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The bench of the Income Tax Appellate Tribunal, Chennai, held that any reassessment notice issued by a Jurisdictional Assessing Officer (AO) after the introduction of the faceless regime is not valid in law. The Tribunal, emphasising the binding nature of the CBDT’s e-Assessment of Income Scheme, 2022, held that the issuance of notices u/s 148 […]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has overturned an assessment made by the Assessing Officer (AO), which had classified a cash deposit of Rs. 8,00,000 as ‘income from other sources.’ The Tribunal determined that this amount was actually derived from the sale of casuarina trees, leading to the deletion of the […]
Chennai ITAT has ruled that if a person from a Chinese resident earns a salary for work done in China, that income won’t be taxable in India, even if the money is deposited in an Indian bank account. Manu Kumar Giri (Judicial Member) and S.R. Raghunatha (Accountant Member) said that “the AO has disallowed the […]
The Income Tax Appellate Tribunal (ITAT) in Chennai has sent a case back to the Assessing Officer (AO) for reassessment. The decision was made because a public charitable trust operating educational institutions filed its audit report under Form 10BB late. Under sections 12AA and 10(23C)(vi) of the Income Tax Act, 1961, the trust, registered, had […]
The Chennai Bench of Income Tax Appellate Tribunal(ITAT) supported the ruling of the Commissioner of Income Tax (Appeals) concerning accounting manipulation and tax evasion due to insufficient evidence. An appeal for Assessment Year (AY) 2015-16 has been furnished by the revenue appellant against the CIT(A) order on March 5, 2024, related to the assessment incurred […]
The deduction under Section 54F of the Income Tax Act on the construction of the new dwelling/residential unit has been permitted by the Chennai Bench of Income Tax Appellate Tribunal (ITAT). The bench of Aby T. Varkey (Judicial Member) and Amitabh Shukla (Accountant Member) has marked that the taxpayer had released the burden to prove […]
The Chennai ITAT said that receipt of sale consideration of a massive amount of Rs. 1.60 Crores in cash, which is, in breach of the provisions of section 269SS (this section restricts cash receipts over & above twenty thousand) of the Income-tax Act, rightly merits the imposition of penalty under section 271D. The Bench of […]
The Chennai ITAT referring to CBDT Circular no. 10/2014, stressed that if an undertaking is transferred to another undertaking excluding the way of amalgamation and demerger and in other cases, the transferee undertaking will be qualified for deduction for the remaining unexpired period under section 80IA(4)(iii) of the Income Tax Act. The Bench, Manmohan Das […]
The legal matter between TVS Srichakra Limited and DCIT at ITAT Chennai revolves around the disapproval of a deduction under Section 80IC. This disapproval stems from the failure to submit Form 10CCB along with the income return for the assessment year 2016-17. The crux of the dispute lies in the appellant, TVS Srichakra Limited, asserting […]
