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Inspite of maintaining separate accounts for each unit, still assessee did not book any expenditure towards partner's remuneration in the Jammu unit, thus, raising question on the correctness of the profit calculated for Jammu unit that needs to be corrected.
M/s. Accent Pharma Vs The ACIT
(2020) TaxCorp(LJ) 24829 (ITAT-CHENNAI) · Section 80-IB
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As per Sec. 80A(5) ,what is required to be seen is whether the assessee has made a claim in the return of income filed for the relevant year or not, even though such return is not filed within due date.
The Asst. CIT Vs M/s. DAEE Coop T&C Society
(2020) TaxCorp(LJ) 24724 (ITAT-CHENNAI) · Section 80P
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Assessee did not deliberately concealed particulars of income or evade payment of taxes.
M/s. Advent Computer Services Ltd. Vs The Assistant Commissioner of Income Tax
(2020) TaxCorp(LJ) 24682 (ITAT-CHENNAI)
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ITAT - Income received from shipping operations in India by a Singaporean Shipping co. exempt under Article 8 of India-Singapore DTAA.
M/s. Bengal Tiger Line Pte Ltd. Vs The DCIT
(2020) TaxCorp(LJ) 24599 (ITAT-CHENNAI)
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Considering exception clause carved in Sub Clause (d) of Clause 3 of the said CBDT Instruction, the Assessing Officer should have sought permission from the ld. PCIT to enquire into this issue of assessability of payment of on-money consideration at the time of purchase of land.
M/s. Sahayamatha Salterns Pvt. Ltd Vs The Deputy Commissioner of Income Tax
(2020) TaxCorp(LJ) 24506 (ITAT-CHENNAI) · Section 263
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In the hands of the firm, the firm has not accepted the ITAT's decision and has contested in appeal before the Hon'ble High Court of Madras which is pending now . In such facts and circumstances, the Ld CIT(A) 's decision since the issue under consideration has not reached finality in the apex court, of the considered opinion that as of now, in view of the Hon'ble ITAT Chennai's decision of the confirmation of addition of ₹ 4.54 Crores.
ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 6 (2) , CHENNAI. VERSUS SHRI. VELAYUTHAMSUNDARAMOORTHY, SHRI. T. PADMAKUMAR
(2020) TaxCorp(LJ) 22888 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=84019&Category=ITAT&CategoryType=Zip
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ITAT - No Deduction u/s. 36(1)(viii) on commercial mortgages/loans. Deduction available only on short term housing-loan.
The Deputy Commissioner of Income Tax Vs M/s. Repco Home Finance Pvt. Ltd.
(2020) TaxCorp(LJ) 22743 (ITAT-CHENNAI) · Section 36(1)(viii)
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No disallowance of expenditure is warranted by invoking provisions of section 14A of the Act when no exempt income is received by the taxpayer during the year under consideration. Thus, on this short reasoning alone that no disallowance of expenditure incurred can be made by invoking provisions of Section 14A of the 1961 Act whence the tax-payer has not received any exempt income during the year under consideration, we dismiss the grounds raised by Revenue w.r.t. disallowances made u/s 14A of the 1961 Act and uphold decision of learned CIT(A) in deleting disallowance of expenditure.
THE DEPUTY COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE-5 (1) , CHENNAI VERSUS M/S. REPCO HOME FINANCE PVT. LTD.
(2020) TaxCorp(LJ) 22693 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83671&Category=ITAT&CategoryType=Zip
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As decided in own case if there is any short-fall due to any difference of opinion as to the taxability of any item or the nature of payment falling under various TDS provisions, the assessee could be declared to be an assessee in default under section 201, but no disallowance could be made by invoking the provisions of section 40 (a)(ia).
ACIT, LTU-2, KOLKATA VERSUS M/S UCO BANK
(2020) TaxCorp(LJ) 22692 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83672&Category=ITAT&CategoryType=Zip
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The profit of the undertaking should be computed independently before adjusting any carried forward business. The profit thus arrived should be given benefit under eligible sections 10A/10B of the Act even though the assessee has had unabsorbed business loss of previous years besides not commenting on the unabsorbed depreciation.
THE INCOME TAX OFFICER, CORPORATE WARD 4 (1) , CHENNAI VERSUS M/S. MEDUSA SERVICES PVT. LTD.
(2020) TaxCorp(LJ) 22648 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83523&Category=ITAT&CategoryType=Zip
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It is well settled principles of law that guideline value is only to guide the Sub-Registrar to find out the correct market value for the purpose of collecting stamp duty. Market value is not a constant figure. It may vary depending upon the various factors. Therefore, the guideline value may not always represent the market value of the property.
THE ASST. COMMISSIONER OF INCOME TAX, NON CORPORATE CIRCLE 1, CHENNAI VERSUS SHRI VUMMIDI AMARENDRAN, CHENNAI
(2020) TaxCorp(LJ) 22632 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83484&Category=ITAT&CategoryType=Zip
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Treating the actual forex loss as transaction carried out in forex derivatives, which was actually incurred by the assessee when the said loans were received back, is against the facts.
Ninestars Information Technologies Pvt. Ltd Vs The Dy. Commissioner of Income Tax
(2020) TaxCorp(LJ) 22580 (ITAT-CHENNAI)
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First proviso to Section 50C of the Act, is applicable retrospectively. It does not create any new right between the parties. It simply clarifies the existing position of law.
The Asst. Commissioner of Income Tax Vs Shri Vummidi Amarendran
(2020) TaxCorp(LJ) 22579 (ITAT-CHENNAI) · Section 50C
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There can be various reasons for executing the two sale deeds, one such reason being to avoid deduction of tax. The vacant site purchased by the assessee which is adjacent to the residential house is necessary for convenient enjoyment of the building.
Shri M D Sundar Rao Vs The Income Tax Officer
(2020) TaxCorp(LJ) 22578 (ITAT-CHENNAI) · Section 54
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Though the assessee made an oral plea that the money had been advanced to the sister concerns on account of commercial expediency, the assessee failed to place any evidence to suggest whether funds advanced by the assessee to the sister concerns was in the nature of interest free own funds or the funds were advanced on account of commercial expediency.
MANGALAM PUBLICATIONS (INDIA) (P.) LTD. VERSUS ASSISTANT COMMISSIONER OF INCOME-TAX
(2020) TaxCorp(LJ) 22571 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83413&Category=ITAT&CategoryType=Zip
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Clause (i) to section 201(3) of the Act specifies that no order shall be made under sub-section (1) of section 203 of the Act deeming a period to be an assessee in default for failure to deduct the whole or any part of the tax from a resident in India, at any time after the expiry of two years from the end of the financial year in which the statement is filed in a case where the statement referred to in section 200 has been filed. Here, the assessee has not deducted TDS under section 194H of the Act and thus, the question of filing of quarterly statement as required under section 200 of the Act by the assessee do not arise and therefore, we held that the assessee is not covered by the provisions of section 201(3)(i) of the Act.
THE ASSISTANT COMMISSIONER OF INCOME TAX, TDS CIRCLE – 3, CHENNAI. VERSUS M/S. VODAFONE SOUTH LTD., (NOW KNOWN AS VODAFONE MOBILE SERVICES LTD.) AND (VICE-VERSA)
(2020) TaxCorp(LJ) 22529 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83345&Category=ITAT&CategoryType=Zip
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The assessee being natural guardian of minor sons is obliged to protect the interest of the minors as per The Hindu Minority and Guardianship Act and thus could not have diverted sale proceed of shares held by minor sons to repay bank loan of Rs. 4.25 Cr availed by a ALEPL.
Shri K. Srikanth Vs The Asst. Commissioner of Income Tax
(2020) TaxCorp(LJ) 22509 (ITAT-CHENNAI)
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The coverage under customs laws was very wide while we are dealing with 1961 Act read with 1962 Rules and coverage of the term computer software is restrictive to computer program which is recorded in any disc, tape, perforated media or other information storage device.
M/s. Pentamedia Graphics Ltd. Vs The Dy. Commissioner of Income Tax
(2020) TaxCorp(LJ) 22506 (ITAT-CHENNAI)
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The assessee has purchased the entire property within a span of 13 days in the month of February, 2015. An harmonious reading of the agreement for sale of the property and the registered sale deed clearly indicates that the assessee intended to purchase the entire property including the vacant land from the vendor Shri R. Selva Kumar.
SHRI MD SUNDAR RAO VERSUS THE INCOME TAX OFFICER, NON-CORPORATE WARD -6 (2) , CHENNAI.
(2020) TaxCorp(LJ) 22504 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83317&Category=ITAT&CategoryType=Zip
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There was no necessity for raising this issue of limitation, this Tribunal is expected to record a finding whether the assessment was reopened within the period of limitation. In this case, the assessee has taken a specific ground before this Tribunal as 2.1 saying that the assessment was reopened u/s. 147 beyond four years. As rightly submitted by the assessee there was not even a whisper in the assessment order that the assessee failed to disclose the entire details required for completion of the assessment.
M/S. SENGUNTHA MUDALIAR KALYANA MANDAPAM VERSUS INCOME TAX OFFICER, EXEMPTION WARD, SALEM.
(2020) TaxCorp(LJ) 22482 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83256&Category=ITAT&CategoryType=Zip
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