ITAT Chennai

Section 54F exemption on investment out of borrowed funds, in the name of Karta by HUF & On Renovation of Existing Unit

Shri Puranchand & Family (HUF) Vs ITO (ITAT Chennai)

This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals) – 13, Chennai dated 15.09.2016 and pertains to the assessment year 2012-13....

Read More

Assessment of Individual cannot be done by issuing notice on HUF

Shri. Deen Dayal Kothari Vs Income Tax Officer, (ITAT Chennai)

An 'individual' and an 'HUF' are different persons under the Income Tax Act, and notice to one cannot be deemed as notice to the other....

Read More

Section 54F exemption not available house acquired is demolished within 3 years

K.V. Vijayaraghavan v. DCIT (ITAT Chennai)

Assessee will be entitled for benefit of deduction U/s. 54F of Act if he demolished new asset being residential house purchased by him within period of three years from the date of purchase in violation to Section 54F(3) of Act. ...

Read More

Taxability of business done by NRI through Power of Attorney holder

Carpi Tech SA Vs ADIT (ITAT Chennai)

Assessee submitted that project receipt from Tanakpur Power Project of NHPC work is exempt from tax in India for the reason that assessee does not have continuous presence or 'business connection' or a permanent establishment in India....

Read More

Addition for mere appearing of TDS credit in form 26AS not justified

P.K. Rajasekar vs. ITO (ITAT Chennai)

AO is also equally responsible to find out whether the credit entry found on 01.07.2010 is genuine or not. The AO cannot take advantage of the ignorance or handicap of the assessee and say that there was undisclosed receipt by the assessee....

Read More

Exemption U/s. 54F despite delayed investment in Capital Gain Account Scheme

ACIT Vs. Smt. Umayal Annamalai (ITAT Chennai)

Assessee had not invested in Capital Gain Account Scheme before the due date under section 139(1) but complied with the conditions under section 54F(1). The provisions of section 54F are beneficial provisions and are to be considered liberally on the aspect of limitation period. However the investment in residential property is a must whi...

Read More

TDS not deductible on web hosting & marketing services procured from US based entity

DCIT Vs M/s Matrimony.Com Pvt. Ltd. (ITAT Chennai)

The ITAT Chennai held that payments made by the assessee in the nature of webhosting and marketing expenses to US based service provider could not be taxed as Fees for technology services because there were not transfer of technology involved in render of services such that the services could be continuously used by the Indian company wit...

Read More

International transaction not resulting into income to assessee not subject to TP regulations

M/s. Topsgrup Electronic Systems Ltd. Vs ITO (ITAT Chennai)

The ITAT bench of Mumbai in the above cited case held that investment in share capital of a subsidiary being an international transaction on capital account does not result in income as defined under section 2(24) of the Act, the Transfer Pricing provisions a would not be applicable to such transaction. Further, in the absence of thin ca...

Read More

Revised return with same info is furnishing of inaccurate particulars

DCIT Vs M/s. Rattha Citadines (ITAT Chennai)

The ITAT Chennai in the case of DCIT vs. M/s. Rattha Citadines held that relying on the same information as available on the date of filing original return of income in filling revised return but making a different claim , in the absence of assessee’s bonafide expenditure would be deemed as furnishing of inaccurate particulars of income...

Read More

Discount adjustment allowed while calculating suppression of sale due to difference in price of menu card and daily stock sheet

ACIT Vs Sh. R. Paneerselvam (ITAT Chennai)

ITAT Chennai held In the case of ACIT vs. Sh. R. Paneerselvam (Individual) that normally, the sale price mentioned in the menu card would be the sale price of the liquor. However, the fact is that the liquor shops are giving discount on the liquor sold to their corporate guests, walk in customers, etc. for various reasons....

Read More
Page 1 of 1512345...10...Last »

Browse All Categories

CA, CS, CMA (3,305)
Company Law (3,196)
Custom Duty (6,362)
DGFT (3,312)
Excise Duty (3,977)
Fema / RBI (3,108)
Finance (3,274)
Income Tax (24,133)
SEBI (2,642)
Service Tax (3,246)

Search Posts by Date

March 2017
M T W T F S S
« Feb    
 12345
6789101112
13141516171819
20212223242526
2728293031