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Shri G. Manjunatha

No restriction towards Non-Corpus Donations towards Charitable Trusts registered u/s 12A: ITAT deletes Addition [Read Order]

Namaskar Acharya

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that Donation paid by the assessee to another charitable trust cannot be treated...

Incidence of Tax for Joint Development Agreement is Different from Incidence of Tax for Subsequent...

Disallowance u/a 40A (3) is not applicable when Payment was by Account Payee Cheque or Account Payee...

Power of Attorney should be verified in Sale of an Inherent Property: ITAT sets aside the Assessment...

Failure to Justify Service render to AE: ITAT Upholds Disallowance of Payment of Agency Commission...

Dissolved Company Exempted from Income Tax Assessment Proceedings u/s 54(2) of IBC: ITAT [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) recently ruled that the dissolved company is exempt from Income Tax Assessment proceedings under Section 54(2) of the Insolvency and...

Cash from Sister-In-Law received in Bank Accounts during Demonetization Period is not gift: ITAT upholds Addition [Read Order]

The Chennai bench of Income Tax Appellate Tribunal (ITAT) has recently held that cash received from sister-in-law deposited in bank accounts during the demonetization period is not a gift. Hence, the...

Difference b/w Sale Consideration and Stamp Duty Valuation is Less than 10%: ITAT deletes Addition u/s 50C [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition under section 50C of the Income Tax Act,1961 as the difference between the Sale Consideration and Stamp Duty...

Prior period Expense can't be Added back While Computing Profit & Gain of Business and Profession: ITAT orders to Recompute Book Profit [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that prior period expense can't be added back while computing profit & gain of business and profession. Kavithalayaa...

Tax Exemption can’t be allowed in the absence of Evidence substantiating Claim of Reimbursement of Expense as Cost to Cost Basis: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that tax exemption can’t be allowed in the absence of evidence substantiating the claim of reimbursement of expense on a...

Forex Loss from Trade Debtors/Creditors is Operating in Nature, No Tax Deduction: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that the foreign exchange loss can be treated as operating in nature when the loss was in connection with debtors and creditors...

Furniture and Maintenance Expenditure does not amount to Capital Expenditure: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal(ITAT) has held that Furniture and Maintenance expenditure does not amount to capital expenditure. T. Banusekar, CA appeared for the appellant...