ITAT Chennai held that an AO is not permitted to take different stand on the same issue and same set of facts over different years. Thus, exemption u/s. 11 granted in spite of the fact that return was filed using ITR-6.
ITAT Chennai held that action of AO based on jurisdictional High Court decision as prevalent on the specified time, which was later on reversed by the Supreme Court, cannot be held to be erroneous and prejudicial to the interest of revenue.
ITAT Chennai held that the condonation of delay should not be dismissed for the reason that the appeal filed belatedly is not accompanied by condonation petition. Thus, order set aside and matter remanded back.
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.
