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ITAT Chennai

Section 2(22)(e) not applicable to receipt towards repayment of loan 

June 13, 2018 654 Views 0 comment Print

ACIT Vs V. V. N. Varadhan Kumar (ITAT Chennai) Ld.CIT(A) had made a clear cut finding after examining the books of accounts of the assessee that the amount received by the assessee was only repayment of loan extended by the assessee to the company. It appears that the assessee in his books of account instead […]

Transfer U/s. 2(47)(v) when GPA & JDA registered entitling developer to sell etc.

May 11, 2018 2760 Views 0 comment Print

M/s. Tamilnadu Brick Industries Vs ITO (ITAT Chennai) Once registered GPA and JDA confers entitlement to developer to sell, convey or deed in any manner with 60% undivided share, etc., it would be construed nothing but transfer of property being land within meaning of section 2(47)(v). FULL TEXT OF THE ITAT JUDGMENT This appeal filed […]

Transfer completes if GPA & JDA registered containing intention of owner

May 11, 2018 7284 Views 0 comment Print

Tamilnadu Brick Industries Vs ITO (ITAT Chennai) The plea of the assessee is that the reckoning of date of transfer should be based on the execution of MOA dated 30.01.2012. The execution of MOA alone does not convey transfer of the schedule property to the developer within the meaning of section 2(47(v) of the Act […]

Tax on Sale of mortgaged property in discharge of loan taken

March 6, 2018 12822 Views 0 comment Print

ITO Vs Late Shri B. Kailasam (ITAT Chennai) Since availing a loan itself is consideration and therefore, constructive benefit was very well accrued to the assessee when the loan was availed by the concerned company, which was owned partly by the assessee. Since, the mortgaged property was sold in discharge of the mortgage created by […]

Deduction U/s. 54 despite non completion of Flat Construction by developer

February 8, 2018 9009 Views 1 comment Print

This appeal of the revenue is directed against the order of the Commissioner (Appeals)-9, Chennai, dated 30-5-2017 and pertains to assessment year 2013-14.

Disallowance justified for non deduction of TDS on Provision for Audit Fees

February 8, 2018 12102 Views 0 comment Print

Since assessee had made provision for audit fees to account of payee, provisions of section 194J were clearly attracted and non-deduction of tax at source would automatically invite disallowance under section 40(a)(ia).

TDS deductible on Audit Fees provision credited to Auditors Account

February 8, 2018 58116 Views 0 comment Print

On perusal of section 194J of the Act, we find that tax is deductible at source either at the time of credit of expenditure to the account of the payee or at the time of payment whichever is earlier. In the instant case, the assessee had made provision for audit fees to the account of the payee which fact has been mentioned by the ld CITA.

International transaction cannot be presumed merely on the basis of Statement of Assessee

January 30, 2018 705 Views 0 comment Print

Renault India case: Just because assessee mentioned that marketing expenditure incurred by it helped promotion of Renault brand in India, it cannot be presumed that such expenditure resulted in any international transaction

Deduction U/s. 54F on Unutilized amount not deposited in CGAS before due date

January 9, 2018 3570 Views 0 comment Print

Where investment in a new residential house was made within three years from date of transfer of assets, exemption Under section 54F could not be denied on the ground that unutilized amount was not deposited in Capital Gains Account Scheme before due date prescribed under section 139(1).

MS Office software License Purchase Expense is Revenue Expense

December 28, 2017 18132 Views 0 comment Print

It is not in dispute that the assessee purchased MS Office software and used the same in its business. By purchasing MS Office software, the assessee has not become owner of the software. The ownership of MS Office software remained with Microsoft company.

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