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.
S. Ramamirtham Vs ITO (ITAT Chennai) It is an admitted fact that the original assessment has been completed u/s. 143(3) of the Act on 20.03.2014. It is also an admitted fact that notice u/s. 148 of the Act dated 13.09.2017 is beyond four years from the end of the relevant assessment year. Thus, proviso to […]
Dolphin Educational Foundation Vs Income Tax Officer (ITAT Chennai) As per provisions of section 12AA of the Act, once a trust is registered u/s. 12AA, it is permanent unless it was withdrawn by a specific order from the authority. However, the law has been amended by the Finance Act, 2020 w.e.f. 01.04.2021 and as per […]
NCLT ordered liquidation of respondent company under IBC and claim of Department been rejected. So appeal filed by Revenue after moratorium period is not maintainable
ITAT Chennai held that when assessee has explained the source for excess stock found during the course of survey, then, income offered towards excess stock cannot be treated as unexplained investment u/s. 69B of the Act.
ITAT Chennai rules in favor of First STP Pvt. Ltd., restoring matters to CIT(A) and AO for fresh adjudication due to missed opportunities and severe stress.
ITAT Chennai held that even though certificate in Form no. 10CCB was not filed along with return of income, but same was filed before the final order of assessment was made, hence the assessee was entitled to claim deduction u/s. 80IA of the Act.
Pallava Textiles Private Limited Vs ITO (ITAT Chennai) In this case, the Assessing Officer has initiated penalty proceedings under section 270A of the Act for under-reported income. The Assessing Officer issued show-cause notice under section 274 r.w.s. 270A of the Act calling explanations from the assessee as to why penalty cannot be levied for under-reporting […]
