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Date of Original submission has to be considered on Computing the period of one year for Claim of Refund: CESTAT [Read Order]

The Chennai Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT)has ruled that the date of original submission has to be...

Addition of Long Term Capital Gains not valid if Capital Gains on Transfer of Goodwill is Nil after...

Revisional Order u/s 263 can't be Simply on Assumption: ITAT [Read Order]

Addition as Unexplained Investment in difference in Value on Purchase of Property without...

Amount paid by Purchaser of Property to Tenant can’t be taxed in the Capital Asset of Owner: ITAT...

Income Tax on Rental Income on Notional Basis not Applicable If Assessee could not find a Tenant for Relevant AY: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai held that Income Tax on Rental Income on a Notional Basis is not Applicable If Assessee could not find a Tenant for a Relevant Assessment Year. ...

Annual Value of Property let out or vacant whole or part of previous year should be computed as per Sec 23(1)(c): ITAT [Read Order]

While hearing the appeal filed by the assessee against the order passed by the Commissioner of Income Tax (Appeals)1, the Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that the...

Defense of Ignorance of Law cannot be taken after Hiring a Chartered Accountant: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that the defense of ignorance of law cannot be reasonable cause to condone delay after the assessee hired a Chartered...

ITAT upholds Addition for Unexplained Cash Credit due to Failure to prove Genuineness of Transaction using Demonetized Currencies [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) upheld the addition for unexplained cash credit due to failure to prove the genuineness of transaction using demonetized currencies ...

Cash paid for Purchase excess than prescribed limit, Disallowance of total purchase U/s 40A(3) sustain: ITAT [Read Order]

Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the disallowance of total purchase under section 40 A(3) will sustain when cash is paid for purchases over the prescribed limit and...

Deemed Dividend u/s 2(22)(e) applicable only to Persons who are recipient of Loan and Shareholder of the Payer Company: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that deemed dividend under section 2(22)(e) applies only to persons who are recipients of loan and shareholders of the Payer Company. ...

Redemption Fee can’t be imposed for ADD Escaped Assessment: CESTAT [Read Order]

The Chennai bench of the CESTAT has held that redemption fee cannot be imposed for the escaped assessment of Anti-Dumping Duty. M/s. LSML Private Ltd are manufacturers of wind turbines, imported...

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