In this case, the investment was admittedly made one year before the date of sale of property. In view of language employed by Parliament in section 54 of the Act, it is not the requirement that the sale consideration has to be invested in purchase of property.
These appeals are filed by the assessee against an order dated 30-3-2016 of the Commissioner (Appeals)-2, Chennai, in I.T.A. No. 31/CIT(A)-2/2013-14 for the assessment year 2008-09 and the order dated 30-3-2016 of the Commissioner (Appeals)-2, Chennai, in I.T.A. No. 174/CIT(A)-2/2013-14 for the assessment year 2009-10.
A. Godwin Maria Visuvasam Vs. ITO (ITAT Chennai) Merely furnishing of confirmation letter by a creditor, as it again well settled, does not would at best only establish identity of the creditors. There was nothing on record establishing creditworthiness of the creditors and/or genuineness of impugned loans and advances in the instant case. Therefore, AO […]
These cross appeals by the Revenue and by the assessee are directed against the order of the Commissioner (Appeals)-4,Chenaai dated 8-2-2016.
This appeal of the assessee is directed against the order of the Commissioner (Appeals)-4, Chennai dated 19-8-2016 pertaining to assessment year 2012-13. 2. The only grievance in this appeal of assessee is non-granting of exemption under section 54 of the Act in respect of sale of the residential property.
Section 254 does not indicate that Tribunal can recall entire order and pass a fresh decision and power to rectify a mistake under section 254(2) could not be used for recalling entire order.
In a significant ruling, the ITAT Chennai held that the private open terrace attached with residential unit would form part of built- up area for the purpose of computing deduction under section 80-IB(10) of the Income Tax Act if the same was included in the house project approved by the local authority.
Whether the usage of foreign Associated Enterprise (AE) brand name on the cars manufactured and sold by the tax payer amounted to rendering of brand promotion service, and whether it constituted an international transaction under section 92B of the Income-tax Act, 1961(Act).
The first question that we need to decide is whether the benefit accruing to the HMC Korea, as a result of increased brand value due to sale of Hyundai cars in India by the assessee company, constitutes an international transaction.
In this appeal filed by the Revenue, it is aggrieved that ld. Commissioner of Income Tax (Appeals) allowed the assessee claim for its exemption u/s.11 of the Income Tax Act, 1961 (in short BC the Act CC). Appeal has been filed with a delay of ten days. Condonation petition has been filed. Delay is condoned and appeal admitted.
