Mohamed Mohideen Ayesha Nasreen Vs ACIT (ITAT Chennai) ITAT held that it could be seen that assessee is living with her husband and three children (Two daughters and one son) in USA. She has got married in the year 2003. In this letter, the assessee has submitted that approx. 1201 grams of jewellery belong to […]
ITAT Chennai held that deduction under section 54 of the Income Tax Act restricted to only for one floor (3rd floor) as assessee failed to establish that two floors (3rd and 4th floor) is one residential house.
Undisputedly investment been made out of part of sale consideration. Therefore, simply because sale deed been executed subsequently, section 54F deduction cannot be denied
ITAT Chennai held that both the conditions u/s 147 of the Income Tax Act needs to be satisfied for initiation of re-assessment after four years from the end of the relevant assessment year. Here, as assessee has disclosed fully and truly all the material facts, re-assessment proceedings couldn’t be sustained.
Since assessee did not file the Audit Report in Form No.56F as required under the law, AO had rightly disallowed deduction claimed u/s.10AA.
R. Raju Vs ITO (ITAT Chennai) The assessee has explained cash deposits made during the demonetization period out of amount received from maturity of fixed deposits in SBI and Canara Bank. The assessee had also furnished necessary evidence before the AO and argued that, he had received a sum of Rs. 10,29,337/-towards maturity of insurance […]
ITAT Chennai held that simply because there are coconut trees on the land it doesnot mean that agricultural operations are carried out. Accordingly, deduction claimed under section 54B on sale of the land is disallowed.
ITAT Chennai held that as the quantum of addition has not attained its finality, the penalty levied under section 270A of the Income Tax Act not imposable.
ITAT Chennai held that benefit under section 54F of the Income Tax Act not deniable for technical lapse like non-registration of agreement to sale.
Unlocking the essence of capital vs. revenue expenditure through Faurecia Emissions vs. DCIT, ITAT Chennais verdict on royalty payments for technical know-how.
