Sponsored
    Follow Us:

ITAT Chennai

Expense on leased property to produce right ambience to attract customers allowable

March 25, 2022 441 Views 0 comment Print

. Expenses such as reflooring, painting of walls, false ceiling, temporary wooden structures were incurred to produce the right ambience to attract customers

Amount advanced & lost in the course of business allowable as bad-debt

March 25, 2022 1014 Views 0 comment Print

ACIT Vs Ankur Foundation P. Ltd (ITAT Chennai) The assessee claimed bad-debt of Rs.20 Lacs written-off against Mr. K.M.Pitchai. The same was held to be not allowable under any of the provisions. During appellate proceedings, it was explained that the assessee paid land advance of Rs.25 Lacs to Mr. Pitchaiin AY 2006-07. Since Mr. Pitchai […]

Internal family arrangement not relevant for Capital Gain computation

March 13, 2022 1125 Views 0 comment Print

Dr. E.S. Krishnamoorthy Vs ITO (ITAT Chennai) The facts with regard to ownership of property by three co-owners and their respective share in right and interest in the property is not in dispute. As admitted by the assessee himself, he owned 42.5% share in the property. The land owners have received two flats measuring 4092 […]

No revision possible invoking section 263 provisions on highly debate issue

March 13, 2022 612 Views 0 comment Print

Kalaivani Spinners Pvt. Ltd. Vs ITO (ITAT Chennai) ITAT observed that PCIT himself admits that there are different views possible on claim of deduction u/s.80IA and issue is highly debatable. Once the issue is highly debatable no revision is possible invoking the provisions of section 263 of the Act. Hence, we quash the revision order passed […]

Reopening cannot be done in a mechanical manner & on a mere change of opinion

March 13, 2022 885 Views 0 comment Print

Standard Builders Vs ACIT (ITAT Chennai) ITAT held that reopening could not be done in a mechanical manner and on a mere change of opinion. Further, in case of reopening beyond 4 years, the revenue must allege that there was failure on the part of the assessee to disclose material facts. We find that the […]

Foreign exchange difference as on balance sheet date is allowable expense

March 13, 2022 3324 Views 0 comment Print

Venture Lighting India Vs ACIT / DCIT (ITAT Chennai) ITAT noted that the assessee is consistently following a policy and method of accounting admitting foreign exchange gain or loss on year-on-year basis. The assessee before us filed complete chart from assessment year 2010-11 to 2016-17 as noted above. Before us, the ld. Senior DR could […]

Appellate authority shall decide appeal on merits despite absence of assesse

March 13, 2022 1089 Views 0 comment Print

The appellate authority has to decide the appeal on merits even in the absence of assessee and not to dismiss it for default.

CIT Appeal cannot set aside the matter to the file of AO

March 13, 2022 5055 Views 0 comment Print

ACIT Vs Shri. Mohamed Hassan (ITAT Chennai) Section 251(1)(a) of the Act does not provide power to the Ld. CIT(A) for setting aside the matter to the file of the Ld. AO. The power given to the Ld. CIT(A) in terms of section 251(1)(a) of the Act relates to confirming, reducing, enhancing or annulling the […]

Mere delay in materialisation of large real estate project cannot be treated as discontinuance of business

March 10, 2022 852 Views 0 comment Print

DCIT Vs PVP Ventures Ltd (ITAT Chennai) It is to be noted here that the assessee is already into the real estate business through its subsidiaries and also has taken over and merged an entity BREAD who owns a large chunk of land in an extent of Ac.70. Such a large project takes time to […]

Loss from Investments in subsidiaries made in normal course of business to make business more profitable allowable

February 28, 2022 8769 Views 0 comment Print

Refex Industries Limited Vs DCIT (ITAT Chennai) From the factual matrix as enumerated in preceding paragraphs, it could be gathered that the assessee was engaged in refrigerant gases which are used mostly in Air Conditioners, refrigerators and refrigerating equipments. With a view to expand its business and with a view to facilitate import of gases, […]

Sponsored
Sponsored
Search Post by Date
April 2025
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
282930