Tag: ITAT Chennai

In deciding the authenticity of agricultural income, certificate from the Tahsildar and expert report cannot be ignored in preference to unverified Google Earth Pro images – ITAT In a recent judgment, ITAT Chennai has held that in deciding the agricultural income, the authenticated documents such as the certificate …

Assessee who inadvertently opted out of new tax regime eligible for deductions under chapter VIA though not claimed in the return of income – ITAT In a recent judgment, ITAT Chennai has held that assessee,who inadvertently opted out of new tax regime, was eligible for deductions under chapter …

Exemption u/s 54F allowed by ITAT holding that investment in purchase of plot in the name of the spouse and their respective shares is immaterial In a recent judgment, ITAT Chennai has allowed exemption u/s 54F observing that entire investment in purchase of plot is in the name …

Escapement of income is to be examined in the original return and not the return filed in response to notice u/s 148 of the Act – ITAT In a recent judgment, ITAT Chennai has quashed the reassessment order observing that the issue whether the assessee has underdeclared income …

ITAT deleted addition for cash deposit on account of the statement given by the Prime Minister, press statement and CBDT SOP In a recent judgment, ITAT Chennai has held that addition u/s 69A cannot be sustained on account of the statement given by the Prime Minister, press statement …

Order passed under section 119(2)(b) of the Act is not appealable before the Tribunal In a recent judgment, ITAT Chennai has held that an order passed by the Commissioner under section 119(2)(b) of the Act is an administrative order; therefore, the same is not appealable before the Tribunal. …

Exemption u/s 54F can not be denied merely because assessee did not deposit net sale consideration in capital gain account  In a recent judgment, ITAT Chennai has held that exemption u/s 54F can not be denied merely because assessee did not deposit net sale consideration in capital gain …

Addition u/s 56(2)(vii)(b) deleted in absence of DVO’s report where the building on the land purchased was 30 years old In a recent judgment, ITAT Chennai deleted addition u/s 56(2)(vii)(b) as there was no DVO’s report as on the date of impugned order and the subject building was …

No Penalty can be imposed u/s 270A by AO on the basis of difference in fair market value determined by the DVO on estimation basis with the sale deed price. In a recent judgment, ITAT Chennai has deleted Penalty under section 270A imposed by AO on the basis …

Statements recorded u/s 131(1A) instead of section 133A(iii) by survey team were invalid hence no addition can be made merely on the basis of invalid statements – ITAT In a recent judgment, ITAT Chennai has held that statements recorded u/s 131(1A) instead of section 133A(iii) by the survey …