ITAT Chennai held that addition under section 69A of the Income Tax Act towards unexplained money not legally sustainable since nature and source of cash deposits duly explained. Accordingly, addition is liable to be deleted.
ITAT Chennai orders CIT(E) to reconsider Sri Ramajayam Educational Trust’s Form 10AB application, citing rejection on technical grounds and lack of opportunity for correction.
ITAT Chennai remands case for fresh assessment, allowing Ramesh Sreenivasalu to submit documents on demonetization cash deposits. Assessee fined Rs. 20,000.
ITAT Chennai held that provisions of section 69A of the Income Tax Act could not be invoked when cash is sourced out of recorded sales. Accordingly, appeal allowed and addition u/s. 69A is liable to be deleted.
ITAT Chennai rules that RRB Energy Ltd. cannot be used as a comparable due to negative margins and functional differences in a transfer pricing case.
ITAT Chennai sends case back for reassessment as the assessee was not given a final opportunity to explain cash deposits in bank accounts for AY 2012-13.
ITAT Chennai allows reassessment of ₹54.70 lakh cash deposits during demonetization, granting the assessee another opportunity subject to a ₹5,000 cost payment.
Zoho Corporation’s attempt to deduct foreign taxes as business expenses under Section 37 of the Income Tax Act was rejected by the ITAT Chennai. The tribunal upheld the disallowance, citing Section 40(a)(ii) and emphasizing the distinction between foreign tax credit under Section 90/91 and business expense deductions. This ruling clarifies the limitations on claiming foreign tax deductions and reinforces the interpretation of relevant tax provisions.
Chennai ITAT directs AO to review e-notices and deductions u/s 54 in ₹1.8 crore capital gains case, giving assessee another chance to present evidence.
ITAT Chennai overturns AO’s Rs.53.02 lakh addition to J.K. Jewel Craft’s income, ruling that suspicion alone cannot justify unexplained investment during demonetization.
