ITAT Chennai

Disallowance justified for non deduction of TDS on Provision for Audit Fees

Citadel Fine Pharmaceuticals (P.) Ltd. Vs Asstt. CIT (ITAT Chennai)

Since assessee had made provision for audit fees to account of payee, provisions of section 194J were clearly attracted and non-deduction of tax at source would automatically invite disallowance under section 40(a)(ia)....

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International transaction cannot be presumed merely on the basis of Statement of Assessee

Renault India P. Ltd. vs. DCIT (ITAT Chennai)

Renault India case: Just because assessee mentioned that marketing expenditure incurred by it helped promotion of Renault brand in India, it cannot be presumed that such expenditure resulted in any international transaction ...

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Income from renting of IT park with services related to its use as technology centers constitutes Business Income

Ambattur Infra Developers Vs The Deputy Commissioner of Income Tax (ITAT Chennai)

Ambattur Infra Developers Vs DCIT (ITAT Chennai) It is not disputed that assessee was a recognized IT park and had rented it out to various software companies. It is also not disputed that assessee had entered into two agreements with its lessees, one for renting out the space and other for providing services and maintenance. […]...

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Profit from Land shown as Capital Assets in books is Capital Gain: ITAT Chennai

ACIT Vs M/s. Indus Valley Housing, (ITAT Chennai)

ACIT Vs Ms. Indus Valley Housing, (ITAT Chennai) The question arises for consideration is whether the investment made by the assessee in the land at Nolambur is a stock-intrade or capital asset? If the land is stock-in-trade, then naturally the profit on sale has to be considered as income from business. If it is considered as capital ...

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Exemption U/s. 11 not available if Trust Gifts its property to Unregistered Trust

DDIT Vs M/s. Paramasiva Naidu Muthuvel Raj Education Trust (ITAT Chennai) (ITAT Chennai)

DDIT Vs M/s. Paramasiva Naidu Muthuvel Raj Education Trust (ITAT Chennai) It is also an undisputed fact that during relevant assessment year, the land had been made available to M/s. PMR Bangaru Subbammal Educational Trust, which is a Trust that does not have registration u/s.12AA of the Act. It is also an undisputed fact that […]...

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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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