Penalty was levied under section 271 B of the Act on the ground that tax audit report under section 44AB of the Act was not filed by the assessee before filing of return of income and no explanation was given.
ITAT Chennai held that addition u/s 69 towards unexplained money sustained on failure to explain the source of the cash deposits with necessary evidences.
mere non-disclosure of agricultural income in the return of income does not change the characteristics of land. Subsequent use of land by the purchaser has no connection to decide the nature of land, whether it is an agricultural land.
ITAT Chennai held that deduction towards purchase of air conditioner, furnishing of curtains, light fittings is allowable as cost of improvement while computing capital gains.
SDS Cargo Solutions Pvt Ltd Vs ITO (ITAT Chennai) PCIT had given a categorical finding that the AO has not carried out any enquiries on the issue of CFS charges paid to Continental Warehousing Corporation in light of relevant provisions of the Act which render the assessment order to be erroneous and prejudicial to the […]
ITAT Chennai held that for invoking provisions of section 40A(2)(b), AO has to bring on record some comparable cases of similar nature to allege that hire charges paid by the assessee is unreasonable and excessive, when compared to market rates. In absence of the same, addition is unsustainable.
Nagarathinam Rajendran Vs ITO (ITAT Chennai) Since the assessee could not file his return of income under section 139(1) of the Act, the Assessing Officer issued notice under section 274 r.w.s. 271 F of the Act. There was no response from the assessee against the penalty notice. Since, the assessee failed to file his return […]
Assessee has made a vague claim of medical reasons without any supporting evidences to justify his stand that he was suffering from ill-health and Doctors advised him to take rest.
Assessee cannot include interest received on deposits as business receipts and estimate net profit under section 44AD on such interest income
ITAT Chennai held that non-deduction of TDS and reversal of TDS deduction on interest payment on the basis of declaration in Form No. 15G/ 15H is justifiable.
