Carmel Softech Pvt. Ltd. Vs ITO (ITAT Chennai) We noted that the Tribunal in the case of The Bombay Samachar Pvt. Ltd., supra, has considered the issue of applicability of provisions of section 40A(2)(b) of the Act to the directors remuneration and held that this provision will not apply to the directors payment for holding […]
ITAT Chennai held in the case of Shanthilal D Jain Vs DCIT that Penalty under Section 271B for failure to get account audited not leviable when books of accounts are not maintained.
The assessee deposited this amount of Rs.2.20 crores in his bank account maintained with Punjab National Bank and the inference in which the normal man will draw is that the amount cannot be from any other source except from the transaction of sale of land because it is common in the transactions of immovable properties that there is under hand transactions.
ITAT Held that since no specific charge was framed either in the show-cause notice or in the body of penalty order and there was failure on the part of Ld. AO to frame specific charge against the assessee, the penalty would not be sustainable in the eyes of law. By deleting the impugned penalty, we allow the appeal.
A. Johnkuma Vs DCIT (ITAT Chennai) Facts- The assessee, a Proprietor of M/s. A.Johnkumar Cost Price Shop and M/s.Johnkumar Real Agency, is engaged in the business of running a Departmental Store and real estate business respectively. A search and seizure operation was conducted u/s.132 of the Act, on 17.09.2016. During the course of search, a […]
ESPN Digital Media (India) Pvt. Ltd Vs DCIT (ITAT Chennai) ITAT held that the consideration paid by ESPN India for purchase of advertisement space was not taxable during the period under consideration. The consideration paid by ESPN India is not for ‘use’ of equipment (server) or for any process nor imparting of any information concerning […]
ACIT Vs Tamil Nadu Water Investment Co. Ltd. (ITAT Chennai) It is an undisputed fact that consequent to the CDR scheme, the assessee had written off the receivables from M/s. NTADCL as bad debt and the debt has become bad only due to corporate restructuring scheme. Moreover, in the books of account of M/s. NTADCL […]
ITO Vs Nithyasudha Combines (ITAT Chennai) The next point for consideration is whether the unexplained partners’ capital is assessable in the hands of the assessee or not in terms of section 68 of the Act. Section 68 of the Act can be invoked only when there is a credit in the books of account maintained by the […]
Integrated Finance Company Limited Vs ACIT (ITAT Chennai) The ld. Counsel for the assessee has submitted that the assessee company, being under liquidation, was under strenuous pressure of running behind the Hon’ble High Court and public depositors as well as bond holders for consolidation and recover the dues with lack of sufficient staff and thereby […]
Poosabban Thangaraju Vs ITO (ITAT Chennai) On perusal of the Form 5 dated 25.03.2021 issued under VSVS by the Designated Authority for both the assessment years, we find that the Form 5 has been issued for full and final payment of ₹.6,250/- as taxes in terms of VSVS order under section 5(2) dated 05.02.2021 pertains […]
