ITAT Chennai rules that recoveries of farmers’ advances reflected in cash books are not unexplained cash credits under Section 68 of the Income Tax Act.
Learn why the absence of a money lending license doesn’t disallow bad debts. Explore the case of Moolchand Kiran Kumar Jain Vs DCIT (ITAT Chennai).
ITAT Chennai analyzes the applicability of Section 115BBE to seized cash and gold coins in the case of Uthangarai Sri Vidya Mandir Educational Trust. The trust argued that Section 115BBE applies only if no explanation is provided for the income.
In the case of Karur Vysya Bank Ltd. vs. DCIT, ITAT Chennai rejects AO’s disallowance of stale drafts, citing precedent and banking business nature.
ITAT Chennai deletes Rs. 16.8 lakhs addition, finding no evidence to prove properties sold by taxpayer were agricultural land in D. Ramagopal Vs ACIT case.
Learn about the Chennai ITAT ruling in Conferencecall Services India Pvt. Ltd. vs. DCIT, where a final assessment made after one month of DRP directions was declared time-barred.
Learn how ITAT Chennai extended the timeline for filing Form 10AB for recognition under section 12A of the Income Tax Act up to 30.09.2023, allowing appeals against denial of registration under section 80G(5).
Detailed analysis of ITAT Chennai order on Shri Srikanth appeal against the disallowance of Section 54 deductions in the computation of Long Term Capital Gains.
Since, appellant company is a sick industrial company for impugned assessment year, any profit derived from said industrial companies can be deducted while computing book profit.
ITAT Chennai observed that differences in valuation opinions are common, and the assessee’s claim based on an approved valuer’s report cannot be deemed as concealment of income. Citing precedents from the Madras High Court and the Supreme Court, the ITAT ruled that an incorrect claim in law does not constitute furnishing inaccurate particulars.
