M/s Vels Institute of Science Technology & Advanced Studies Vs. DDIT (E)- ITAT Chennai- Section 13(1)(a) says that if any part of the property or income of the Trust is given to the interested person without either adequate security or adequate interest
The ld. Authorised Representative for assessee submitted that the Commissioner of Income Tax (Appeals) erred in not noting that the impugned assessment had been passed in the absence of proper and valid authorization.
ITAT Chennai held In the case of M/s. M.R.M. Plantations P. Ltd. vs. DCIT that u/s 57 only expenditure incurred in connection with earning of income was allowable as deduction. The assessee admitted that the entire income is by way of interest from the bank deposits.
M. Natarjan Vs. DCIT (ITAT, Chennai) Addition on behalf of undisclosed income of various amounts has been made against the assessee. Before ITAT assessee raised additional ground that addition was made before approval of concerned authorities prescribed u/s 158BG and hence invalid.
In the case of M/s PVP Ventures Ltd. Vs. DCIT Chennai Bench of ITAT have held that assessment could not be made in the hands of non-existing company. ITAT observed that the company, assessed at Hyderabad, has amalgamated into assessee.
ITAT Chennai held In the case of The Continental Enterprise vs. ITO that as per explanation 1 to sec.32, where any business or profession is carried on in a leased building and any capital expenditure incurred for business or profession on the construction of any structure or doing any work in
ITAT Chennai held In the case of ACIT vs. Sh. R. Paneerselvam (Individual) that normally, the sale price mentioned in the menu card would be the sale price of the liquor. However, the fact is that the liquor shops are giving discount on the liquor sold to their corporate guests, walk in customers, etc. for various reasons.
The ITAT Chennai in the case of DCIT vs. M/s. Rattha Citadines held that relying on the same information as available on the date of filing original return of income in filling revised return but making a different claim , in the absence of assessee’s bonafide expenditure would be deemed as furnishing of inaccurate particulars of income making assessee liable to face penalty u/s 271(1)(c).
In the case of M/s. Majestic Exports vs. JCIT, ITAT Chennai held that the loss in the transactions of the forex derivatives contracts will be considered to be the business loss and the same can be set off against the business income.
ITAT Chennai has held in In the case of Dishnet Wireless Limited vs. DCIT that No liability of TDS will arise if the amount of expense or payee is not ascertainable though year-end provisions are made by the Appellant.
