ITAT Chennai ruling in Aruljothi Exports vs. ACIT case establishes that Income Tax Dept cannot scrutinize sales tax returns accepted by Commercial Tax Dept. Analysis and conclusion included.
ITAT Chennai held that the incidence of tax for joint development agreement (JDA) is different and incidence of tax for subsequent sale of flats is different.
ITAT Chennai rules no fresh assessment by CIT if AO chooses not to add on Income Tax. Deepika Subramanian’s appeal upheld against PCIT’s decision.
ITAT Chennai held that as capital profit are to be excluded while computing book profit u/s 115JB, similarly, the adjustment of loss could also not be allowed u/s 115JB. Hence, loss on sale of investment could not be reduced from Book Profits u/s 115JB of the Income Tax Act.
Analysis of the ITAT Chennai ruling on Carborundum Universal Limited vs ACIT, emphasizing no scope for reassessment on an issue under appeal.
ITAT Chennai declares Section 234E late fee invalid for assessment years before 01.06.2015 in Marshal Textiles vs ACIT, aligned with HC decisions.
ITAT Chennai held that in absence of incriminating material as a result of search, no addition can be made in the assessment framed u/s.143(3) r.w.s.153A of the Act, if such assessments are unabated on the date of search.
Read the full text of the ITAT Chennai order directing the re-computation of the income of Vivekananda Seva Trust due to inadvertent errors in filing the Income Tax Return forms.
Read the ITAT Chennai order on cash deposit during demonetization. The appeal is partially allowed due to failure to produce documentary evidence for some deposits.
ITAT Chennai held that reopening of assessment beyond 4 years without any failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment is bad in law and hence liable to be quashed.
