ITAT Chennai

Transfer completes if GPA & JDA registered containing intention of owner

Tamilnadu Brick Industries Vs ITO,(ITAT Chennai)

Tamilnadu Brick Industries Vs ITO (ITAT Chennai) The plea of the assessee is that the reckoning of date of transfer should be based on the execution of MOA dated 30.01.2012. The execution of MOA alone does not convey transfer of the schedule property to the developer within the meaning of section 2(47(v) of the Act […]...

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Tax on Sale of mortgaged property in discharge of loan taken

ITO Vs Late Shri B. Kailasam (ITAT Chennai)

ITO Vs Late Shri B. Kailasam (ITAT Chennai) Since availing a loan itself is consideration and therefore, constructive benefit was very well accrued to the assessee when the loan was availed by the concerned company, which was owned partly by the assessee. Since, the mortgaged property was sold in discharge of the mortgage created by [&hel...

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Disallowance justified for non deduction of TDS on Provision for Audit Fees

Citadel Fine Pharmaceuticals (P.) Ltd. Vs Asstt. CIT (ITAT Chennai)

Since assessee had made provision for audit fees to account of payee, provisions of section 194J were clearly attracted and non-deduction of tax at source would automatically invite disallowance under section 40(a)(ia)....

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International transaction cannot be presumed merely on the basis of Statement of Assessee

Renault India P. Ltd. vs. DCIT (ITAT Chennai)

Renault India case: Just because assessee mentioned that marketing expenditure incurred by it helped promotion of Renault brand in India, it cannot be presumed that such expenditure resulted in any international transaction ...

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Income from renting of IT park with services related to its use as technology centers constitutes Business Income

Ambattur Infra Developers Vs The Deputy Commissioner of Income Tax (ITAT Chennai)

Ambattur Infra Developers Vs DCIT (ITAT Chennai) It is not disputed that assessee was a recognized IT park and had rented it out to various software companies. It is also not disputed that assessee had entered into two agreements with its lessees, one for renting out the space and other for providing services and maintenance. […]...

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Profit from Land shown as Capital Assets in books is Capital Gain: ITAT Chennai

ACIT Vs M/s. Indus Valley Housing, (ITAT Chennai)

ACIT Vs Ms. Indus Valley Housing, (ITAT Chennai) The question arises for consideration is whether the investment made by the assessee in the land at Nolambur is a stock-intrade or capital asset? If the land is stock-in-trade, then naturally the profit on sale has to be considered as income from business. If it is considered as capital ...

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Exemption U/s. 11 not available if Trust Gifts its property to Unregistered Trust

DDIT Vs M/s. Paramasiva Naidu Muthuvel Raj Education Trust (ITAT Chennai) (ITAT Chennai)

DDIT Vs M/s. Paramasiva Naidu Muthuvel Raj Education Trust (ITAT Chennai) It is also an undisputed fact that during relevant assessment year, the land had been made available to M/s. PMR Bangaru Subbammal Educational Trust, which is a Trust that does not have registration u/s.12AA of the Act. It is also an undisputed fact that […]...

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Deduction U/s. 54F on Unutilized amount not deposited in CGAS before due date

Smt. M.K. Vithya Vs ITO(ITAT Chennai)

Where investment in a new residential house was made within three years from date of transfer of assets, exemption Under section 54F could not be denied on the ground that unutilized amount was not deposited in Capital Gains Account Scheme before due date prescribed under section 139(1)....

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Computation of interest U/s. 234B when Assessment order was subjected to revision U/s. 263

S. Vijayalakshmi Vs ITO (ITAT Chennai)

Where original assessment order was subjected to revision under section 263, interest under section 234B would be charged till completion of assessment under section 143(3) read with section 263....

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Deduction U/s. 54 despite non completion of Flat Construction by developer

Asstt. CIT Vs M. Raghuraman (ITAT Chennai)

This appeal of the revenue is directed against the order of the Commissioner (Appeals)-9, Chennai, dated 30-5-2017 and pertains to assessment year 2013-14....

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