Explore the details of the ITAT Chennai decision in Indian Overseas Bank vs. JCIT, quashing the reassessment on interest income and addressing the deduction under section 80M.
ITAT held that if the amounts advanced are for business transactions between the parties, such payment would not fall within the deeming dividend under Section 2(22)(e) of the Act.
Explore the ITAT Chennai resolution in the SDS Ramcides Crop Science case regarding the disallowed depreciation claim. Learn how the tribunal rectified the misinterpretation and allowed the rightful depreciation.
Explore the ITAT Chennai resolution in the case of Shri Krishnapandian Balaji vs. DCIT regarding unexplained cash deposits during demonetization. Learn how the assessee justified the source as rental income.
Dive into the analysis of Steril-Gene Life Sciences’ appeal against DCIT’s treatment of forex loss as capital expenditure. Understand the impact on machinery cost and depreciation.
The undisputed position that emerges is that the assessee has received short-payment against invoices from various transport undertakings. The same is evident from the ledger extract furnished by the assessee. Undisputedly, these undertakings are the customer of the assessee and the shortfall of amount so received by the assessee has been claimed as bad-debts / discounts.
ITAT Chennai ruled in favor of Om Balaji Stores, finding no justification for disallowance u/s 40A(3). Detailed analysis of the case and the importance of documentary evidence.
In absence of any findings in assessment order regarding underreporting or misreporting of income, PCIT cannot revise assessment order to initiate penalty proceedings.
DCIT Vs Egberts India Pvt. Ltd. (ITAT Chennai) From the facts, it emerges that the property at Anna Nagar has been let out by the assessee and the rental income has been offered and assessed as Income from House Property. Under this head, the assessee is entitled to claim statutory deduction of 30% and interest […]
Mahadevan HUF Vs ITO (ITAT Chennai) We noted that the individual Smt. Bhavani Mahadevan had purchased the land at Plot No.94, ARN Nagar, Korattur by way of sale deed dated 14.07.1994 and land at Plot No.II, VGN Avenue, Sennerkuppam Village by way of sale deed dated 03.08.1995. Shri R. Mahadevan had purchased the land at […]
