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ITAT Chennai

Bonus Paid as CTC cannot be Disallowed Under Section 43B for Non-Payment at year end

July 20, 2024 3942 Views 0 comment Print

Read the detailed analysis of Renault Nissan Automotive India Pvt Ltd vs DCIT case where ITAT Chennai grants relief on bonus disallowance under section 43B of Income Tax Act.

Section 56(2)(vii)(c) not applicable to bonus shares as no Transfer of Property

July 19, 2024 1887 Views 0 comment Print

Detailed analysis of DCIT vs Tangi Facility Solutions Pvt Ltd case by ITAT Chennai regarding taxation of bonus shares under Income Tax Act. Understand ITAT’s ruling and implications.

ITAT Allows Interest on Borrowed Funds in Capital Gains Calculation

July 18, 2024 2358 Views 0 comment Print

Read ITAT Chennai’s decision on deductibility of interest paid on borrowings for property acquisition from sale consideration. Full text order included.

ITAT Chennai Upholds Section 54F Deduction for Property Purchase in Wife’s Name

July 18, 2024 1134 Views 0 comment Print

Read the detailed analysis of ITAT Chennai’s decision to grant full S.54F deduction for property purchase in wife’s name out of a bank loan. Understand the legal implications and arguments presented.

Undisclosed Money Lending Business Income Taxable as Business Income; Section 69 & 115BBE Provisions Inapplicable

July 18, 2024 1047 Views 0 comment Print

Read the detailed ITAT Chennai order on Rameshlal Kailash Vs ITO for AY 2017-18. Money lending business income added, upheld as business income despite challenges. Full text of the order included.

No penalty for cash loan from Directors for Business Exigency: ITAT Chennai

July 18, 2024 903 Views 0 comment Print

Read the detailed analysis of ITAT Chennai’s decision on penalties under sections 269SS and 269T for Pearl Beach Promoters P. Ltd. in the case of cash loans from directors.

Accounting Treatment of selling & professional costs in Non-commenced Projects

July 8, 2024 1059 Views 0 comment Print

Explore the ITAT Chennai order on expenditure allowances for Casa Grande Homes Pvt Ltd, whether or not income was earned, with detailed analysis and conclusions.

Deduction cannot be Denied for mere Wrong Classification in ITR: ITAT Chennai

July 3, 2024 2310 Views 0 comment Print

Chennai ITAT ruled that incorrect classification in ITR cannot deny genuine deductions. Learn about the National Contracting Company case vs DCIT and its implications.

ITAT allows taxation of excess stock & unexplained marriage expenses as business Income

June 29, 2024 1410 Views 0 comment Print

Discover the ITAT Chennai verdict on Santhilal Jain Vijay Kumar Vs ITO, addressing taxation on excess stock and unexplained marriage expenses. Read the full case analysis.

Excess Stock Assessable as Business Income: Section 69B & 115BBE Not Applicable

June 26, 2024 1554 Views 0 comment Print

ITAT Chennai rules in favor of Revathi Modern Rice Mill, determining that excess stock is assessable as business income, not unexplained investment under Sec. 69B.

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