The ITAT Chennai quashed additions under Section 68 against Arusuvai Food Processors, ruling that the provision only applies to fresh unexplained credits during the Assessment Year, not to genuine, consistently disclosed brought-forward trade payables.
Chennai ITAT directed the grant of charitable registration u/s 10(23C)(iv) to a trade promotion body, holding its activities as public utility, citing binding precedents on ITPO’s identical case.
A director resigns by submitting a written notice, which the company must accept via a Board Resolution. The company files DIR-12 with ROC, and the director may optionally file DIR-11.
A summary of ITAT Chennai’s order in Shanmugasundaram Venkatachalapathy Vs ITO, which sustained both unexplained investment under Section 69 and professional receipts found via Form 26AS but not declared in income tax return.
