ITAT Chennai rules in favor of Mahasakthi Mills Pvt. Ltd., stating no cash credit addition when the assessee proves the genuineness of business transactions. Full order analysis.
Explore the TVS Srichakra Limited vs. DCIT case at ITAT Chennai, where failure to file Form 10CCB results in disallowance of deduction under Section 80IC. Read the detailed analysis and conclusion.
The burden lies on the assessee to explain each day of the delay, and the tribunal underscored that the appellant did not substantiate her claims adequately. The reasons for the delay were deemed not bona fide and reasonable, leading to the rejection of the appeal for condonation of delay.
ITAT Chennai held that the assessment order passed by the AO is neither erroneous nor prejudicial to the interest of the Revenue, because, the issue of exemption u/s.11 of the Act, has been considered by the AO while completing assessment u/s.143(3) of the Act. Thus, order passed by the CIT(Exemptions) u/s.263 of the Act unsustainable.
ITAT Chennai’s in Ethiraj Hotel Mart Vs DCIT held that as assessee declared excess stock as business income and provided a plausible explanation for its source, it should be taxed as ‘normal business income’ and not as ‘unexplained investment’ under section 69B.
ITAT Chennai held that there is no violation of provisions of section 269SS when all sale deeds were registered and cash payment was made at one go before the sub-registrar at the time of registration of sale deeds of plots. Hence, penalty u/s 271D not leviable.
ITAT Chennai rules in favor of Sahana Jewellery Exports Pvt. Ltd. against ITO, highlighting the importance of evidence and legal interpretation in cases of cash deposits during demonetization, underlining the principles of assessing unexplained cash credits.
ITAT Chennai rules no 263 revision for non-limited scrutiny issues. Upholds assessment order in Epimoney Pvt Ltd vs. ITO case for AY 2018-19.
ITAT Chennai held that disallowance of interest u/s 36(1)(iii) of the Income Tax Act on loans and advances given to subsidiary company unjustified as investment in subsidiary is purely for commercial expediency.
Read the detailed analysis of O Clock Software Pvt Ltd vs. ACIT case by ITAT Chennai. Learn why deduction was denied for delayed PF/ESI payment under section 36(1)(va).
