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
![Agricultural Income not to be Treated as Unaccounted Income u/s 68 of Income Tax Act if No Incriminating Materials to Show Income Belongs to Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Agricultural-Income-Treated-Unaccounted-Income-Income-Tax-Act-Incriminating-Materials-Show-Income-Assessee-ITAT-TAXSCAN.jpg "Agricultural Income not to be Treated as Unaccounted Income u/s 68 of Income Tax Act if No Incriminating Materials to Show Income Belongs to Assessee: ITAT [Read Order]")
Agricultural Income not to be Treated as Unaccounted Income u/s 68 of Income Tax Act if No Incriminating Materials to Show Income Belongs to Assessee: ITAT [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) stated that there is nothing on record which would show that any incriminating...
![Receipts from Sale of land used for Agricultural purposes by Assessee engaged in Agricultural Operations not liable for Tax as Capital Gains: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Receipts-Sale-land-agricultural-assessee-agricultural-operations-tax-Capital-Gains-ITAT-TAXSCAN.jpg "Receipts from Sale of land used for Agricultural purposes by Assessee engaged in Agricultural Operations not liable for Tax as Capital Gains: ITAT [Read Order]")
![No restriction towards Non-Corpus Donations towards Charitable Trusts registered u/s 12A: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/restriction-Non-Corpus-Donations-Charitable-Trusts-ITAT-deletes-Addition-ITAT-Addition-taxscan.jpg "No restriction towards Non-Corpus Donations towards Charitable Trusts registered u/s 12A: ITAT deletes Addition [Read Order]")
![Investment Allowance claimed u/s. 32AC of Income Tax Act towards new asset shall not allowable if assessee already claim depreciation on New Asset: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Investment-Allowance-claimed-Income-Tax-Act-towards-new-asset-claim-depreciation-on-New-Asset-ITAT-TAXSCAN.jpg "Investment Allowance claimed u/s. 32AC of Income Tax Act towards new asset shall not allowable if assessee already claim depreciation on New Asset: ITAT [Read Order]")
![Person failing to furnish Return of Income is deemed to have concealed particulars of his income: ITAT upholds Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Person-failing-to-furnish-return-of-income-return-of-income-income-ITAT-ITAT-upholds-penalty-taxscan.jpg "Person failing to furnish Return of Income is deemed to have concealed particulars of his income: ITAT upholds Penalty [Read Order]")
Retained Amount from Security Deposit of leased housing property due to cancellation of Lease Deed is assessable under head ‘Income from House Property’: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai bench held that the retained amount from security deposit of leased housing property due to the cancellation of lease deed is assessable under the...
![Retained Amount from Security Deposit of leased housing property due to cancellation of Lease Deed is assessable under head ‘Income from House Property’: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Retained-amount-from-Security-Deposit-of-leased-housing-property-due-to-cancellation-of-Lease-income-from-House-Property-ITAT-TAXSCAN.jpg "Retained Amount from Security Deposit of leased housing property due to cancellation of Lease Deed is assessable under head ‘Income from House Property’: ITAT [Read Order]")
Loss on Forward Exchange Contracts of export business are business loss, not speculative loss u/s 43(5) of Income Tax Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai bench held that loss on forward exchange contracts of the export business are business losses not speculative losses under Section 43(5) of the Income...
![Loss on Forward Exchange Contracts of export business are business loss, not speculative loss u/s 43(5) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Loss-on-Forward-Exchange-Contracts-export-business-business-loss-speculative-loss-Income-Tax-Act-ITAT-taxscan.jpg "Loss on Forward Exchange Contracts of export business are business loss, not speculative loss u/s 43(5) of Income Tax Act: ITAT [Read Order]")
Extraction of Minerals from Beach sand is Manufacturing Process u/s 2(29BA) of Income Tax Act: ITAT allows Income Tax Deduction [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that extraction of minerals from beach sand involve change in non-living physical object / article into a new and distinct object /...
![Extraction of Minerals from Beach sand is Manufacturing Process u/s 2(29BA) of Income Tax Act: ITAT allows Income Tax Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Extraction-Minerals-Beach-sand-Manufacturing-Process-Income-Tax-Act-ITAT-Income-Tax-Deduction-TAXSCAN.jpg "Extraction of Minerals from Beach sand is Manufacturing Process u/s 2(29BA) of Income Tax Act: ITAT allows Income Tax Deduction [Read Order]")
No addition can be made u/s 153A in absence of incriminating evidence found as a result of search, if the assessment is unabated: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal held that in absence of any incriminating material, no addition can be made in the assessment framed under Section 153A/153C of the Income Tax...
![No addition can be made u/s 153A in absence of incriminating evidence found as a result of search, if the assessment is unabated: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/No-additio-absence-of-incriminating-evidence-found-as-a-result-of-search-assessment-is-unabated-ITAT-TAXSCAN.jpg "No addition can be made u/s 153A in absence of incriminating evidence found as a result of search, if the assessment is unabated: ITAT [Read Order]")
No Separate Agreement between Eshakthi and its Non-Resident US Subsidiary for Reimbursement of Expenses: ITAT Upholds Deletion of Disallowance u/s 40(a)(i) of Income Tax Act [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has upheld the disallowance under Section 40(a)(i) of the Income Tax Act 1961, as there was no separate agreement between the Eshakthi and...
![No Separate Agreement between Eshakthi and its Non-Resident US Subsidiary for Reimbursement of Expenses: ITAT Upholds Deletion of Disallowance u/s 40(a)(i) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Separate-Agreement-ITAT-No-Separate-Agreement-between-Eshakthi-and-its-Non-Resident-US-disallowance-taxscan.jpg "No Separate Agreement between Eshakthi and its Non-Resident US Subsidiary for Reimbursement of Expenses: ITAT Upholds Deletion of Disallowance u/s 40(a)(i) of Income Tax Act [Read Order]")
ITAT directs to Estimate 25% Profit Towards Income from Sale of Milk Products Deposited in Bank During Demonetisation Period [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai Bench directed to estimate 25% profit towards income from sale of milk products deposited in banks during the demonetisation period. Kannan...
![ITAT directs to Estimate 25% Profit Towards Income from Sale of Milk Products Deposited in Bank During Demonetisation Period [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-directs-to-Estimate-25-Profit-Towards-Income-from-Sale-of-Milk-Products-ITAT-Profit-Sale-of-Milk-Products-Demonetisation-Period-Taxscan.jpg "ITAT directs to Estimate 25% Profit Towards Income from Sale of Milk Products Deposited in Bank During Demonetisation Period [Read Order]")
Section 269SS not applicable when Substantial Sale Consideration of Immovable property is evidenced by registered agreement: ITAT deletes Penalty u/s 271D [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that Sale transaction evidenced by registered agreement prevents implementation of Section 269SS from curbing black money The...
![Section 269SS not applicable when Substantial Sale Consideration of Immovable property is evidenced by registered agreement: ITAT deletes Penalty u/s 271D [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Substantial-Sale-Sale-Consideration-Consideration-of-Immovable-property-Immovable-property-ITAT-deletes-Penalty-ITAT-taxscan.jpg "Section 269SS not applicable when Substantial Sale Consideration of Immovable property is evidenced by registered agreement: ITAT deletes Penalty u/s 271D [Read Order]")