ITAT Chennai

Home loan interest can be included in cost in Capital Gain Computation

ITO Vs Smt. R. Aishwarya (ITAT Chennai)

Assessee is entitled to include interest in the capital cost while computing capital gains U/s 48 of the Act. Judicial discipline requires us to follow the order of a co‑ordinate bench....

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Addition cannot be made for mere difference between form 26AS & P&L A/c

Sree Sankeswara Foundations and Investments Vs ACIT (ITAT Chennai)

Sree Sankeswara Foundations and Investments Vs ACIT (ITAT Chennai) The appellant namely M/s. Sree Sankeswara Foundations and Investments is a Partnership firm constituted under the Partnership Act.  It is engaged in the business of real estate. The return of income for the AY 2016-17 was filed. Against the said return of income, the asse...

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Section 54F exemption available despite investment in Spouse Name

A. Tamil Ponni Vs ITO (ITAT Chennai)

In the given case, the issue under consideration is if the new property has been invested in the name of assessees husband, then in such case whether the exemption under Section 54F can be denied to the assessee or not?...

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Expense against carbon credit (Capital Receipt) not deductible

Rajshree Sugars and Chemicals Limited Vs ACIT (ITAT Chennai)

Rajshree Sugars and Chemicals Limited Vs ACIT (ITAT Chennai) As we have already held that the receipt on the sale of carbon credits is liable to be treated as capital receipts, admittedly, the expenditure incurred by the assessee in respect of the sale of the carbon credits cannot be treated as Revenue expenditure at all. […]...

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Leased property exceeding 12 year eligible for Section 54F exemption

Shri N. Ramaswamy Vs ITO (ITAT Chennai)

Shri N. Ramaswamy Vs ITO (ITAT Chennai) A bare reading of Section 2(47)(vi) of the Act shows that the agreement or arrangement which has the effect of transferring or enabling the enjoyment of immovable property, has to be considered as transfer in relation to capital asset. In this case, there was a perpetual lease agreement […]...

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Capital gains exempt u/s 54EC could be reckoned for book profit u/s 115JA

Fibroflex (India) Pvt. Ltd. Vs DCIT (ITAT Chennai)

In the given case the issue under consideration is that whether capital gains, which were exempt under section 54EC could be reckoned for purpose of computing book profit under section 115JA...

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Section 45(3) AO cannot disturb value of consideration recorded in books of firm

Shri Sarrangan Ashok Vs ITO (ITAT Chennai)

Provision of section 45(3) are exhaustive and does not confer any power on the AO to adopt consideration different from what is recorded in the books of account of the firm. Thus, AO was not correct in adopting the market value of land as revalued subsequently by the firm in the books of account....

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Complete work & hearing in office hours except in occasionally Circumstances: ITAT

Shri Shanmugam Senthilkumar Vs ITO (ITAT Chennai)

Shri Shanmugam Senthilkumar Vs ITO (ITAT Chennai) ITAT, Chennai advice to CIT ( Appeals) to Complete the work and hearing in office hours except in occasionally Circumstances hearing the appeals and making the tax practitioners, advocates and Chartered Accountants to wait till 9 PM to 10 PM on daily basis has to be avoid. Late […]...

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Incentive received from Government for exploring new market -capital receipt or revenue receipt?

JCIT (OSD) Vs Eastman Exports Global Clothing (P) Ltd. (ITAT Chennai)

JCIT (OSD) Vs Eastman Exports Global Clothing (P) Ltd. (ITAT Chennai) We have considered the rival submissions on either side and also perused the relevant material available on record. The Market Linked Focus Product Scheme is a scheme promoted by the Director General of Foreign Trade wherein incentive @ 2% on the FOB value of […]...

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ITAT allows Depreciation on car in partner name

NVR Cinema Vs ITO (ITAT Chennai)

Partnership firm can own assets only in the name of the partners. In the case of the assessee firm, the car is owned in the name of the partner of the firm. If the car is purchased from the resource of the firm or the purchase consideration is credited to the partner’s current account or capital account then it shall be construed that t...

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