ITAT Chennai in Estate of Late Smt. Jayanthi Krishnamurthy Vs ACIT held that no addition could be made under section 153A in absence of incriminating evidence resulting from a search, especially if assessment is unabated.
ITAT Chennai held that actual loss arisen on account of cancellation of the forward contracts entered into with the banks to safeguard realization of export proceeds is allowable as business loss.
Analysis of ITAT Chennais decision in the case of DCIT Vs Kannan Rajendra Babu, directing a 25% profit estimation on income from sale of milk products during the 2016 demonetization period.
An in-depth analysis of the ITAT Chennai’s decision on ITO vs Eshakti Com Pvt Ltd, focusing on the deletion of disallowance under section 40(a)(i) of the Income Tax Act.
Assessee sold property for Rs. 50 Lacs, receiving Rs.45 Lacs through cheques and only Rs.5 Lacs in cash. Given transaction’s transparency and intent of Sec.269SS to curb black money, this case isn’t suitable for a Section 271D penalty.
ITAT Chennai ruled to correct an arithmetical error made during scrutiny assessment, directing the Assessing Officer to allow the full Section 10AA deduction.
ITAT Chennai rules in the case of Kannappan Vijayalakshmi vs ITO, stating that the mere non-acceptance of a claim by the assessee doesn’t mean automatic penalty under section 270A(9)(a). Explore the detailed analysis and implications.
Analysis of ITAT Chennai’s decision on taxing share premium: ACIT Vs Luncar Finance Pvt. Ltd. A focus on already taxed income in the hands of Investor Company
ITAT Chennai restores the matter of Salma Ahmed’s capital gain deduction under section 54F to CIT(E) due to inadequate details provision by the assessee.
Analysis of the ITAT Chennai’s ruling in Micky Fireworks Vs ACIT, focusing on the debate around unexplained cash under Section 68 during the demonetization period.
