Once the maintenance charges were attributable to the letting out services provided, same derived from providing services was to be considered under the head income from other sources and not income from house property
Saravana Foundation Vs ITO (ITAT Chennai) Against levy of penalty under section 271B of the Act, the assessee has submitted the reasons for the delay in filing the audit report before the ld. CIT(A) that the accounts audited under section 44AB of the Act belatedly as the assessee was not keeping good health and the […]
Delay cannot be condoned as Assessee could not file any evidences as to how Assessee’s Counsel was preoccupied in his professional commitments for 649 days.
The Ld. AR has also submitted that the case for this year was picked up for scrutiny wherein the rental income has been assessed by AO as ‘business income’.
ITAT Chennai held that undisclosed income allegation unsustainable as during search no incriminating material was found in respect of on-money receipt and AO also failed to establish the receipt of the same.
Loans obtained by assessee were utilized for its business purposes and therefore, interest so paid would constitute business expenditure and accordingly, an allowable deduction.
ITAT Chennai held that provisions of section 56(2)(vii) of the Income Tax Act doesnt apply when the property received under a will or by way of inheritance
Kanagaraj Shanmugam Vs ITO (ITAT Chennai) From the fact it emerges that the assessee has stayed in India for 63 days during this year and his status, as per law, is non-resident. The assessee has worked in India for 21 days and offered proportionate salary to that extent to tax. For remaining period, the work […]
ITAT Chennai held that claim of depreciation and other related expenses is allowed to the company as the cars, registered in the name of directors, are used for the purpose of business.
M. Prabaharan Vs ITO (ITAT Chennai) Before us, the Chartered Accountant Shri Jeevarathinam categorically admitted in writing that the duplication of assets has happened while calculating the depreciation as per Income Tax Act while computing the tax computation sheet by his staff. He admitted that while doing so, the staff has wrongly computed the deprecation value […]
