ITAT Chennai held that revision order u/s. 263 unjustified and liable to be quashed as no findings which proves that there is a violation of the proviso to provision of section 2(15) of the Income Tax Act, 1961. Accordingly, exemption u/s. 11 rightly claimed.
ITAT Chennai directs the AO to reduce the addition for unexplained cash deposits in Canara Bank by the assessee. Detailed analysis of the case and its implications.
Explore SAE India vs ITO tax dispute (ITAT Chennai) over Section 11 exemption, GPU classification, mutuality principles. Key issues, grounds, and legal analysis.
ITAT Chennai allows appeals, directs the assessee to deposit a nominal cost of Rs 5000 for non-appearance before lower authorities. Detailed analysis of the case.
ITAT Chennai upholds income tax addition due to failure in explaining the source of a significant cash deposit in a bank account. Learn more in this analysis.
Penalty under section 271FAA was deleted as the defects in the statement of the reportable account were rectified within the time limit provided under sub-section (4) of Section 285BA.
ITAT Chennai held that corpus donations received by the Trust is income of the Trust when the Trust is not entitled for the exemption under section 11 of the Income Tax Act.
ITAT Chennai approves Section 11 exemption for voluntary school corpus donations from parents. Get insights into this tax case.
ITAT Chennai held that disallowing the interest to the extent of amount advanced to its sister concern unsustainable as subsidiaries are engaged in the business as that of the assessee and it is called the expansion of business.
ITAT Chennai held that delay of 6 to 9 years in filing of an appeal against levy of late fees u/s 234 with a plea that they were waiting for outcome of judicial decisions not condoned.
