The ITAT Chennai has ruled that capital gains tax cannot be levied on a minor’s share of property sale proceeds if the funds are deposited under a court order.
The AO completed the assessment u/s.147 r.w.s. 144B of the Act vide order dated 02.03.2023. In the said reassessment order, the AO treated the income received from Kanchipuram Central Co-operative Bank Ltd.
ITAT Chennai held that the assessee is entitled for its claim of additional depreciation qua amounts not claimed in the preceding year. Thus, claim of the additional depreciation made during the year is allowed.
ITAT Chennai held that the amount gifted by the brother cannot be treated as unexplained. Accordingly, addition u/s. 69 of the Income Tax Act deleted to that extent. In the result, the appeal is partly allowed.
ITAT Chennai held that delay of 373 days in filing of an appeal due to prolonged hospitalization and surgery and ultimate demise of Chartered Accountant handling tax matter is reasonable cause and hence condoned. Further, matter remitted since disallowance towards employee contribution to ESI/PF needs to be factually verified.
Chennai ITAT rules that costs for interior work and utility connections for a new home can be included in the LTCG exemption under Section 54 of the IT Act.
The ITAT Chennai rules that the surcharge on a private discretionary trust’s dividend and capital gains income cannot exceed 15%, setting a precedent for similar cases.
ITAT Chennai deletes a ₹832 Cr tax addition on share purchases, ruling that statutory valuation rules under Rule 11UA take precedence over third-party pricing.
The ITAT Chennai has quashed reassessment proceedings against Ashok Leyland Ltd., ruling the AO’s action was based on a change of opinion and not a failure by the assessee to disclose material facts.
The ITAT Chennai has canceled a penalty against Anna University’s Institute for Ocean Management after the underlying tax addition was deleted by the CIT(A).
