ITAT Chennai

Foreign exchange fluctuation loss on ECB loan for acquisition of indigenous assets allowable

DCIT Vs Green Star Fertilizers Ltd. (ITAT Chennai)

DCIT Vs Green Star Fertilizers Ltd. (ITAT Chennai) The issue of disallowance of expenditure on account of foreign exchange fluctuation loss incurred for acquisition of domestic asset is revenue in nature deductible u/s.37(1) or not has been considered by the co­ordinate Bench of this Tribunal in the case of M/s.Hyundai Motor Company Ltd....

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Assessee is expected to explain source for acquisition of jewellery

Ramalingam Vs Income Tax officer (ITAT Chennai)

A. Ramalingam Vs Income Tax officer (ITAT Chennai) The exemption claimed by the assessee under CBDT circular is only for seizure of gold jewellery during the course of search operation. As rightly submitted by the Ld. Departmental Representative, it does not absolve the assessee from explaining the source for acquisition of such jewellery...

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Section 68 Addition- ITAT remands back the case to CIT(A)

ACIT Vs Rohini Hotel (Madras) Pvt. Ltd. (ITAT Chennai)

ACIT Vs Rohini Hotel (Madras) Pvt. Ltd. (ITAT Chennai) A perusal of the Page Nos. 6-13 of the Paper Book filed by the assessee shows that the assessee has filed certain reconciliation statements in respect of the shortfall of investments u/s. 68 added by the AO. The same are scanned and made a part of […]...

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No tax on income from shipping of foreign vessels under India-Singapore Tax Treaty

Bengal Tiger Line Pte Ltd. Vs DCIT (ITAT Chennai)

Income earned by  assessee from shipping operations in India was not taxable in India by virtue of Article 24 of India Singapore DTAA as  the conditions stipulated under Article 24 were not satisfied and  the benefit of Article 8 of India Singapore DTAA was applicable and as per which shipping income of a resident of Singapore was taxa...

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Section 14A Disallowance r.w. Rule 8D cannot exceed Exempt Income

Ramalinga Mills Ltd. Vs ACIT (ITAT Chennai)

Ramalinga Mills Ltd. Vs ACIT (ITAT Chennai) The issue under consideration is whether disallowance of expenditure in relation to exempt income u/s.14A read with Rule 8D of I.T. Rules, 1962 is justified in law? ITAT states that, the facts borne out from records clearly indicate that the assessee has earned dividend for the impugned assessme...

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No penalty if no deliberate attempt to evade payment of taxes

Advent Computer Services Ltd. Vs ACIT (ITAT Chennai)

Advent Computer Services Ltd. Vs ACIT (ITAT Chennai)  It is an admitted fact that assessee has not reported capital gain derived from transfer of equity shares in pursuant to the direction of the Hon’ble High Court of Madras for amalgamation of M/s. i Theories Business Factory India Pvt. Ltd., with the assessee company, even though [&h...

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Advance Towards Sale of Property for Commercial & Business Purpose Can’t be Treated as Deemed Dividend

ACIT Vs Jethanand Thakur Bakshani (ITAT Chennai)

The issue under consideration is whether the advance received towards sale of property falls within the meaning of commercial and business purpose and can be treated as deemed dividend without considering the true nature of the transaction?...

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Bogus long-term capital gain on sale of shares- ITAT upheld Addition

Sudha Eashwar Vs ITO (ITAT Chennai)

Sudha Eashwar Vs ITO (ITAT Chennai) The assesse is claiming exemption by way of long term capital gains claimed by it to be earned on sale and purchase of Turbotech Engineering Ltd. by invoking provisions of Section 10(38) of the 1961 Act and onus is on the assessee to prove that these gains are genuine […]...

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Treat foreign exchange loss in accordance with Section 43A: ITAT

Shin-Etsu Polymers India P. Ltd. Vs DCIT (ITAT Chennai)

Shin-Etsu Polymers India P. Ltd. Vs DCIT (ITAT Chennai) We have observed that the authorities below have commented while disallowing these foreign exchange losses on conversion of outstanding balance in foreign currency into Indian rupee on the date of Balance Sheet as at year end to be on account of outstanding unsecured loans which were...

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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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