ITAT Chennai rules on assessment orders issued to a non-existent entity after a merger. Learn about the legal implications and the impact on tax proceedings.
Aggrieved against the directions of CIT(A) to the AO for assessment of gross profit on unaccounted sales of unaccounted purchases and enhancement on account of disallowance of cash payment u/s.40A(3) of the Act, the assessee came in appeal before the Tribunal.
ITAT Chennai confirms addition of ₹16.20 lakh under Section 69A for demonetized cash deposited by trader; notice deemed valid and appeal dismissed.
ITAT Chennai rules on Sakthi Realty case, deleting additions for unexplained deposits. Details on customer deposits, tax assessment, and tribunal’s decision.
ITAT Chennai held that cash sales of liquor is the source of cash deposit during demonetization and accordingly, since the nature and source of investment fully explained by the assessee, addition u/s. 69 of 69A not justifiable.
Regarding disallowance under section 10AA, Tribunal found that services provided by appellant to foreign customers from the SEZ did qualify as exports, thus allowing deduction.
ITAT Chennai held that exemption under section 11 of the Income Tax Act is allowable inspite of certain errors while filing form 10B since the claim is supported by audited financials, revised audit report and revised computation.
ITAT Chennai restored the matter back to the file of AO since CIT(A) failed to consider the additional evidence which was sought by AO. Accordingly, matter restored back to the files of AO for fresh adjudication.
ACIT vs Prashant Prakash Nilawar case where ITAT Mumbai dismissed Rs. 17 Cr addition based on WhatsApp messages without concrete evidence. Understand judicial precedents cited.
ITAT Chennai rules on Ashok Leyland’s tax appeal regarding R&D deductions under Section 35(2AB). The tribunal allows partial relief, citing legal precedents.
