ITAT Chennai held that revisionary proceedings under section 263 of the Income Tax Act for invoking penalty provisions u/s. 270A(9)(e) without issue of intimation under section 143(1)(a) of the Income Tax Act is unjustifiable and untenable in law.
ITAT Chennai dismisses duplicate appeal filed both online and physically by Buckman Laboratories (India) P. Ltd. in AY 2018-19 tax case.
ITAT Chennai held that Form 56F not signed by an accountant, as referred in section 10A(5) of the Income Tax Act, is defective and hence deduction under section 10A of the Income Tax Act not admissible. Accordingly, appeal of revenue allowed.
ITAT Chennai sets aside CIT(A)’s order in Amuthasurabi Educational Trust case, citing incorrect delay calculation. Case sent for fresh adjudication.
ITAT Chennai rules that filing Form 67 for Foreign Tax Credit is directory, not mandatory, dismissing Revenue’s appeal against relief granted to the assessee.
ITAT Chennai overrules CPC denial of exemption u/s 11 for K M Educational Trust, referencing CBDT Circular on filing ITR belatedly within allowed time.
AO had raised queries on two issues i.e. (i) assessee claimed only 15% depreciation on the Higher Efficiency Boilers (being energy saving device), when it was eligible for depreciation allowance of 80% on the Written Down Value (WDV).
ITAT Chennai held that addition under section 69 towards unexplained investment merely based on loose sheets without any corroborative evidences is unsustainable in law. Also held that addition on the basis of mere assumption and presumption not sustainable.
ITAT Chennai held that payments are in the nature of selling commission to foreign agents who is not having permanent establishment or business connection in India is not taxable in India and accordingly, TDS u/s. 195 not deductible.
ITAT Chennai remands ₹36.5 lakh unexplained loans case for reconsideration after assessee fails to provide sufficient evidence of creditors’ financial capacity.
