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When the assessee has claimed that it has received sale consideration in cash for transfer of property, it is for the AO to disprove the claim of the assessee with cogent reason and sufficient evidences.
THE DY. COMMISSIONER OF INCOME TAX, NON-CORPORATE CIRCLE-2, CHENNAI-34. VERSUS M/S. AP SRIDHAR (HUF) , M/S. AP SANDHYA
(2022) TaxCorp(LJ) 28481 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95829&Category=ITAT&CategoryType=Zip
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Discount offered by the assessee to dealers for distribution of SIM cards and recharge coupons is in the nature of commission which is liable for TDS u/s.194H.
MR. KRISHNASWAMY YOGANANDAN VERSUS JOINT COMMISSIONER OF INCOME TAX, BUSINESS CIRCLE-XIV CHENNAI.
(2022) TaxCorp(LJ) 28480 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95831&Category=ITAT&CategoryType=Zip
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The resultant loss incurred by the Assessee was rightly claimed as revenue expenditure and thus revenue is directed to allow the deduction as claimed by the Assessee.
Refex Industries Vs DCIT
(2022) TaxCorp(LJ) 28409 (ITAT-CHENNAI)
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Merely for reason for delay in getting approval from authority, expenditure incurred for specified business cannot be disallowed.
M/S. ROBUST HOTELS P. LTD. VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE-5 (2) , CHENNAI
(2022) TaxCorp(LJ) 28382 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95589&Category=ITAT&CategoryType=Zip
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The loss arising in the process of conversion of foreign currency, which is part of trading asset of the assessee, is a trading loss as any other loss.
THE DY. COMMISSIONER OF INCOME TAX, NON-CORPORATE CIRCLE-I (1), CHENNAI VERSUS M/S. KUNNAM GRANITE WORKS
(2022) TaxCorp(LJ) 28362 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95567&Category=ITAT&CategoryType=Zip
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Merely because claim of assessee was not accepted that by itself would not attract penalty u/s.271(1)(c) of the Income Tax Act, 1961.
THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, TRICHY. VERSUS M/S. DALMIA CEMENT (BHARAT) LTD., DALMIAPURAM
(2022) TaxCorp(LJ) 28311 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95393&Category=ITAT&CategoryType=Zip
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When two views are possible in respect of an issue from different High Courts, then view which is in favour of the assessee needs to be followed.
MR. M.V.A. SEETHARAMA RAJU VERSUS DEPUTY COMMISSIONER OF INCOME TAX, NON-CORPORATE CIRCLE-2, CHENNAI.
(2022) TaxCorp(LJ) 28310 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95397&Category=ITAT&CategoryType=Zip
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The complete onus to reconcile the accounts including stock valuation was on the assessee and the assessee has failed to do so.
RAVILLA AEROSPACE INDUSTRIES PVT. LTD. VERSUS INCOME TAX OFFICER, CORPORATE WARD-3 COIMBATORE
(2022) TaxCorp(LJ) 28307 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95353&Category=ITAT&CategoryType=Zip
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Since the assessee has filed regular return for impugned assessment year within extended due date prescribed u/s.139(4) of the Act, the Assessing Officer cannot levy penalty u/s.271AAB of the Act.
M/S. POPULAR FOUNDATIONS PVT. LTD. VERSUS ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3 (4) , CHENNAI.
(2022) TaxCorp(LJ) 28304 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95364&Category=ITAT&CategoryType=Zip
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Transfer of shares was done prior to the amalgamation which was found not to be an afterthought as contented by the Revenue and thus, taxable in the hands of ITI (Old).
The Investment Trust of India Ltd Vs Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 28303 (ITAT-CHENNAI)
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When an order is rectified by an order of rectification u/s.154 of the Act, the time limit is to be reckoned as per the provisions of Section 154(7) of the Act.
SHRI P.S. JAGDISH, C/O. SHRI T.N. SEETHARAMAN, ADVOCATE VERSUS THE DCIT, CORPORATE CIRCLE 2 (2), CHENNAI
(2022) TaxCorp(LJ) 28242 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95243&Category=ITAT&CategoryType=Zip
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There is no error or infirmity in the reasoning given by the learned CIT(A) to delete additions made towards computation of short term capital gains on transfer of undertaking in terms of section 50B of the Income Tax Act, 1961.
THE DEPUTY COMMISSIONER OF INCOME TAX (OSD) , CORPORATE CIRCLE-2 (2) CHENNAI VERSUS M/S HUCLIN RESEARCH LTD.
(2022) TaxCorp(LJ) 28231 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95175&Category=ITAT&CategoryType=Zip
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The income has accrued in financial year 2013-14 relevant to assessment year 2014-15 and the assessee has correctly accounted this income in this very assessment year.
THE ACIT, CORPORATE CIRCLE-6 (2) , CHENNAI VERSUS M/S. SIM INFO SYSTEM PVT. LTD.
(2022) TaxCorp(LJ) 28228 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95185&Category=ITAT&CategoryType=Zip
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There is a reasonable cause for the delay in filing the audit report within time by the assessee. Therefore, imposing penalty under section 271B of the Act for belated filing the audit report is not correct.
SHRI T. MUNIAPPAN VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2 TRICHY
(2022) TaxCorp(LJ) 28209 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=95128&Category=ITAT&CategoryType=Zip
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The commission payments to non-resident agents would not be taxable in India and where a non-resident has no permanent establishment in India, there can be no liability either under the domestic law or under DTAA.
SQS India BFSI Ltd Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 28113 (ITAT-CHENNAI)
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The individual’s stay outside India was more than 183 days, and therefore, the amount was not taxable in India by virtue of Article 14 of India-Japan DTAA.
Sundaram Clayton Ltd Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 28087 (ITAT-CHENNAI) · Sections 40(a)(i), 195
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An undertaking, being the unit, which had already availed, before the commencement of the Special Economic Zones Act, 2005, the deductions referred to in section 10A for ten consecutive years, such unit shall not be eligible for deduction from income under this section.
M/S. CLASSIC LINENS INTERNATIONAL PVT. LTD. VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX, OSD, COMPANY RANGE-I, CHENNAI
(2021) TaxCorp(LJ) 28041 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=94731&Category=ITAT&CategoryType=Zip
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Addition made by the A.O is being deleted.
SHRI ATHAVULLAH VERSUS THE INCOME TAX OFFICER, WARD-1, VELLORE.
(2021) TaxCorp(LJ) 28040 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=94732&Category=ITAT&CategoryType=Zip
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Penalty is mandatory where the Assessee has admitted undisclosed income during the course of search in the statement recorded u/s 132(4).
N.Santhanam Vs The Assistant Commissioner Income Tax
(2021) TaxCorp(LJ) 27918 (ITAT-CHENNAI) · Sections 271AAB, 273B
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If an assessee filed a declaration and pay specified taxes as per the scheme and withdraw the appeal pending before the appellate authorities, the Designated Authority shall pass an order in Form 5 confirming payment made under the scheme and grant immunity from penalty and prosecution.
Ratna Foundation Vs The Income Tax Officer
(2021) TaxCorp(LJ) 27908 (ITAT-CHENNAI)
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