The Income Tax Appellate Tribunal (ITAT), Chennai Bench held that Section 56(2)(vii)(b)(ii) Income Tax Act , 1961 would not be applied when property purchased for business use of partnership firm. The assessee,Chandrasekaran Valarmathi is a partner in a firm M/s Chandran Steels, along with 3 other partners of the firm, purchased a certain building for…
Taxscan Premium
Why should you subscribe?
- Enjoy our website without interruptions from advertisements
- Receive Daily newsletters
- Receive realtime Telegram/Whatsapp news updates
- Download original Judgements / Order / Notifications / Circulars, etc
- Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
₹1199 + GST for 1 year
Subscribe Now
Already Subscribed?
Login Now 
