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Tax Deduction at Source is not applicable to payments made to non-residents, according to the Chennai bench of the Income Tax Appellate Tribunal (ITAT). The manufacturer of turbochargers and engine parts for use in industrial engines, off-road vehicles, commercial vehicles, and passenger automobiles is Assessee Turbo Energy Private Limited. Following the filing of the income […]
The Chennai bench of the Income Tax Appellate Tribunal( ITAT ) stated that TDS Credit is permissible when Income is provided to the tax concerned to specified TDS. Taxpayers firm M/s. PKF Sridhar & Santhanam LLP, in the profession of consulting and auditing. The appellant furnished its income return for the assessment year 2018-19 on […]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT), TDS credit must be permitted when the taxpayer provides the income concerned to the TDS beneath the provisions of the income tax act, 1961. The taxpayer, N C Rajagopal has claimed TDS credit amounting to Rs. 45,59,855/-, whereas DCIT, CPC has permitted credit for Rs. […]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) ruled proceedings under Section 153C of the Income Tax Act, 1961 could not be started in absence of incriminating material revealed in the search. While in the assessment proceedings, the AO sees that the taxpayer, A. Gandhimathi has incurred unregistered dealer purchases. The taxpayer would […]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that payment that the taxpayer has made to the non-resident marketing partners for filing the before or after-sale services concerned with the software solutions would have the character of fees for technical services (FTS). The two-member bench of V. Durga Rao (Judicial Member) and […]
The Income Tax Appellate Tribunal (ITAT), Chennai has deleted the penalty of Rs 1 Lakh as there was proper income return filing including a tax audit report. Under section 133A of the act, a survey was performed on the taxpayer’s M/s. Saravana Foundation business premises, it is revealed that the taxpayer has obtained the gross […]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has permitted the 60% depreciation on ATM machines as appropriate to computer software. The two-member bench of Sonjoy Sharma (Judicial Member) and G. Manjunatha (Accountant Member sees that once the taxpayer would be qualified for 60% of the depreciation on ATM machines, the Assessing Officer […]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled that amount filed through the purchaser of property to the tenant does not get taxed in the capital asset of the owner. The 4 taxpayer belongs to the same family. Smt. Halima received the property which has an area of 4400 sq ft from […]
The Income Tax Appellate Tribunal (ITAT), Chennai bench ruled that the short payment of invoices would be treated as a business loss if the claim is not verified with precise invoices. The taxpayer, M/s India Pistons ltd availed the business loss for the amount of the cost difference/ discounts deducted. It was indeed mentioned that […]
