ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instruction no. 1916 dated 11.05.1994. Accordingly, appeal of the assessee allowed.
ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do not receive payments in their own right.
ITAT Chennai dismisses FLsmidth’s appeal, upholding PCIT’s order for reassessment due to lack of verification by AO.
ITAT Chennai sends ₹42.72 lakh cash deposit case back to AO for fresh assessment after assessee fails to justify deposits made during demonetization.
ITAT Chennai deletes ₹5 crore addition u/s 68, holding assessee proved source of funds. Lease deposit deemed genuine, creditworthiness established.
ITAT Chennai held that revisionary proceedings under section 263 of the Income Tax Act for invoking penalty provisions u/s. 270A(9)(e) without issue of intimation under section 143(1)(a) of the Income Tax Act is unjustifiable and untenable in law.
ITAT Chennai dismisses duplicate appeal filed both online and physically by Buckman Laboratories (India) P. Ltd. in AY 2018-19 tax case.
ITAT Chennai held that Form 56F not signed by an accountant, as referred in section 10A(5) of the Income Tax Act, is defective and hence deduction under section 10A of the Income Tax Act not admissible. Accordingly, appeal of revenue allowed.
ITAT Chennai sets aside CIT(A)’s order in Amuthasurabi Educational Trust case, citing incorrect delay calculation. Case sent for fresh adjudication.
ITAT Chennai rules that filing Form 67 for Foreign Tax Credit is directory, not mandatory, dismissing Revenue’s appeal against relief granted to the assessee.
