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Since ATM machines were nothing but computers as they dealt with the functions of decoding the information, processing the same and giving the output, therefore allows assessee's 60% depreciation claim on ATM machines.
Financial Software and Systems Private Limited Vs The Asst. Commissioner of Income Tax
(2019) TaxCorp(LJ) 19547 (ITAT-CHENNAI)
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Since ejusdem generis is applied, therefore depreciation u/s. 32 on 'customer contracts' is allowed.
Compass Group (India) Support Services P. Ltd Vs The Deputy Commissioner of Income Tax
(2019) TaxCorp(LJ) 19544 (ITAT-CHENNAI) · Section 32
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Religious trust is is eligible for Sec 11 exemption even though it had filed its tax return belatedly.
Sri Kanyaka Parameswari Devasthanam & Charities Vs The Income Tax Officer
(2019) TaxCorp(LJ) 19487 (ITAT-CHENNAI) · Section 11
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Dismissing the appeal in the guise of disposing of the same in a fast manner ('low-tax' appeal) would amount to burial of justice.
Faridha Begum Vs The Deputy Commissioner of Income Tax
(2019) TaxCorp(LJ) 19483 (ITAT-CHENNAI)
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Weighted deduction claimed by assessee-individual (a science graduate) u/s.35 (1)(ii) for the donation made to Shri Arvindo Institute of Applied Scientific Research Trust during AY 2014-15 is disallowed.
Shri Sudhakar Natarajan Vs The Deputy Commissioner of Income Tax
(2019) TaxCorp(LJ) 19401 (ITAT-CHENNAI) · Section 35(1)(ii)
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ITAT - One-time non-refundable storage fees (on account of storage of stem cells for a period of 21 years) is taxable on 'receipt' basis
Lifecell International Pvt. Ltd Vs The Assistant Commissioner of Income Tax
(2019) TaxCorp(LJ) 19396 (ITAT-CHENNAI)
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ITAT - Assessee has purchased the shares of penny stocks companies at lesser amount and within a year sold such shares at much higher amount hence no LTCG exemption u/s 10(38).
Harish Kumar HUF Vs The Income Tax Officer
(2019) TaxCorp(LJ) 19363 (ITAT-CHENNAI) · Section 10(38)
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In a case where the assessee participated in the entire proceedings, if such a defect in the notice was not allowed to be cured, the purpose/intent of sec.292B would be defeated.
Shri. Rajan Kalimuthu Vs The Income Tax Officer, International Taxation
(2019) TaxCorp(LJ) 19312 (ITAT-CHENNAI)
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ITAT - Payment of incentive bonus was dependent upon the performance of employees and also it was not a case of statutory bonus payment under the Payment of Bonus Act, hence rules that Sec.43B was inapplicable.
Harita NTI Limited Vs The Deputy Commissioner of Income Tax
(2019) TaxCorp(LJ) 19230 (ITAT-CHENNAI) · Section 43B
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ITAT - Reimbursements of salary and other costs on seconded employees to Foreign Group Co. constitutes FTS u/s.9(1)(vii), TDS u/s 195 applicable.
TS-171-ITAT-2019(CHNY)-Nippon_Paint__India__Pvt.Ltd_
(2019) TaxCorp(LJ) 17966 (ITAT-CHENNAI)
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ITAT - Cash transactions in the current account of a company with its promoters, where such current account was a running one, could not be considered as loan or advances - No penalty u/s 271D.
M/S. SPACE N PLACE PROMOTERS P. LTD. VERSUS THE JOINT COMMISSIONER OF INCOME TAX, CORPORATE RANGE 6 CHENNAI
(2019) TaxCorp(LJ) 16908 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=71155&Category=ITAT&CategoryType=Zip
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ITAT - Remuneration and interest received from a firm, to the extent eligible u/s 40(b), would not be considered as business income for presumptive taxation benefit u/s. 44AD.
A.Anandkumar Vs Assistant Commissioner of Income Tax
(2019) TaxCorp(LJ) 16591 (ITAT-CHENNAI) · Section 44AD
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ITAT - Services rendered by the non-resident agent can at best be called as a service for completion of the export commitment and would not fall within the definition of "FTS" u/s 9 - No TDS u/s 195.
THE ASST. COMMISSIONER OF INCOME TAX VERSUS M/S. COTTON CODE GARMENTS
(2019) TaxCorp(LJ) 16588 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=70154&Category=ITAT&CategoryType=Zip
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Bogus Capital Gains From Penny Stocks: Plea that opportunity to cross-examine the witness was not given & investigation report was not furnished is not relevant if assessee unable to successfully controvert findings of the AO and such argument was never made before the lower authorities
Pankaj Agarwal & Sons (HUF) vs. ITO
(2019) TaxCorp(LJ) 16575 (ITAT-CHENNAI)
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ITAT - Rate of depreciation on software is 60%.
COMPUTER AGE MANAGEMENT SERVICES PVT. LTD VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, LTU-2, CHENNAI
(2019) TaxCorp(LJ) 16571 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=69907&Category=ITAT&CategoryType=Zip
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ITAT - Activity of renting out Property (Kalyanamandapam) by a charitable trust could be construed as only incidental to the attainment of its main object and assessee could take advantage of Sec. 11(4).
AVM Charities Vs The Income Tax Officer
(2019) TaxCorp(LJ) 16439 (ITAT-CHENNAI)
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ITAT - Assessee had given a reasonable explanation for the lower gross profit shown by it during the relevant previous year as such addition for lower gross profit was not warranted.
THE ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 2, MADURAI VERSUS M/S. SRI KRISHNA NAGAI MALIGAI (P) LTD
(2018) TaxCorp(LJ) 16384 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=69388&Category=ITAT&CategoryType=Zip
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ITAT - Exemption u/s 54F available to the assessee where the property was jointly held by him with his brother.
Shri Immnuel Charles Vs Income Tax officer
(2018) TaxCorp(LJ) 16361 (ITAT-CHENNAI) · Section 54F
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ITAT - Advertisement expenses incurred for exhibiting film cannot be allowed in the hands of the director u/s 37(1).
Shri M. Perarasu Vs The Assistant Commissioner of Income Tax
(2018) TaxCorp(LJ) 16358 (ITAT-CHENNAI) · Section 37(1)
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ITAT - Partner whose friend’s wife received the advance had indirectly benefited from the advance received by the assessee from the company. Additions u/s 2(22)(e) confirmed.
M/S. SUBHAVARSHA INFOTECH VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX AND THE ASSISTANT COMMISSIONER OF INCOME TAX VERSUS M/S. SUBHAVARSHA INFOTECH
(2018) TaxCorp(LJ) 16231 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=68761&Category=ITAT&CategoryType=Zip
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