Tag: ITAT Chennai

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 …

Late fee on TDS payments and payment of interest on GST is allowable expenditure u/s 37 of the Income Tax Act – ITAT  In a recent judgment, the ITAT Chennai has held that late fee paid on TDS payments and interest on late payment of GST is allowable …

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. 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 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 …

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. …

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 …

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 …