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The Income Tax Appellate Tribunal (ITAT) Chennai Bench has held in favor of Laxmi Nanda Kishore, setting aside the Rs.12.14 lakh addition incurred u/s 69 of the Income Tax Act, 1961. It was discovered by the tribunal that the assessing officer had incorrectly categorized seized gold and silver jewellery as an unexplained investment, overlooking CBDT […]
It was carried out by ITAT Chennai that the condonation of delay must not be dismissed for the cause that the plea submitted belatedly is not accompanied by the condonation petition. Therefore the order has been set aside and the case remanded back. Key Facts and Information The petitioner vides the present plea challenged that […]
In the case of National Contracting Company (India) Private Limited vs. Deputy Commissioner of Income Tax (DCIT), the Chennai Income Tax Appellate Tribunal (ITAT) delivered a ruling. On June 24, 2024, the decision, pronounced, addresses the problem of whether a wrong classification in an Income Tax Return (ITR) can result in the refusal of a […]
The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) held that Section 155(14) of the Income Tax Act, 1961 could not limit the Tax Deduction at Source ( TDS ) credit if the income is correctly shown in the Income-tax Returns. The ITAT bench noted that “once TDS is deducted and deposited […]
The Income Tax Appellate Tribunal (ITAT) Chennai in a ruling has dismissed the appeal by the Revenue (Assistant Commissioner of Income Tax) and the Cross Objections by the assessee, Prakash Ferrous Industries Private Limited, against the order of the Commissioner of Income Tax (Appeals) 18, Chennai on 23.03.2023 for the assessment year 2020-21. The Foundation […]
The Income Tax Appellate Tribunal (ITAT) in Chennai has adjudicated a series of appeals filed by Adithya Ferro Alloys Pvt. Limited against the Commissioner of Income Tax (Appeals)-10, Hyderabad, regarding different quarters of the Assessment Years (AY) 2013-14 & 2014-15. The pleas were concentrated on contesting fees charged under Section 234E of the Income Tax […]
The Income Tax Appellate Tribunal (ITAT), the Chennai bench instructed to adjudicate on the basis of non-verification of further evidence by the Assessing Officer (AO). The assessee filed ITR (Income Tax Return) for the AY 2015-16 on 30/11/2015 showing NIL income and the loss of ₹.7,87,45,865/- in the current year. The AO observed that the […]
Recently, an appeal was filed by the Chennai Bench of the Income Tax Appellate Tribunal (ITAT). The bench appealed, arguing that when disapproval is made on an estimated basis, an income tax penalty cannot be imposed under Section 270A of the Income Tax Act, 1961. The study and analysis of the scenario were conducted by […]
Recently, the Income Tax Appellate Tribunal (ITAT) disallowed capital gains tax exemptions on the sale of land in two separate cases heard by its Chennai and Pune benches. The cause was that no agricultural work had been done. A capital gain on the transfer of agricultural land may be exempt from taxation under section 54B […]
