ITAT Chennai

Amount received through Will of God Mother Eligible for Exemption u/s 56(2)(vii)

Cynthia Ramona Chellappa Vs. ITO (ITAT Chennai)

Cynthia Ramona Chellappa Vs. ITO (ITAT Chennai) The issue under consideration is whether the amount received through the Will of God-Mother is eligible for exemption u/s 56(2)(vii)? ITAT states that a perusal of the provisions of Section 56(2)(vii) shows that any amount received by an individual without consideration and the aggregate val...

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Change in Inventory Valuation Method Allowed if Based on AS 2

ACIT  Vs Thiagarajar Mills Ltd. (ITAT Chennai)

The issue under consideration is whether the change in method of valuation of inventory is allowed if it is based on AS 2 as prescribed by ICAI?...

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Section 54 benefit cannot be denied for Procedural Non-Compliance

ITO Vs Smt. Rekha Shetty (ITAT Chennai)

The issue under consideration is whether the benefit of section 54 of the Income Tax Act, being a beneficial provision, can be denied to the assessee due to non-compliance of procedural requirements?...

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TDS u/s 194J Applicable on Payments by TPA to Hospitals on behalf of Insurance Companies

Family Health Plan (TPA) Ltd. Vs ITO (ITAT Chennai)

The issue under consideration is whether TDS u/s 194J will be applicable on payments made by TPA to hospitals on behalf of insurance companies for settling medical or insurance claims?...

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On failure to prove agriculture activity, Income can be treated as non-agricultural

Shri Subramanian Sivaraj Vs ITO (ITAT Chennai)

Whether the AO is correct in making addition in the return by considering the income as not from agriculture on the failure of Assessee to prove agriculture activity?...

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Depreciation eligible on intangible asset viz., goodwill/ customer list

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

The issue under consideration is whether the assessee is correct in claiming depreciation on customer list and goodwill by considering it as intangible asset?...

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No TDS on Reimbursement of Leased Line Expense to Parent Company

DCIT Vs International Flavours & Fragrances (I) P. Ltd., (ITAT Chennai)

DCIT Vs International Flavours & Fragrances (I) P. Ltd., (ITAT Chennai) Where assessee-company reimbursed community expenses to foreign company for utilising leased lines services situated outside India, said payment not being in nature of ‘royalty’ within meaning of section 9(1)(vi), assessee was not liable to deduct tax ...

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Allotment of Share at High Premium for Cash | Gift | Lifting of corporate veil | Section 56(2)(viia)

Vaani Estates Pvt. Ltd. Vs The ITO (ITAT Chennai)

Vaani Estates Pvt. Ltd. Vs ITO (ITAT Chennai) Provisions of Section 56(2)(viib) of the Act, cannot be invoked in the case of the assessee company because by virtue of cash being brought into the assessee company by Mrs. Sasikala Raghupathy for allotment of equity shares with unrealistic premium the benefit has only passed on to […]...

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ITAT remits back case of Actor Dulquer Salmann to AO

ACIT Vs. Shri Dulquer Salmann (ITAT Chennai)

ITAT Remit Back the case of Actor Dulquer Salmann (Assessee)  back to Assessing Officer (AO) as Information reconciling  source for investments which were added as undisclosed income were placed before it but not placed before AO....

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No Section 194H TDS on discounts on prepaid SIM Cards or Talktime 

ACIT Vs Vodafone South Ltd (ITAT Chennai)

The issue under consideration is whether TDS u/s 194H is applicable on discounts allowed for prepaid SIM Cards/ Talktime as distributor margin?...

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