2 ITAT Chennai

ITAT Chennai

Expense towards purchase of off-the-shelf software products doesn’t qualify as Royalty

Amec Foster Wheeler India Pvt. Ltd. Vs ACIT (OSD) (ITAT Chennai)

ITAT Chennai held that the expenditure incurred towards the purchase of the off-the-shelf software products is not in the nature of Royalty for use of copyright in the software and thus not liable for withholding of tax u/s.195 of the Act....

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Section 80P(2)(d) deduction eligible on Interest Income Earned by Co-op Society from Co-op Bank

Bhairabnala Samabay Krishi Unnayan Samity Ltd. Vs ITO (ITAT Chennai)

Bhairabnala Samabay Krishi Unnayan Samity Ltd. Vs ITO (ITAT Chennai) As far as section 80P(4) of the Act, it only provides that provisions of section 80P shall not be applied in relation to any co­operative bank other than agricultural credit society or any agricultural rural bank. In simple words such cooperative Bank cannot claim deduc...

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No section 40(a)(i) disallowance based on amendment with retrospective effect

DCIT Vs Allsec Technologies Ltd (ITAT Chennai)

DCIT Vs Allsec Technologies Ltd (ITAT Chennai) ITAT held that the assessee cannot be expected to deduct TDS on payment made to non-residents on the basis of subsequent amendment to the law with retrospective effect from earlier date, because the assessee cannot foresee the amendment and deduct TDS and hence, we are of the considered [&hel...

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ITAT disallows rent expenses due to non-exitance of rent agreement

Miracle Cars India Pvt Ltd. Vs DCIT (ITAT Chennai)

Miracle Cars India Pvt Ltd. Vs DCIT (ITAT Chennai) The undisputed facts are that the agreement between the assessee and M/s. DRS Industries Ltd., dated 30.06.2010 did not materialize and consequently, the dealership of Skoda cars sales & services has not been transferred to the assessee. Further, the rent agreement in respect of premi...

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TDS not deductible on payment to non-resident having no PE in India for services rendered outside India

Turbo Energy Private Limited Vs DCIT (ITAT Chennai)

ITAT held that payment made to non-resident without deducting the tax at source u/s. 195 of the Act, does not come under the provisions of section 9(1)(vii) of the Act and consequently, assessee need not to deduct TDS u/s. 195 of the Act and thus, question of disallowance of said payment u/s. 40(a)(i) of the Act does not arise....

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ITAT deletes addition under section 50C as difference was less than 10%

DCIT Vs S.G.P. Exim Pvt Ltd. (ITAT Chennai)

Difference between stated consideration and guideline value is less than 10% as prescribed under 3rd proviso to section 50C(1), then there cannot be any addition by substituting full value of consideration....

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ITAT upheld addition for Cash deposited during demonetization out of alleged tuition income

Smt. Sonal Kumari Vs ITO (ITAT Chennai)

Smt. Sonal Kumari Vs ITO (ITAT Chennai) The only issue in this appeal of assessee is as regards to the order of CIT(A) confirming the action of AO in adding the cash deposited during demonetization period in assessee’s savings bank account maintained with Punjab National Bank between 15.11.2016 to 05.12.2016 amounting to Rs.7.68 lakhs. ...

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Exemption u/s 11 available as renting of auditorium is incidental to fulfilment of object of trust

M.Ct.M. Chidambaram Chettiar Foundation Vs DDIT (ITAT Chennai)

ITAT Chennai held that renting of auditorium for the purpose of conducting guest lectures or topics to address the students is incidental to fulfilment of the object of the trust i.e. education. Accordingly, exemption under section 11 of the Income Tax Act available....

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ITAT directs AO to consider settlement of dispute subsequent to Asset Purchase Agreement

ACIT Vs Calchennai Mobile Worx P. Ltd (ITAT Chennai)

ACIT Vs Calchennai Mobile Worx P. Ltd (ITAT Chennai) As per asset purchase agreement between the assessee and the purchaser, agreed consideration for transfer of business/asset is Rs 5.76 crores. In fact, the buyer has confirmed having paid entire agreed consideration for transfer of business. The assessee claims that it has received a su...

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Adjustment of incorrect claim apparent from any information in return is permissible u/s 143(1)

Sree Gokulam Chit and Finance Co. P. Ltd. Vs DCIT (ITAT Chennai)

ITAT Chennai held that post amendment w.e.f. 01.04.2008, the scope of adjustment u/s.143(1) of the Act has widened and enlarged. Accordingly, adjustments with regard to incorrect claim apparent from any information in the return of income permissible....

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