SDS Cargo Solutions Pvt Ltd Vs ITO (ITAT Chennai) PCIT had given a categorical finding that the AO has not carried out any enquiries on the issue of CFS charges paid to Continental Warehousing Corporation in light of relevant provisions of the Act which render the assessment order to be erroneous and prejudicial to the […]
ITAT Chennai held that for invoking provisions of section 40A(2)(b), AO has to bring on record some comparable cases of similar nature to allege that hire charges paid by the assessee is unreasonable and excessive, when compared to market rates. In absence of the same, addition is unsustainable.
Nagarathinam Rajendran Vs ITO (ITAT Chennai) Since the assessee could not file his return of income under section 139(1) of the Act, the Assessing Officer issued notice under section 274 r.w.s. 271 F of the Act. There was no response from the assessee against the penalty notice. Since, the assessee failed to file his return […]
Assessee has made a vague claim of medical reasons without any supporting evidences to justify his stand that he was suffering from ill-health and Doctors advised him to take rest.
Assessee cannot include interest received on deposits as business receipts and estimate net profit under section 44AD on such interest income
ITAT Chennai held that non-deduction of TDS and reversal of TDS deduction on interest payment on the basis of declaration in Form No. 15G/ 15H is justifiable.
S. Ramamirtham Vs ITO (ITAT Chennai) It is an admitted fact that the original assessment has been completed u/s. 143(3) of the Act on 20.03.2014. It is also an admitted fact that notice u/s. 148 of the Act dated 13.09.2017 is beyond four years from the end of the relevant assessment year. Thus, proviso to […]
Dolphin Educational Foundation Vs Income Tax Officer (ITAT Chennai) As per provisions of section 12AA of the Act, once a trust is registered u/s. 12AA, it is permanent unless it was withdrawn by a specific order from the authority. However, the law has been amended by the Finance Act, 2020 w.e.f. 01.04.2021 and as per […]
NCLT ordered liquidation of respondent company under IBC and claim of Department been rejected. So appeal filed by Revenue after moratorium period is not maintainable
ITAT Chennai held that when assessee has explained the source for excess stock found during the course of survey, then, income offered towards excess stock cannot be treated as unexplained investment u/s. 69B of the Act.
