ITAT Chennai

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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Exemption U/s. 54F cannot be denied merely because capital asset was purchased in individual name of coparcener of HUF

Shri Puranchand & Family (HUF) Vs ITO (ITAT Chennai)

Shri K. Balasubramanian, the learned representative for the assessee submitted that the assessee HUF, sold 122.840 carat of diamonds on 2-1-2012 for a total consideration of Rs. 57,12,060. The long-term capital gain computed at Rs. 42,65,619. According to the learned representative, there was no dispute about sale of diamonds and the comp...

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TDS deductible on Audit Fees provision credited to Auditors Account

Citadel Fine Pharmaceuticals (P.) Ltd. Vs ACIT (ITAT Chennai)

On perusal of section 194J of the Act, we find that tax is deductible at source either at the time of credit of expenditure to the account of the payee or at the time of payment whichever is earlier. In the instant case, the assessee had made provision for audit fees to the account of the payee which fact has been mentioned by the ld CITA...

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Interest U/s. 234A cannot be levied on Assessment considering return filed U/s. 139(1)

G. Narasiman Vs. ITO (ITAT Chennai)

G. Narasiman Vs. ITO (ITAT Chennai) Belated return filed under section 139(4) could not be revised under section 139(5). Therefore, revised return filed by assessee was invalid and to frame assessment by considering such return as return filed under section 139(1) was in conflict with charging interest under section 234A for delay in fili...

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MS Office software License Purchase Expense is Revenue Expense

M/s ILink Multi tech Solutions Pvt. Ltd. Vs. DCIT (ITAT Chennai)

It is not in dispute that the assessee purchased MS Office software and used the same in its business. By purchasing MS Office software, the assessee has not become owner of the software. The ownership of MS Office software remained with Microsoft company. ...

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Section 80-IB(10): Open terrace area excluded by Local Authority from working of built-up area cannot be included by revenue

The Deputy Commissioner of Income Tax Vs. M/s. Acestar Properties Pvt. Ltd (ITAT Chennai)

The Income Tax Appellate Tribunal (ITAT) Chennai, on Wednesday, brought in further clarity to one of its previous orders regarding the inclusiveness of private open terrace in build-up area of a flat, for the purpose of deductions as per Section 80-IB(10) of the Income Tax Act. ...

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TDS U/s. 194J not applicable on Roaming Charges

The Assistant Commissioner of Income Tax Vs. M/s Vodafone Mobile Service Ltd. (ITAT Chennai)

Tribunal found that roaming charges cannot be considered as fee for technical services, therefore, the provisions of Section 194J of the Income-tax Act, 1961 is not applicable. ...

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Confirmation letter by creditor establishes only identity & not creditworthiness & genuineness

A. Godwin Maria Visuvasam Vs. ITO (ITAT Chennai)

A. Godwin Maria Visuvasam Vs. ITO (ITAT Chennai) Merely furnishing of confirmation letter by a creditor, as it again well settled, does not would at best only establish identity of the creditors. There was nothing on record establishing creditworthiness of the creditors and/or genuineness of impugned loans and advances in the instant case...

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