ITAT Chennai allowed the appeal of Tractors and Farm Equipment Ltd, overturning the penalty under section 271(1)(c) for inaccurate income particulars.
ITAT Chennai remands case back to AO for de novo assessment in Sardar Jabasingh vs ITO over unexplained cash deposits under Section 68. Read full details.
ITAT Chennai orders reassessment in G. Elumalai case, allowing for verification of agricultural and rental income sources after cash seizure during Vellore elections.
The evidences relied upon by AO in the form of excel sheets did not constitute adequate evidence to draw adverse inference against tassessee, in the absence of any other corroborative evidences.
The assessee is a contractor who is involved in the construction of roads, bridges, runways and tunnels etc. The assessee is also engaged in the business of operating petrol bunks, cinema theatres and manufacture of blue metals and ready-mix concrete.
The difference in the fair market value and the issue price of compulsory convertible preference shares was only 0.65%, therefore as per Rule 11UA issue price was deemed to be fair market value and hence no scope for addition required to be made u/s. 56(2)(viib).
Assessee challenged the disallowance before the Chennai bench of ITAT arguing that the disallowance of Rs. 134.25 crore under Section 14A was excessive and not justified because only Rs. 74.98 lakh had been spent to earn the exempt income.
ITAT Chennai held that interest earned out of savings bank account maintained in a co-operative bank cannot be treated as income or dividend from investment and accordingly deduction u/s. 80P(2)(d) of the Income Tax Act not eligible.
ITAT Chennai held that approval of large number of cases in a single day cannot be reason for faulting reopening of assessment since the case was reopened u/s. 148 of the Income Tax Act after due application of mind.
ITAT Chennai held that salary received for international assignment which is subjected to tax in UK could not be taxed in India. Accordingly, claim of the assessee allowed. The assessee being non-resident individual filed return of income declaring income of Rs.2295/- and claiming refund of Rs.10.08 Lacs.
