ITAT Chennai held that deduction under section 80P(2)(a)(i) of the Income Tax Act is admissible to Regional Rural Banks. Accordingly, appeal of revenue dismissed and order of CIT(A) upheld.
ITAT Chennai rules that the buyer’s intention is irrelevant when classifying land. The court upholds the agricultural nature of land based on revenue records, not the buyer’s plans.
ITAT Chennai sets aside a best judgment assessment for a charitable trust, ordering a fresh hearing after noting prior Section 11 exemption and appellate procedural issues.
The ITAT Chennai has quashed a reassessment against Ambattur Constructions, ruling that a mere audit objection without fresh material is not a valid basis for reopening a completed assessment.
ITAT Chennai held that salary income for services rendered in China is not taxable in India. Accordingly, benefit of exemption under Article 15(1) of the DTAA between India-China. Thus, order set aside and appeal allowed.
The addition of Rs.0.58 Crores as made for cash deposit in the account of IJF with respect to Maheshwari Brothers Coal also stand deleted on same logic. The corresponding grounds of appeal stand allowed.
ITAT Chennai remands Wavoo Real Estate’s tax appeals to AO for fresh adjudication, citing ex-parte assessment and new evidence, with a condition of payment to Legal Aid.
ITAT Chennai holds reassessment notice under Section 148 for AY 2013–14 as time-barred, relying on Supreme Court’s ruling in Rajeev Bansal and other precedents.
Chennai ITAT ruled a time gap between cash withdrawals and deposits doesn’t justify income addition under Section 69. Assessee proved source from prior withdrawals, overturning unexplained income assessment.
ITAT Chennai remanded a VRS compensation deduction case to verify prior disallowance and upheld the deletion of deemed dividend addition, following Supreme Court precedent.
