ITAT Chennai Archives

House Property Rent or Business Income-Activity not ownership is decisive.

administrator June 3, 2016 Income Tax, ITAT

House Property Rent or Business Income-Activity not ownership is decisive. ITAT Chennai, following Supreme Court Judgment upheld bifurcation of rent received from commercial complex into rent and business income. Case Law Details: ITA No.402/Mds/2013 Assessment Year : 2003-04 DCIT vs. M/s Keyaram Hotel Pvt. Ltd ITA Nos.2215 & 2216/Mds/2015 Assessment …

Consent of assessee cannot give AO right to make additions. the consent of the assesse/authorised representative cannot be a reason to sustain the addition.

administrator May 30, 2016 Income Tax, ITAT, Judgments

Consent of assessee cannot give AO right to make additions. the consent of the assesse/authorised representative cannot be a reason to sustain the addition. This was upheld by ITAT Chennai in a recent judgment as under: Case Details: ITA Nos. 300 to 303/Mds/2016 Assessment Years : 2010-11 to 2013-14 M/s. …

No difference between gift and settlement for capital gain. Holding period of previous owner (settlor) transferring capital asset u/s 2(42A) to be counted

administrator May 12, 2016 Income Tax, ITAT, Judgments

No difference between gift and settlement for capital gains purposes. In a recent judgment, ITAT, Chennai has held that there is no difference between a gift and settlement and for the purpose of computing capital gains, the holding period of the capital asset (Trade Mark) transferred, the holding period …

Funds shortage due to project expansion was sufficient cause not to impose penalty u/s 221(1) for self assessment tax non payment before filing ITR

administrator April 24, 2016 Income Tax, ITAT, Judgments

In a recent judgment, ITAT Chennai has held that paucity of funds due to project expansion was a sufficient case not to levy penalty u/s 221(1) for non payment of self assessment tax before filing return of income. Case Law Details: ITA No. 611/Mds/2014 Assessment Year : 2010-11 M/s. …

Section 68 not applicable to liabilities representing old opening balances. Assessee’s Consent / acceptance do not give jurisdiction/right to make addition

administrator April 24, 2016 Income Tax, ITAT, Judgments

In a recent judgment, ITAT Chennai has stated that consent/acceptance given by assessee could not give jurisdiction and a right to the assessing authority to make an addition. The taxing authority can act only if there is power under the statute to do so. It further held that if the liabilities …

When bye-laws was amended, society was entitled to registration u/s 12AA from the date of establishment

administrator March 21, 2016 Income Tax, Judgments

In a recent judgment, ITAT Chennai has held that when the amendment was made in the . of the society it related back to the date of original establishment and hence the society was entitled for registration u/s 12AA with effect from its date of establishment. Case Details: INCOME …

House rent addition on notional basis u/s 23 for unrealised rent upheld when property was not vacant

administrator March 21, 2016 Income Tax, ITAT, Judgments

In a recent judgment Chennai ITAT has upheld the addition made for notional house rent under the provisions of section 23 of the Income Tax Act, 1961, . It was held that: (a) When the assessee is the legal owner of the property; and (b) The property was …

Input VAT credit reversal deduction on payment basis u/s 43B irrespective of separate VAT account

administrator March 9, 2016 Income Tax, ITAT

Input VAT credit reversal deduction to be allowed on payment basis u/s 43B irrespective of separate VAT account INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘SMC’ BENCH, KOLKATA I.T.A. No. 1047/KOL/ 2015 Assessment Year: 2009-2010 BDG Metal and Power Limited … Appellant vs. Deputy Commissioner of Income Tax… Respondent Date of Order: …

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