ITAT Chennai held that return of income has to be filed as per section 139 of the Income Tax Act for claiming benefit under section 10A. Exemption under section 10A is not available in case the return is filed belatedly.
R. Yuvaraj Vs ITO (ITAT Chennai) In the assessment order, the Assessing Officer asked the assessee to prove the source of the additional amount of ₹.52 lakhs found deposited in his savings bank account with Andhra Bank, Medavakkam. Since the assessee has not furnished any evidence for having received money from the purchaser Shri Parthasarathy, […]
ITAT Chennai held that assessee already admitted the fact of not disclosing four properties in the books of accounts and thereafter couldn’t explain the source of the purchase of four properties. Claiming that the same is gift from her husband is just an afterthought. Accordingly, additions sustainable.
ITAT Chennai held that in case of wastage charges there is no payment and once there is no payment there is no question of deduction of TDS under section 194C of the Income Tax Act.
Super Sales India Ltd. Vs DCIT (ITAT Chennai) Assessee has purchased windmill and capitalized the same in its books of accounts. The assessee purchased this machinery indigenously and hence, provisions of section 43A will not apply. But, since the assessee has capitalized and claimed depreciation in spread over years and assessments have become final and […]
ITAT Chennai held that addition for cash deposits out of marriage gift under section 69A partly deleted as in Indian Customs during marriages guests and relatives will give gift depending upon their social status and economic condition
ITAT Chennai held that as the PoA and sale deed are executed on the same day clarifies that PoA holder has no legal right or interest in the property. Further, GPA (General Power of Attorney) has not accounted for consideration in his ROI. Hence entire sale consideration taxable in the hands of assessee.
ITAT Chennai held that payment towards purchase of wet grinders and accessories were mainly made to a cottage industry and accordingly such payment is not hit by the provisions of section 40A(3) as payment made to a cottage industry is excluded under rule 6DD(F) of the Income Tax Rules.
Asokan Meena Vs ITO (ITAT Chennai) It is an admitted fact that the assessee has filed her return of income for the AY 2016-17 in ITR-4 and has maintained books of accounts, but for the AY 2017-18, she had filed return of income u/s.44AD of the Act, and estimated net profit without any books of […]
Sunsmart Technologies Pvt. Ltd Vs ACIT (ITAT Chennai) As per Explanation-2 to Sec.9(1)(vii) of the Act, FTS means any consideration (including in lump sum consideration) for the rendering of any managerial, technical or consultancy services, but does not include consideration for any construction, assembling, mining or like project undertaken by the recipient or consideration which […]
