In the present case before us, the delay is for few hours which could be condoned as there is a reason that there is malfunctioning / virus attack in the computer system and consequent data loss which is beyond the control of the assessee.
Expenditure incurred would be allowable as deduction, notwithstanding the fact that no business income was earned by the assessee.
In the case of Shri M.Y. Jahabar Sadique vs. ITO, ITAT Chennai confirms AO decision on unexplained cash gifts and discrepancies in business advances. Detailed analysis here.
Explore the details of the ITAT Chennai decision in Indian Overseas Bank vs. JCIT, quashing the reassessment on interest income and addressing the deduction under section 80M.
ITAT held that if the amounts advanced are for business transactions between the parties, such payment would not fall within the deeming dividend under Section 2(22)(e) of the Act.
Explore the ITAT Chennai resolution in the SDS Ramcides Crop Science case regarding the disallowed depreciation claim. Learn how the tribunal rectified the misinterpretation and allowed the rightful depreciation.
Explore the ITAT Chennai resolution in the case of Shri Krishnapandian Balaji vs. DCIT regarding unexplained cash deposits during demonetization. Learn how the assessee justified the source as rental income.
Dive into the analysis of Steril-Gene Life Sciences’ appeal against DCIT’s treatment of forex loss as capital expenditure. Understand the impact on machinery cost and depreciation.
The undisputed position that emerges is that the assessee has received short-payment against invoices from various transport undertakings. The same is evident from the ledger extract furnished by the assessee. Undisputedly, these undertakings are the customer of the assessee and the shortfall of amount so received by the assessee has been claimed as bad-debts / discounts.
ITAT Chennai ruled in favor of Om Balaji Stores, finding no justification for disallowance u/s 40A(3). Detailed analysis of the case and the importance of documentary evidence.
