AO noticed that the assessee in its computation of income claimed prepaid finance charges amounting to Rs.19,96,29,043/- and he asked to clarify or show-cause as to how the prepaid finance charges were allowable.
ITAT Chennai held that the assessee is a cottage industry and the entire income is attributable to business of the society and hence eligible to claim Interest earned on deposit also as deduction U/s.80P(2)(a)(ii) of the Income Tax Act.
Assessee was a non-profit organization registered under Section 25 and was approved U/s.10(23C)(iv). The main activity of the council was to promote exports of leather industries.
ITAT Chennai held that invoking the revisionary powers under section 263 of the Income Tax Act without giving any reasoning for setting aside the assessment order and merely directing AO verification without any basis is unjustifiable.
ITAT Chennai ruled in favor of Kethsial Justin, granting Section 54F deduction for constructing a new dwelling unit, overturning the AO’s and CIT(A)’s denial.
ITAT Chennai held that construction of new dwelling unit on first floor is eligible for deduction under section 54F of the Income Tax Act as construction was done within stipulated time limit.
ITAT Chennai directs CIT(E) to review Virudhunagar Kshatriya Vidhyasala’s S.80G(5) registration application afresh, addressing appeal delays and compliance issues.
ITAT Chennai deletes Section 271B penalty for audit delay due to partner’s health issues in Balaji Logistics case. Learn about the key details and implications.
ITAT Chennai held that section 23 of the Central Act provides for exemption of Income-tax to the Advocates Welfare Fund of the State. Accordingly, exemption granted and appeal of revenue dismissed.
ITAT Chennai confirmed penalty imposed under section 271B of the Income Tax Act for non-furnishing audit report, in absence of any reasonable or sufficient cause for not complying with legal provisions of section 44AB of the Income Tax Act.
