ITAT Chennai quashes penalty under sections 271(1)(c) and 271A for AY 2012-13 to 2016-17 in the Srinivasan Chandrasekara case, citing legal deficiencies.
Understand the ITAT Chennai ruling on valid claims for Long-Term Capital Gains. Learn the tax implications of property sale, liabilities, and deductions under Section 48.
ITAT Chennai overturns addition of Rs. 28.57 Lacs for cash deposits by Gouthamchand Jain, ruling the source as valid and directing a reassessment.
AO noticed that the assessee in its computation of income claimed prepaid finance charges amounting to Rs.19,96,29,043/- and he asked to clarify or show-cause as to how the prepaid finance charges were allowable.
ITAT Chennai held that the assessee is a cottage industry and the entire income is attributable to business of the society and hence eligible to claim Interest earned on deposit also as deduction U/s.80P(2)(a)(ii) of the Income Tax Act.
Assessee was a non-profit organization registered under Section 25 and was approved U/s.10(23C)(iv). The main activity of the council was to promote exports of leather industries.
ITAT Chennai held that invoking the revisionary powers under section 263 of the Income Tax Act without giving any reasoning for setting aside the assessment order and merely directing AO verification without any basis is unjustifiable.
ITAT Chennai ruled in favor of Kethsial Justin, granting Section 54F deduction for constructing a new dwelling unit, overturning the AO’s and CIT(A)’s denial.
ITAT Chennai held that construction of new dwelling unit on first floor is eligible for deduction under section 54F of the Income Tax Act as construction was done within stipulated time limit.
ITAT Chennai directs CIT(E) to review Virudhunagar Kshatriya Vidhyasala’s S.80G(5) registration application afresh, addressing appeal delays and compliance issues.
