ITAT Chennai held that only peak credit to be considered and no further addition to be made in case of circular transaction since bank account of appellant’s father duly considered for the purpose of calculating peak credit in the hands of assessee.
ITAT Chennai held that in view of pending decision before Madras High Court which has a bearing on the assessment, the assessment is restored back to the file of AO with a direction to await the pending decision.
When the person from whom the amount was borrowed has written off the amount in his accounts, the liability ceased to exist. As there was cessation of liability, the same cannot be part of sundry creditors of the assessee.
ITAT Chennai dismissed the Revenue’s appeal in the Madras Cricket Club case, citing a CBDT circular due to the tax effect being below the threshold of Rs. 60 lakh.
The present appeal is preferred by the revenue. The only issue in this appeal of the Revenue is against the order of CIT(A) deleting addition made by the AO towards unexplained expenditure u/s.69C of the Act in respect of trade payable settled outside books of accounts.
ITAT Chennai remands G. Sekar’s case to CIT(A) for procedural review, highlighting deficiencies in prior assessment order. Fresh adjudication directed.
ITAT allows concessional tax rate under Section 115BAA to Chola Business Services, citing timely filing of Form 10IC and acknowledgment by CPC.
ITAT allows ASAN Memorial Association’s claim for statutory deduction under Section 11 despite filing errors in the Income Tax Return for AY 2016-17 and 2017-18.
ITAT Chennai remands the case on bogus purchases of Rs.92.43 lakhs to the AO for re-adjudication, allowing new evidence and addressing 80-IA deduction issue.
ITAT Chennai held that corrigendum issued by AO to rectify the mistake made while issuing original assessment order is legal and valid. Accordingly, matter remanded back to CIT(A) for adjudication on merits.
