ITAT Chennai

Exemption to State Cricket Association cannot be denied for providing stadium to conduct matches

DCIT (Exemptions) Vs M/s Tamil Nadu Cricket Association, (ITAT Chennai)

Whether the activity of conducting one-day matches'T-20 matches and Indian Premier League matches by Tamil Nadu Cricket Association would amount to doing business or trade? ...

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ITAT on TP adjustment on account of Compensation for deemed brand development

Hyundai Motor India Limited Vs Deputy Commissioner of Income Tax LTU- II (ITAT Chennai)

The first question that we need to decide is whether the benefit accruing to the HMC Korea, as a result of increased brand value due to sale of Hyundai cars in India by the assessee company, constitutes an international transaction....

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Section 80-IB(10) If Authority excluded open terrace from working of built-up area than revenue cannot review the same

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

In a significant ruling, the ITAT Chennai held that the private open terrace attached with residential unit would form part of built- up area for the purpose of computing deduction under section 80-IB(10) of the Income Tax Act if the same was included in the house project approved by the local authority....

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IT Exemption cannot be denied to South Indian Film Chamber of Commerce

Deputy Director of Income Tax Vs M/s. South Indian Film (ITAT Chennai)

In this appeal filed by the Revenue, it is aggrieved that ld. Commissioner of Income Tax (Appeals) allowed the assessee claim for its exemption u/s.11 of the Income Tax Act, 1961 (in short BC the Act CC). Appeal has been filed with a delay of ten days. Condonation petition has been filed. Delay is condoned and appeal admitted....

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Section 54F exemption on investment out of borrowed funds, in the name of Karta by HUF & On Renovation of Existing Unit

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

This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals) – 13, Chennai dated 15.09.2016 and pertains to the assessment year 2012-13....

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Assessment of Individual cannot be done by issuing notice on HUF

Shri. Deen Dayal Kothari Vs Income Tax Officer, (ITAT Chennai)

An 'individual' and an 'HUF' are different persons under the Income Tax Act, and notice to one cannot be deemed as notice to the other....

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Section 54F exemption not available house acquired is demolished within 3 years

K.V. Vijayaraghavan v. DCIT (ITAT Chennai)

Assessee will be entitled for benefit of deduction U/s. 54F of Act if he demolished new asset being residential house purchased by him within period of three years from the date of purchase in violation to Section 54F(3) of Act. ...

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Taxability of business done by NRI through Power of Attorney holder

Carpi Tech SA Vs ADIT (ITAT Chennai)

Assessee submitted that project receipt from Tanakpur Power Project of NHPC work is exempt from tax in India for the reason that assessee does not have continuous presence or 'business connection' or a permanent establishment in India....

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Addition for mere appearing of TDS credit in form 26AS not justified

P.K. Rajasekar vs. ITO (ITAT Chennai)

AO is also equally responsible to find out whether the credit entry found on 01.07.2010 is genuine or not. The AO cannot take advantage of the ignorance or handicap of the assessee and say that there was undisclosed receipt by the assessee....

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Exemption U/s. 54F despite delayed investment in Capital Gain Account Scheme

ACIT Vs. Smt. Umayal Annamalai (ITAT Chennai)

Assessee had not invested in Capital Gain Account Scheme before the due date under section 139(1) but complied with the conditions under section 54F(1). The provisions of section 54F are beneficial provisions and are to be considered liberally on the aspect of limitation period. However the investment in residential property is a must whi...

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