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
![Addition Made by AO Towards Share Premium u/s 56(2)(viib) of Income Tax Act Already Offered to Tax by Assessee Before Settlement Commission: ITAT upholds Deletion of Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Addition-Made-by-AO-Towards-Share-Premium-Addition-AO-Share-Premium-Income-Tax-Act-Income-Tax-ITAT-Taxscan.jpg "Addition Made by AO Towards Share Premium u/s 56(2)(viib) of Income Tax Act Already Offered to Tax by Assessee Before Settlement Commission: ITAT upholds Deletion of Addition [Read Order]")
Addition Made by AO Towards Share Premium u/s 56(2)(viib) of Income Tax Act Already Offered to Tax by Assessee Before Settlement Commission: ITAT upholds Deletion of Addition [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has upheld the deletion of addition holding that the addition made by the Assessing Officer...
![Capital Gain Deduction u/s 54F of Income Tax Act cannot be Denied due to Failure of Assessee to Furnish Complete Details: ITAT Restores Matter to CIT (E) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Capital-Gain-Deduction-Income-Tax-Act-Denied-Failure-Assessee-Furnish-ITAT-TAXSCAN.jpg "Capital Gain Deduction u/s 54F of Income Tax Act cannot be Denied due to Failure of Assessee to Furnish Complete Details: ITAT Restores Matter to CIT (E) [Read Order]")
![Excess Stock could be said to have Arisen out of Normal Activity where Undisclosed Business Income was Ploughed back into Business to Acquire further Stock: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Excess-stock-arisen-normal-business-income-business-stock-ITAT-TAXSCAN.jpg "Excess Stock could be said to have Arisen out of Normal Activity where Undisclosed Business Income was Ploughed back into Business to Acquire further Stock: ITAT deletes Addition [Read Order]")
![Records maintained for sales carried out by assessee prevents credit to be held as unexplained cash U/S 68: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Records-sales-assessee-credit-ITAT-deletes-addition-addition-taxscan.jpg "Records maintained for sales carried out by assessee prevents credit to be held as unexplained cash U/S 68: ITAT deletes Addition [Read Order]")
![Non issuance of Notice prevented Assessee from Reasonable Opportunity of being Heard Resulting in Violation of Natural Justice: ITAT directs Readjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Non-issuance-of-notice-notice-assessee-reasonable-opportunity-opportunity-ITAT-directs-readjudication-taxscan.jpg "Non issuance of Notice prevented Assessee from Reasonable Opportunity of being Heard Resulting in Violation of Natural Justice: ITAT directs Readjudication [Read Order]")
Income Tax Dept has no power to scrutinize Sales Tax Return accepted by Commercial Tax Department: ITAT deletes addition [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai bench held that the Income Tax Department had no power to scrutinize Sales Tax Returns accepted by the commercial tax department . Therefore the...
![Income Tax Dept has no power to scrutinize Sales Tax Return accepted by Commercial Tax Department: ITAT deletes addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Income-Tax-Dept-power-to-scrutinize-Sales-Tax-Return-Commercial-Tax-Department-ITAT-TAXSCAN.jpg "Income Tax Dept has no power to scrutinize Sales Tax Return accepted by Commercial Tax Department: ITAT deletes addition [Read Order]")
Deletion of Income Tax Addition on the Ground of Incomplete Material Evidence against Assessee: ITAT restores Matter to CIT(A) [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that the Commissioner of Income Tax (Appeals) [CIT (A)] has not adjudicated the issues on merits thus restored the matter to the CIT(A)...
![Deletion of Income Tax Addition on the Ground of Incomplete Material Evidence against Assessee: ITAT restores Matter to CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Deletion-of-Income-Tax-Addition-Ground-of-Incomplete-Material-Evidence-Assessee-ITAT-restores-Matter-to-CITA-TAXSCAN.jpg "Deletion of Income Tax Addition on the Ground of Incomplete Material Evidence against Assessee: ITAT restores Matter to CIT(A) [Read Order]")
Deletion of Income Tax Addition on the Ground of Incomplete Material Evidence against Assessee: ITAT restores Matter to CIT(A) [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that the Commissioner of Income Tax (Appeals) [CIT (A)] has not adjudicated the issues on merits thus restored the matter to the CIT(A)...
![Deletion of Income Tax Addition on the Ground of Incomplete Material Evidence against Assessee: ITAT restores Matter to CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Deletion-Income-Tax-Incomplete-Material-Evidence-Assessee-ITAT-CITA-TAXSCAN.jpg "Deletion of Income Tax Addition on the Ground of Incomplete Material Evidence against Assessee: ITAT restores Matter to CIT(A) [Read Order]")
Incidence of Tax for Joint Development Agreement is Different from Incidence of Tax for Subsequent Sale of Flats: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the tax incidence for joint development agreements differs from the tax incidence for subsequent flat sales and observed...
![Incidence of Tax for Joint Development Agreement is Different from Incidence of Tax for Subsequent Sale of Flats: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Incidence-of-Tax-Joint-Development-Agreement-Different-from-Incidence-of-Tax-for-Subsequent-Sale-of-Flats-ITAT-TAXSCAN.jpg "Incidence of Tax for Joint Development Agreement is Different from Incidence of Tax for Subsequent Sale of Flats: ITAT [Read Order]")
Loss on sale of Investment could not be reduced from Book Profits u/s 115JB for Capital Profits which do not have component of Income are to be excluded while computing book profits: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that capital profits, which do not have component of income, are to be excluded while computing Book Profits under section 115JB. ...
![Loss on sale of Investment could not be reduced from Book Profits u/s 115JB for Capital Profits which do not have component of Income are to be excluded while computing book profits: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Loss-on-sale-of-Investment-Investment-sale-of-Investment-Book-Profits-Capital-Profits-computing-book-profits-ITAT-Taxscan.jpg "Loss on sale of Investment could not be reduced from Book Profits u/s 115JB for Capital Profits which do not have component of Income are to be excluded while computing book profits: ITAT [Read Order]")
No Fresh Assessment can be Directed by CIT if AO Choose not to Make Any Addition on Income Tax: ITAT Condones Delay of 319 Days [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT), condoned delay of 319days in filing the appeal and held that when once Assessing Officer (AO) took one of the possible views and chose not...
![No Fresh Assessment can be Directed by CIT if AO Choose not to Make Any Addition on Income Tax: ITAT Condones Delay of 319 Days [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Fresh-Assessment-Directed-CIT-AO-Addition-Income-Tax-ITAT-Condones-Delay-TAXSCAN.jpg "No Fresh Assessment can be Directed by CIT if AO Choose not to Make Any Addition on Income Tax: ITAT Condones Delay of 319 Days [Read Order]")
No scope for Reassessment on issue which is Subject Matter of Appeal before Appellate Authority: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that as per provisions of 3rd proviso to Section 147 of the Income Tax Act, 1961, the Assessing Officer (AO) may assessee or...
![No scope for Reassessment on issue which is Subject Matter of Appeal before Appellate Authority: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Reassessment-Subject-Matter-of-Appeal-Appeal-Appellate-Authority-ITAT-Income-Tax-taxscan.jpg "No scope for Reassessment on issue which is Subject Matter of Appeal before Appellate Authority: ITAT [Read Order]")