Section 6 prevails over TRC for Residency: ITAT Chennai

DCIT Vs M. Mahadevan (ITAT Chennai) In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Chennai, allowed three appeals against Shri M. Mahadevan, the assessee for AY 2013-14, 2014-15, and 2019-20. The appeals centred on two primary issues, determination of assessee’s residential status under Section 6 of the Income Tax Act, 1961, and the validity of an addition of Rs. 2,94,33,160 as long-term capital gains for AY 2019-20. The ITAT partly allowed the Revenue’s appeals, overturning the Commissioner of Income Tax (Appeals)’s decision on the residential status while remanding ...