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 […]
ACIT Vs Joseph Selvakumar Selvan (ITAT Chennai) Upon careful consideration, it could be gathered that the return of income was already scrutinized u/s 143(3) and the issue of computation of capital gain was duly examined by Ld. AO. The requisite queries were raised by Ld. AO which were duly replied by the assessee along with […]
ITAT Chennai held that as per Sec.9(1)(ii) of the Income Tax Act, salary income could be deemed to accrue or arise in India only if it is earned in India in respect of services rendered in India. Hence, salary income as accrued to the assessee for work performed in UK would not be taxable in India.
Officers of department must not take advantage of ignorance of assessee about his rights and it is their duty to assist tax payer in every reasonable way particularly in claiming and securing reliefs,
