Tribunal remanded case to CIT(A), holding that assessee’s Section 80P deduction claim must be reconsidered after CCIT Coimbatore decides condonation petition under Section 119(2)(b).
The ITAT Chennai held that ₹1.98 crore received for reduction in profit-sharing ratio in CRCL LLP was not goodwill or taxable income under the Income Tax Act.
ITAT Chennai remanded a Section 69A unexplained cash deposit addition back to the AO. The assessee is permitted to submit new evidence, including bank statements, for fresh consideration of the claim.
Tribunal set aside the CIT(A)’s order confirming addition of ₹15.01 lakh as unexplained cash deposits, directing the authority to give the assessee a fair opportunity to rebut the remand report and produce supporting evidence.
The ITAT restored the ₹1.11 Cr capital gains addition for the sale of alleged agricultural land back to the AO for fresh verification. The matter was sent back due to the assessee’s non-compliance and non-submission of evidence in prior proceedings.
ITAT Chennai ruled in favor of Lakshmiammal Progressive Educational Trust, deleting an addition of ₹31.6 lakhs after finding the receipts to be voluntary donations, not compulsory capitation fees.
The ITAT addressed whether a ₹ 28.94 Cr penalty was time-barred, focusing on whether the penalty initiation date starts with the AO’s satisfaction or the Addl. CIT’s notice.
Dismissing the AO’s view that interest should be restricted to months of operation, Tribunal allowed full claim, reaffirming that partner interest accrues on financial year-end.
Chennai ITAT remanded an ex parte assessment back to the CIT(A) after the assessee filed an affidavit promising full cooperation and no adjournments. The appeal was allowed for statistical purposes.
The ITAT Chennai restored a trust’s appeal to the AO to verify if the asset’s cost was allowed as application of income before disallowing depreciation under Section 11(6) of the Income Tax Act.
