Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 30083 (ITAT-CHENNAI)
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The asset is in the nature of stock-in-trade and the income arising from the sale of asset is taxable as business income in the hands of the Assessee.
Bharat Promoters Vs The Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 30081 (ITAT-CHENNAI)
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Despite having a noble objective, Assessee could not be said to be a charitable trust eligible for registration under Section 12AA.
Dhan Housing and Habitat Development of Poor for Empowerment Confederation Vs CIT (Exemptions)
(2022) TaxCorp(LJ) 30009 (ITAT-CHENNAI)
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Amounts credited in favour of non-resident, were not at the disposal or control of statutory agent and therefore, cannot be charged to tax on the basis of receipt of income, actual or constructive in the taxable countries.
United India Insurance Co. Ltd Vs Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 29984 (ITAT-CHENNAI) · Section 40(a)(i)
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Nature of payment which has been claimed to be compensation for vacating land and handing over peaceful possession, is nothing but compensation made to the self.
Jayapal Sanjay. Vs DCIT
(2022) TaxCorp(LJ) 29957 (ITAT-CHENNAI)
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Assessee could not substantiate or produce any evidence to correlate the expenses and thus disallowance is confirmed.
VVV & Sons Edible Oils Ltd Vs The ACIT
(2022) TaxCorp(LJ) 29864 (ITAT-CHENNAI)
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No disallowance can be made by invoking the provisions of Section 14A read with Rule 8D(2) where the Assessee had not earned any exempt income.
Maxivision Eye Hospital Pvt. Ltd Vs The DCIT
(2022) TaxCorp(LJ) 29788 (ITAT-CHENNAI) · Section 14A
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Explanation 2(c) of Section 147 squarely applies to wherein the income is subject to excess relief or excessive allowance during the original assessment.
The Dharmapuri District Central Co-operative Bank Ltd Vs JCIT
(2022) TaxCorp(LJ) 29787 (ITAT-CHENNAI)
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The deemed dividend can be taxed only in the hands of the registered shareholder of the company and not in the hands of the company which has received the loan.
Pallava Resorts Private Limited Vs The Income Tax Officer
(2022) TaxCorp(LJ) 29775 (ITAT-CHENNAI) · Section 2(22)(e)
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The time at which the residual EIS as receivable by the assessee would become determinate only on the day when the Trust is aware of the amounts determined on each payout date.
Cholamandalam Investment & Finance Co. Ltd Vs ACIT
(2022) TaxCorp(LJ) 29768 (ITAT-CHENNAI)
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The expenditures are relating to 2G Spectrum Scam in which the directors and shareholders of the Assessee were accused, thus, it is not incurred wholly and exclusively for the purpose of business.
Kalaignar TV Pvt. Ltd. Vs The Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 29751 (ITAT-CHENNAI)
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Final assessment order under Section 143(3) should have been framed on or before Dec 31, 2010 but actually framed only on Feb 22, 2011, is barred by limitation.
Pearson India Education Services Pvt. Ltd Vs The Income Tax Officer
(2022) TaxCorp(LJ) 29703 (ITAT-CHENNAI)
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The bank account which was not disclosed in the return of income filed cannot be considered at this stage for the reason that it is not legally tenable.
Dr. (Late) S.F.V. Selvaraj Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29702 (ITAT-CHENNAI)
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Loss must be deemed to have arisen only when the employer comes to know about it and realizes that the amount embezzled cannot be recovered, no doubt, it came to its knowledge prior.
George Oakes Ltd Vs The ACIT
(2022) TaxCorp(LJ) 29700 (ITAT-CHENNAI)
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Appeals filed by the Revenue is covered under CBDT Circular No. 3/2018 without any exception as provided under clause 10(a) of the said circular and thus, appeals filed by the Revenue in all these cases are not maintainable.
Madurai District Central Cooperative Bank Ltd Vs The Income Tax Officer
(2022) TaxCorp(LJ) 29638 (ITAT-CHENNAI)
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U/s 292C documents found in possession of person is presumed to belong to such person.
Raju P. Mehta Vs The DCIT
(2022) TaxCorp(LJ) 29612 (ITAT-CHENNAI)
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