ITAT delete penalty levied for failure to get accounts audited and for filing tax audit report belatedly, on the grounds that the assessee was prevented by reasonable cause due to its pathetic condition and heavy losses incurred in its business.
ITAT Chennai held that amount of Rs. 14 Lakhs received in cash for sale of immovable property is against the provisions of section 269SS of the Income Tax Act. Accordingly penalty under section 271D imposable.
ITAT Chennai held that donations paid by conversion of loans into donations comes under the nature of donations paid in cash and hence entitled for deduction under section 80G of the Income Tax Act.
ITAT Chennai held that profit or loss derived from sale of land held as stock-in-trade is assessable under the head income from business or profession and not under capital gains.
ITAT Chennai held that exemption under section 54 of the Income Tax Act not allowable to the extent of non-deposit of unutilized amount in Capital Gain Account Scheme. Only proportionate exemption allowed.
ITAT Chennai held that a small delay of 9 days in filing of an appeal condoned on the basis of reasonable cause as Chartered Accountant was busy in filing of return of Income and GST returns.
ITAT Chennai held that replacement/ substitution of HF Reactor is capital expenditure and eligible for depreciation only. Such replacement couldnt be considered as current repairs
ITAT Chennai held that AO failed to verify the issue of trade discount in the light of provisions of section 194C-194H and hence the assessment order passed by AO is erroneous. Accordingly revisionary power under section 263 stand invocable.
ITAT Chennai held that rice being specified in schedule is covered within the definition of agricultural produce as per provision of Tamil Nadu Agricultural Produce Marketing (Regulation) Act, 1987. Accordingly, as per Rule 6DD(e)(i) of the Income Tax Rules the same is exempt from disallowance under section 40A(3) of the Income Tax Act.
ITAT Chennai held that the sale proceeds from the sale of agricultural land cannot be treated as business asset proceeds as the revenue records clearly treats the land as agricultural land and agricultural activities were duly carried out on it.
