ITAT Chennai

Section 2(22)(e) not applicable to receipt towards repayment of loan 

ACIT Vs V. V. N. Varadhan Kumar (ITAT Chennai)

ACIT Vs V. V. N. Varadhan Kumar (ITAT Chennai) Ld.CIT(A) had made a clear cut finding after examining the books of accounts of the assessee that the amount received by the assessee was only repayment of loan extended by the assessee to the company. It appears that the assessee in his books of account instead […]...

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Distance Certificate issued by Tahsildar cannot be rejected on Bus Route Distance basis without examining Tahsildar

B. Kannabiran Vs ACIT (ITAT Chennai)

B. Kannabiran Vs ACIT (ITAT Chennai) Tahsildar, being the head of the revenue unit of the Taluk, issued certificate saying that the land in question is beyond 9 KMs radius from Tambaram municipality. This certificate issued by the Tahsildar was rejected by the CIT(Appeals) on the basis of bus route. The details with regard to […]...

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ITAT condones Appeal filed with CI(A) by delay of 36 months & 3 days

K. Hemalatha Vs ACIT (ITAT Chennai)

K. Hemalatha Vs ACIT (ITAT Chennai) It is an admitted fact that against the assessment order, the assessee filed a manual appeal on 03.05.2016, which is well within the time provided under the Act. On perusal of the appellate order, we find that when the appeal was manually filed on 03.05.2016, no defect notice was […]...

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ITAT restore the file to AO – Assessee to produce all relevant documents, evidences to AO

M. Shanthi Vs DCIT (ITAT Chennai)

M. Shanthi Vs DCIT (ITAT Chennai) It is noticed that as the assessee has not produced the evidences before the Assessing Officer, and has given reasonable and justifiable cause for the same, in the interest of justice, the issues in this appeal are restored to the file of Assessing Officer for re-adjudication. The liberty is […]...

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Section 54/54F exemption cannot be denied if amount been invested within time allowed u/s 139(4)

Y. Malarvizhi Vs ITO (ITAT Chennai)

Y. Malarvizhi Vs ITO (ITAT Chennai) So far as the time lime for assessee to invest the amount of Capital gains in purchase /construction of new residential asset or investment in Capital Gains Scheme, u/s.54(2)/54F(4) is concerned, it has been affirmed by the Hon’ble High Courts that the ‘due date’ refers to extended ‘due date’ ...

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Bogus purchases Addition justified if based on evidences instead of sworn statements

BGR Energy Systems Ltd. Vs ACIT (ITAT Chennai)

Additions made by AO was not only on the basis of sworn statement but also on the basis other evidences collected during the course of search including discrepancies in books of accounts regarding accounting of bogus purchases therefore, there was no merit in arguments of assessee that AO had made additions towards alleged purchases only ...

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No section 68 addition for unsecured loans if assessee proves genuineness

K.P. Manish Global Ingredients Pvt.Ltd. Vs ACIT (ITAT Chennai)

Once an assessee discharged its burden, then burden shifts to AO to prove otherwise that said transaction was nothing but undisclosed income of the assessee. In this case, AO had not brought on record any evidence to prove that said sum was undisclosed income of assessee. Therefore, AO was completely erred in making additions towards unse...

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Facts already disclosed in return cannot constitute incriminating material found during search

ACIT Vs CMG Steels Pvt. Ltd. (ITAT Chennai)

ACIT Vs CMG Steels Pvt. Ltd. (ITAT Chennai) Facts already disclosed in return of income cannot constitute incriminating material found during search. Also held cross examination importance when requested without which addition becomes invalid In the present case, on perusal of facts available on record, we find that the AO has made additi...

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Allowability of STCL on assignment of debts due from certain debtors even if assignee did not disclose recovered income

DCIT Vs Sicagen India Ltd. (ITAT Chennai)

As regards to issue of allowability capital loss incurred by assessee on assigning of debts due from certain debtors, it was concluded that merely because assignee company did not disclose business income in their income tax returns for subsequent years in year of recovery of debts, that would not prejudice right of assessee company to cl...

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Section 158BC Assessment order r.w.s 143(3)/254 barred by section 153(2A) limitation liable to be Quashed

T.T.V. Dhinakaran Vs DCIT (ITAT Chennai)

Assessment order passed u/s. 158BC r.w.s 143(3) / 254 dated 31.12.2019 determining the undisclosed income of about Rs. 57.43 crores against Mr.D was barred by limitation as per provisions of section 153(2A) and liable to be quashed as AO ought to have passed assessment order on 14.04.2019 whereas the impugned order was passed on 31.12.201...

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