ITAT Chennai sets aside tax assessment over delayed Form 10BB filing, remanding the case for fresh consideration after pending condonation request is resolved.
ITAT Chennai held that when cash is sourced out of recorded debtors, provisions of section 69A of the Income Tax Act could not be invoked. Accordingly, addition u/s. 69A is not sustainable in law.
ITAT Chennai ruled in favor of Jayaram Rangan, holding that consultancy fees received as a Managing Director should be taxed as professional income, not salary.
ITAT Chennai held that addition under section 69A of the Income Tax Act towards unexplained money not legally sustainable since nature and source of cash deposits duly explained. Accordingly, addition is liable to be deleted.
ITAT Chennai orders CIT(E) to reconsider Sri Ramajayam Educational Trust’s Form 10AB application, citing rejection on technical grounds and lack of opportunity for correction.
ITAT Chennai remands case for fresh assessment, allowing Ramesh Sreenivasalu to submit documents on demonetization cash deposits. Assessee fined Rs. 20,000.
ITAT Chennai held that provisions of section 69A of the Income Tax Act could not be invoked when cash is sourced out of recorded sales. Accordingly, appeal allowed and addition u/s. 69A is liable to be deleted.
ITAT Chennai rules that RRB Energy Ltd. cannot be used as a comparable due to negative margins and functional differences in a transfer pricing case.
ITAT Chennai sends case back for reassessment as the assessee was not given a final opportunity to explain cash deposits in bank accounts for AY 2012-13.
ITAT Chennai allows reassessment of ₹54.70 lakh cash deposits during demonetization, granting the assessee another opportunity subject to a ₹5,000 cost payment.
