ITAT Chennai Judgments, Orders & News | Income Tax Appellate Tribunal

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ITAT Chennai

ITAT Chennai

Explore the latest ITAT Chennai judgments, orders, and appellate decisions on direct tax matters from the Chennai bench of the Income Tax Appellate Tribunal

Expense Disallowance u/s 14A exceeds Exempt Income, no Error or Revenue Prejudice Found: ITAT criticizes PCIT's unnecessary revision [Read Order]

Kavi Priya

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) criticized the Principal Commissioner of Income Tax for not recognizing that the assessee...

ITAT Weekly Round Up

Tamil Nadu Advocates Welfare Fund exempted from Income Tax u/s 23 of AWF Act: ITAT [Read Order]

Penalty u/s 271B for Not Filing Audit Report: ITAT upholds Order [Read Order]

AO must Forward Draft Assessment to assessee u/s 144 C of Income Tax Act if he proposes to make any...

Bonus paid as CTC to Employees cannot be Disallowed u/s 43B of Income Tax Act: ITAT grants Relief to Renault [Read Order]

In a ruling that grants relief to Renault Nisan Automotive, the Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that bonuses paid as CTC of employees cannot be disallowed under...

Consultancy Charges paid to Resident Director not 'Excessive or Unreasonable': ITAT allows Company’s Deduction Claim [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) determined that the consultancy charges paid to a resident director by M/s Egberts India Private Limited were not "excessive or...

Bonus of Equity Shareholders not Covered under S.2(22)(b) of Income Tax Act, not Taxable as “Other Income” u/s 56(2): ITAT [Read Order]

Concerning the latest case, the Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed the appeal made by the assessee as the tribunal agreed to the findings made by the Commissioner...

Beneficial provision of S.54 F should be given a Liberal Construction to the Maximum Extent Possible: ITAT upholds Full Deduction for Purchase of Property in Wife's name out of Bank Loan [Read Order]

In the recent case, the Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Income-tax Assessing Officer ( AO ) to allow the claim of the assessee under Section 54F of the Income...

Family Business of Money Lending for 20 Years: ITAT upholds Addition of Excess Income as ‘Business Income’ [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (I TAT ) upheld the addition of excess income as 'business income' for a family engaged in the money lending business for 20 years. The...

Interest Paid on Borrowings to Acquire Property deductible from Sale Consideration: ITAT directs to Re-Compute Capital Gain [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) has directed that interest paid on borrowings to acquire property should be deductible from the sale consideration, ordering the...

Penalties u/s 269SS and 269T cannot be Levied on Company for Receipt/ Repayment of Cash Loans from Directors out of Business Exigency: ITAT [Read Order]

The Chennai ‘A’ Bench of Income Tax Appellate Tribunal ( ITAT ) held that penalties under Sections 269SS and 269T of the Income Tax Act, 1961, cannot be levied on a company for the receipt and...

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