ITAT Chennai held that TPO unreasonably rejected the CUP method consistently followed by the assessee to bench mark international transaction with its Associated Enterprise as there was no change in the facts and circumstance of the case for the impugned Assessment Year.
ITAT Bangalore held that addition merely on the basis of third-party information, without any corroborative evidence, gathered by the Investigation Wing of the Department is unsustainable in law.
ITAT Chennai held that assessment of Long Term Capital Gain entirely in the hands of assessee instead of all the co-owners of the land is unsustainable in law. LTCG should be assessed in the exact proportion to the extent the land belongs to each such co-owners.
ITAT Chennai held that expenditure of Bio-technology Research & Development cannot be disallowed simply on the allegation that expenditure was incurred before the commencement of a new line of business as such matching concept not application in the present case.
Kalaignar TV Pvt. Ltd. Vs ACIT (ITAT Chennai) The assessee has claimed legal expenses and travelling & conveyance expenses before the Assessing Officer. The Assessing Officer mainly disallowed the expenditure claimed by the assessee on the ground that the legal proceedings was undertaken in respect of the charges framed against the Directors and shareholders of […]
ITAT Chennai held that capital gain exemption under section 54 of the Income Tax Act includes investment in purchase or construction of one or more than one residential house
Euro Home Vs DCIT (ITAT Chennai) CIT(A) held that the provisions of Sec.44AD would not apply to commission income and the rental income received would be assessed under Income from House Property. Accordingly, the appeal was dismissed against which the assessee is in further appeal before us. ITAT find that commission income would not come […]
Devarajulu Natarajan Vs ITO (ITAT Chennai) Ld. CIT(A), noted that post demonetization, cash deposited in State Bank of Hyderabad was only Rs.2.50 Lacs and cash deposited in Canara bank was Rs.6 Lacs only. Accordingly, the addition was restricted to Rs.8.50 Lacs. Aggrieved, the assessee is in further appeal before us. The Ld. AR pleaded for […]
ITAT Chennai held that as the value of goods are duly accepted by the Central Excise department without there being any modification then AO doesn’t have any jurisdiction to go beyond the same.
Raymold Lighting Pvt. Ltd. Vs ITO (ITAT Chennai) ITAT noted that this appeal is against the rectification order passed by A.O and the impugned order by CIT(A) on this order of rectification u/s. 154 of the Act dated 27.09.2017. We noted that in the original appeal filed before CIT(A) by the assessee, the assessee has […]
