ITAT Chennai approves Section 11 exemption for voluntary school corpus donations from parents. Get insights into this tax case.
ITAT Chennai held that disallowing the interest to the extent of amount advanced to its sister concern unsustainable as subsidiaries are engaged in the business as that of the assessee and it is called the expansion of business.
ITAT Chennai held that delay of 6 to 9 years in filing of an appeal against levy of late fees u/s 234 with a plea that they were waiting for outcome of judicial decisions not condoned.
ITAT Chennai grants relief to Caterpillar India, allowing 60% depreciation on computer software as an integral part of computer systems. Details of the case.
Analysis of DCIT vs. Thulasi Mohan Constructions Pvt. Ltd. case, where capital gains in a business slump sale were contested. Learn legal intricacies and conclusions.
ITAT Chennai held that interest income received from investment in Erode District Central Co-operative Bank, which is governed by Tamil Nadu Co-operative Societies Act, is eligible for deduction u/s 80P(2)(d) of the Income Tax Act.
Since assessee could not explain how the expenses which were claimed by assessee in the closing stock was allowable i.e., provision in regard to freight expenses payable and labour charges payable.
ITAT Chennai held that subsidy received from Government of India under the Focus Market Scheme is Revenue in nature. The same cannot be at any stretch of imagination considered as capital in nature.
In the Varadaraja Textiles case, ITAT Chennai ruled that depreciation is allowed for a textile spinning unit acquired through an auction sale, disputing the nil cost assessment.
ITAT Chennai’s ruling in the case of Fathima Jewellers vs. DCIT clarifies that excess gold jewellery stock found during a survey isn’t unexplained investment under IT Act.
