ITAT Chennai

Section 2(22)(e): ITAT restricts overall addition to amount of loan

Shri V. Ramesh Vs ACIT (ITAT Chennai)

Hence it would be an appropriate analogy that the entire amount which is liable to be treated as deemed dividend has to be apportioned between both the shareholders in whose cases the conditions stipulated for attracting the provisions of Section 2(22)(e) of the Act are satisfied. Therefore as pleaded by the Ld.AR, it would be judicious t...

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Depreciation @ 25% on toll way rights treating as intangible asset allowable

ACIT Vs M/s. PNG Tollway Ltd. (ITAT Chennai)

ITAT held that CIT(A) rightly directed Assessing Officer to allow the assessee’s claim of depreciation @ 25% treating the toll way rights as an intangible asset under section 32(1)(ii) of the Income Tax Act, 1961....

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Cancer Treatment is reasonable cause for delay in Appeal Filing: ITAT

Shri Pradipta Kumar Das Vs The Assistant Commissioner of Income Tax (ITAT Chennai)

Assessee was diagnosed with Cancer in December, 2017 and the ld. CIT(A) passed the order on 20.03.2018, which is subsequent to the diagnosis of the illness, needless to mention that treatment of cancer is very painful and it is not possible to focus on other issues when he was under the treatment and therefore in our opinion, there is a r...

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Section 54F Exemption without evidence of Agreement & Payment not allowable

Smt. Archana Kanwar Vs ITO (ITAT Chennai)

Smt. Archana Kanwar Vs ITO (ITAT Chennai) We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. During the previous year relevant to the assessment year 2012-13, the assessee sold a vacant plot at Gurgaon, Haryana for a consideration of ₹.75,00,000/- after reducing the ...

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Mere Book Entries not establish Genuineness of Expenditure

Shri. P.K. Mohammed Vs The ACIT (ITAT Chennai)

Shri. P.K. Mohammed Vs. ACIT (ITAT Chennai) As regards to the allowances of discount, commission and development expenditure, no evidence were filed before us establishing the genuineness of the expenditure. Mere entries in the books of accounts does not establish the genuineness of the expenditure. The contention that profit arising on a...

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Penalty U/s. 271AAB justified on return filed after issue of notice U/s. 142(1)

Sonal Steels Trading Pvt. Ltd Vs ACIT (ITAT Chennai)

Sonal Steels Trading Pvt. Ltd Vs ACIT (ITAT Chennai) Here admittedly, assessee was not maintaining any books. There was thus no question of recording any money, bullion, jewellery or any entry in any books. It is not disputed that assessee had not disclosed any receipts from bill trading before the date of search to the […]...

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Depreciation on non ­compete fee payment treating it as an intangible asset

DCIT vs. Compass Group (India) Support Services P. Ltd.(ITAT Chennai)

Recently in the DCIT vs. Compass Group (India) Support Services P. Ltd.  ITAT Chennai decided on 12.06.2019, one of the ground taken by Revenue in the appeal was that the Learned CIT(A) has erred in providing relief to the assessee by holding that the appellant was entitled to depreciation on non ­compete fee as an intangible asset unde...

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Sham Transactions under the garb of Donation not allowable

Shri Bansilal Bagri Vs DCIT (ITAT Chennai)

Shri Bansilal Bagri Vs DCIT (ITAT Chennai) This is the transaction arranged in such a way that the accommodation entries were made at several entities level and ultimately the money came back to the assessee. Herbicure Healthcare Bio-Herbal Research Foundation of Kolkata involved in the fraudulent and sham transactions, providing accommod...

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Addition not sustainable for non-production of bill for sale of agricultural produce

Smt. Annakkalanjiam Mathivanan Vs ACIT (ITAT Chennai)

Smt. Annakkalanjiam Mathivanan Vs ACIT (ITAT Chennai) The Assessing Officer as well as the CIT(Appeals) have to appreciate the fact that the agricultural products in this country are traded in unorganized sector. The workforce in the agricultural sector is unorganized. When the agricultural products are traded in unorganized sector in the...

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Deemed Registration on Non-disposal of registration application u/s.12AA within 6 Months

M/s.Kanchipuram Vaniga Vaisya-Dharma Paripalana Sangam Vs CIT (E) (ITAT Chennai)

M/s. Kanchipuram Vaniga Vaisya-Dharma Paripalana Sangam Vs CIT (E) (ITAT Chennai) Admittedly, this application seeking registration u/s.12AA of the Act, was filed on 10.07.2014. The Sub-section 2 of Sec. 12AA stipulates that an order granting or refusing the registration under Clause-B of Sub-Sec.2 shall be passed before the expiry of the...

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