ITAT Chennai held that interest earned out of savings bank account maintained in a co-operative bank cannot be treated as income or dividend from investment and accordingly deduction u/s. 80P(2)(d) of the Income Tax Act not eligible.
ITAT Chennai held that approval of large number of cases in a single day cannot be reason for faulting reopening of assessment since the case was reopened u/s. 148 of the Income Tax Act after due application of mind.
ITAT Chennai held that salary received for international assignment which is subjected to tax in UK could not be taxed in India. Accordingly, claim of the assessee allowed. The assessee being non-resident individual filed return of income declaring income of Rs.2295/- and claiming refund of Rs.10.08 Lacs.
ITAT Chennai held that cash received under unregistered will accepted as will furnished by the assessee not established as fabricated one by the department and there is no requirement in law to get the will registered.
ITAT held that disallowances based on estimations do not constitute underreporting of income and thus are not grounds for a penalty under Section 270A.
ITAT Chennai held that failure to issue notice u/s. 143(2) of the Income Tax Act after issuing notice u/s. 147 and prior to finalizing the re-assessment vitiated the entire proceedings. Accordingly, order quashed.
ITAT Chennai held that no findings have been rendered on various documentary evidences furnished by the assessee. Accordingly, matter restored in view of violation of the principle of natural justice.
ITAT Chennai quashes penalty under sections 271(1)(c) and 271A for AY 2012-13 to 2016-17 in the Srinivasan Chandrasekara case, citing legal deficiencies.
Understand the ITAT Chennai ruling on valid claims for Long-Term Capital Gains. Learn the tax implications of property sale, liabilities, and deductions under Section 48.
ITAT Chennai overturns addition of Rs. 28.57 Lacs for cash deposits by Gouthamchand Jain, ruling the source as valid and directing a reassessment.
