ITAT Chennai quashes assessment because the notice u/s 143(2) was issued by a non-jurisdictional AO after jurisdiction transfer u/s 127 was effective. Jurisdictional error is fatal; entire assessment declared void ab initio.
ITAT Chennai held that interest received on enhanced compensation forms part of the compensation and hence entitled for exemption under section 10(37) of the Income Tax Act and accordingly, not taxable. Accordingly, appeal of the assessee allowed.
ITAT Chennai held that revisionary powers exceeded by PCIT since rectification order passed by AO is neither erroneous nor prejudicial to the interest of revenue. Accordingly, order of PCIT u/s. 263 quashed.
The Income Tax Appellate Tribunal (ITAT), Chennai, held that an ex-gratia payment received by an employee upon the closure of the employer’s unit was a voluntary capital receipt, not taxable as ‘profits in lieu of salary’ under Section 17(3) of the Income Tax Act, 1961.
The ITAT Chennai has set aside the disallowance of depreciation on goodwill claimed by Dynaspede Integrated Systems Pvt. Ltd. The Tribunal remanded the matter to the CIT(A) for a fresh decision.
Chennai ITAT ruled in Devaraya Pillai Subramanian case that interest on enhanced compensation for compulsory acquisition of agricultural land, exempt under S.10(37), is also exempt.
Mere act of depositing cash into a bank account, even during demonetization, was not conclusive proof of unexplained income under Section 69A especially for a business operating under a presumptive tax scheme.
ITAT Chennai sets aside ₹1.03 crore addition; holds that official revenue records and expert reports outweigh Google Earth data in agricultural income cases.
ITAT Chennai remits back applications for 12AB registration and 80G approval of Maditssia Trade Centre. Tribunal holds that proposed convention centre cannot be treated as per se commercial; directs CIT(E) to reconsider after giving assessee opportunity.
A summary of the ITAT Chennai order, which clarified that payments integral to educational activities for domestic students are applicable in India, even if remitted abroad, contrasting with the NASSCOM ruling on foreign events.
