Where assessee purchased Ground Floor of the house property and had also purchased first floor of the said house property and deduction for both the ground floor and the first floor under section 54F by treating both the floors as one single residential unit thus he was entitled to became two different floors of one house property could not be treated as two different residential houses.
Where no return was filed prior to the date of search and a return had been filed only after the issue of notice under section 153A and in respect of income offered by assessee no proper explanation was provided regarding nature and source of income, AO was justified in initiation of penalty proceedings under section 271(1)(c).
Whether the activity of conducting one-day matches’T-20 matches and Indian Premier League matches by Tamil Nadu Cricket Association would amount to doing business or trade?
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.
