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The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition of unelaborated investment in stock as a difference in the valuation of stock. Mahavir Singh (Vice President) and Manjunatha. G. (Accountant Member), presiding over the bench, have observed that the assessee declared additional income attributable to excess stock discovered during a survey. […]
The addition under section 68 of the Income Tax Act for the receipts of cash has been deleted by The Chennai Bench of Income Tax Appellate Tribunal (ITAT) that was converted into the jewellery sale. There could not be any cause for the uniform sales on all the days, months, or years, The bench of […]
Under Section 11 of the Income Tax Act, 1961 the income tax appellate tribunal (ITAT) Chennai bench ruled that exemptions must not be allotted when the activities of the trust are like trade, commerce, or business. The Taxpayer, SAE India, was registered Under Section 12AA of the Income Tax Act, 1961 from AY 2004-05 onwards. […]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has made a ruling stating that payments made in a compensatory nature should not be considered as interest for the purpose of tax deduction at source (TDS) under Section 194A of the Income Tax Act, 1961. The Assessing Officer (AO) had noticed in the tax […]
Buying residential house property prior to the last ITR filing date makes the taxpayer qualified for the deduction under section 54F of the Income Tax Act, the Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled. The petitioner is an individual and has submitted her Income tax return for the AY 2012-13 dated 01.06.2013, […]
In a significant decision, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has dismissed the addition made towards the short deduction of Tax Deducted at Source (TDS). The tribunal emphasised that the relationship between a professional doctor consultant and a hospital cannot be considered an employer-employee relationship unless explicitly stated in the appointment […]
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 […]
