ITAT Chennai

Section 54 Exemption allowable even If Investment made in Joint Name of Husband

Smt. Waheeda Asif Abbas Vs The Income Tax Officer (ITAT Chennai)

Smt. Waheeda Asif Abbas Vs The ITO (ITAT Chennai) The Assessing Officer disallowed the claim of the assessee under Section 54F of the Act on the ground that the assessee’s husband was not having any share in the property sold by the assessee. Since the investment was made in the name of the assessee and […]...

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Individual coparcener cannot be taxed for capital gain on property of HUF

Shri B.S. Venkatesan Vs ITO (ITAT Chennai)

An individual coparcener who was shown as owner in the registered sale deed could not be assessed for capital gain arising in respect of the property belonging to Hindu Undivided Family....

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Gains on sale of shares allotted under ESOP is capital gain not perquisite

Dr. Muthian Sivathanu, Vs ACIT (ITAT Chennai)

Dr. Muthian Sivathanu, Vs ACIT (ITAT Chennai) Conclusion: Gains arising from sale of the shares allotted in the ESOP (Employees Stock Option Plan) scheme when the assessee was non-resident, not to be assessed as perquisites instead of assessed as capital gain as the stock viz., the asset was already vested on the assessee during the [&hel...

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Transfer U/s. 2(47)(v) when GPA & JDA registered entitling developer to sell etc.

M/s. Tamilnadu Brick Industries Vs ITO (ITAT Chennai)

M/s. Tamilnadu Brick Industries Vs ITO (ITAT Chennai) Once registered GPA and JDA confers entitlement to developer to sell, convey or deed in any manner with 60% undivided share, etc., it would be construed nothing but transfer of property being land within meaning of section 2(47)(v). FULL TEXT OF THE ITAT JUDGMENT This appeal filed [&he...

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Expense without supporting document / evidence is not allowable

Schwing Stetter (India) Private Limited Vs DCIT (ITAT Chennai)

Expense without supporting document / evidence is not allowable...

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Transfer completes if GPA & JDA registered containing intention of owner

Tamilnadu Brick Industries Vs ITO,(ITAT Chennai)

Tamilnadu Brick Industries Vs ITO (ITAT Chennai) The plea of the assessee is that the reckoning of date of transfer should be based on the execution of MOA dated 30.01.2012. The execution of MOA alone does not convey transfer of the schedule property to the developer within the meaning of section 2(47(v) of the Act […]...

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Tax on Sale of mortgaged property in discharge of loan taken

ITO Vs Late Shri B. Kailasam (ITAT Chennai)

ITO Vs Late Shri B. Kailasam (ITAT Chennai) Since availing a loan itself is consideration and therefore, constructive benefit was very well accrued to the assessee when the loan was availed by the concerned company, which was owned partly by the assessee. Since, the mortgaged property was sold in discharge of the mortgage created by [&hel...

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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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