ACIT Vs CMG Steels Pvt. Ltd. (ITAT Chennai) Facts already disclosed in return of income cannot constitute incriminating material found during search. Also held cross examination importance when requested without which addition becomes invalid In the present case, on perusal of facts available on record, we find that the AO has made additions towards unsecured […]
Once an assessee discharged its burden, then burden shifts to AO to prove otherwise that said transaction was nothing but undisclosed income of the assessee. In this case, AO had not brought on record any evidence to prove that said sum was undisclosed income of assessee. Therefore, AO was completely erred in making additions towards unsecured loans received from three companies of assessee group.
In best judgment assessment, AO had to bring on record certain material with regard to rate of profit admitted for estimation of profit with some comparable cases of similar nature or profit declared in similar industry
DCIT Vs Agile Electric Sub Assembly Pvt. Ltd. (ITAT Chennai) Admittedly, the assessee has filed a tabular chart explaining date of purchase of machinery and completion of commissioning of such machinery, as per which all the plant and machinery was commissioned before 30.03.2013. The assessee had also placed on record commissioning report for installation and […]
Unifi Capital Pvt. Ltd. Vs Income Tax Officer (ITAT Chennai) Admittedly, membership fee paid to any stock exchange including MCX Exchange Ltd., is for acquiring a right in membership of exchanges for trading in shares and securities. Further membership rights in any stock exchange including MCX Exchange Ltd., is a transferable right. Therefore, said right […]
DCIT Vs Pool Thevar Marimuthu (ITAT Chennai) The Assessing Officer alleged that assessee has used old plant and machinery previously used in the unit of M/s. Arun Plasto Moulders Private Ltd at Rs.31 ,20,023/- out of total plant and machinery installed at new unit of Rs.59,81,123/- and the said used plant and machinery is more […]
Assessment order passed u/s. 158BC r.w.s 143(3) / 254 dated 31.12.2019 determining the undisclosed income of about Rs. 57.43 crores against Mr.D was barred by limitation as per provisions of section 153(2A) and liable to be quashed as AO ought to have passed assessment order on 14.04.2019 whereas the impugned order was passed on 31.12.2019.
Sundaram Business Services Limited Vs ITO (ITAT Chennai) As regards professional charges paid to M/s. TWB Pty Ltd., a company of Chartered Accounts, although payment made to said company is not covered under Article 14, but said payment is covered under Article 7 of DTAA between India and USA because the business profits of an […]
Doosan Power Systems India P.Ltd. Vs DCIT (ITAT Chennai) We find that issue of belated payment of employees contribution to PF & ESI is allowable expenditure u/s.43B of the Act or not is no longer res integra. The Hon’ble Supreme Court in the case of M/s.Vinay Cements Ltd. (supra) and also in the case of […]
Travancore Textiles P. Ltd. Vs ITO (ITAT Chennai) The Assessing Officer has assessed interest income under the head income from other sources and further disallowed total expenditure incurred at Head Office on the ground that said expenditure is relatable to agricultural operations of the assesse. We find that the Assessing Officer is following different method […]
