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
![AO cannot Change Method followed by Assessee from DCF Method to NAV Method: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/AO-Method-Assessee-DCF-Method-NAV-Method-ITAT-TAXSCAN.jpg "AO cannot Change Method followed by Assessee from DCF Method to NAV Method: ITAT [Read Order]")
AO cannot Change Method followed by Assessee from DCF Method to NAV Method: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT)has recently held that the Assessing Officer (AO)could not change the method...
![Depreciation at 60% Not Allowable on Robotix Kits: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Depreciation-Robotix-Kits-ITAT-Income-Tax-Tax-Taxscan.jpg "Depreciation at 60% Not Allowable on Robotix Kits: ITAT [Read Order]")
![“Deemed Dividend” Not Applicable to Payment by Company on behalf of Shareholder for Purchase Property as a Stop Gap Arrangement subsequently Re-paid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Deemed-Dividend-Payment-Shareholder-Purchase-Property-Gap-Arrangement-Re-paid-ITAT-Income-Tax-Tax-Taxscan.jpg "“Deemed Dividend” Not Applicable to Payment by Company on behalf of Shareholder for Purchase Property as a Stop Gap Arrangement subsequently Re-paid: ITAT [Read Order]")
![No Addition for Deposits in NRE Account when Assessee has No Source of Income in India: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Addition-for-Deposits-in-NRE-Account-Source-of-Income-in-India-ITAT-TAXSCAN.jpg "No Addition for Deposits in NRE Account when Assessee has No Source of Income in India: ITAT [Read Order]")
![Valid Satisfaction required to Initiate Re-Opening of Assessment u/s 148 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Satisfaction-Re-Opening-of-Assessment-Income-Tax-Act-ITAT-TAXSCAN.jpg "Valid Satisfaction required to Initiate Re-Opening of Assessment u/s 148 of Income Tax Act: ITAT [Read Order]")
Audit Report u/s 44B furnished along with ITR before Completion of Assessment: ITAT deletes Penalty u/s 271B of Income Tax Act [Read Order]
The Chennai bench of Income Tax Appellate Tribunal ( ITAT ) has recently held that no penalty would be levied if the audit report under section 44B of Income Tax Act 1961 was furnished along with...
![Audit Report u/s 44B furnished along with ITR before Completion of Assessment: ITAT deletes Penalty u/s 271B of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Audit-Report-ITR-Assessment-ITAT-Penalty-Income-Tax-Act-Income-Tax-Tax-Taxscan.jpg "Audit Report u/s 44B furnished along with ITR before Completion of Assessment: ITAT deletes Penalty u/s 271B of Income Tax Act [Read Order]")
![Re-Assessment without Satisfying Conditions of S. 147 of Income Tax Act is Invalid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Re-Assessment-Income-Tax-ITAT-taxscan.jpg "Re-Assessment without Satisfying Conditions of S. 147 of Income Tax Act is Invalid: ITAT [Read Order]")
Firm Eligible to Deduct Profit from Sale of Flats Declared as Stock-in-Trade to Partners u/s 80IB (10) of Income Tax Act: ITAT [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the firm shall be eligible to deduct profit from the sale of flats which are declared as stock-in-trade to partners under...
![Firm Eligible to Deduct Profit from Sale of Flats Declared as Stock-in-Trade to Partners u/s 80IB (10) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Firm-Profit-Sale-of-Flats-Stock-in-Trade-Partners-Income-Tax-Act-ITAT-Taxscan.jpg "Firm Eligible to Deduct Profit from Sale of Flats Declared as Stock-in-Trade to Partners u/s 80IB (10) of Income Tax Act: ITAT [Read Order]")
Income Tax Deduction u/s 10AA of Income Tax Act cannot be Availed without Tax Audit Report: ITAT [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the Income Tax deduction under Section 10AA of the Income Tax Act 1961 could not be availed without filing a tax audit...
![Income Tax Deduction u/s 10AA of Income Tax Act cannot be Availed without Tax Audit Report: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Income-Tax-Deduction-Income-Tax-Income-Tax-Act-Tax-Audit-Report-ITAT-Taxscan.jpg "Income Tax Deduction u/s 10AA of Income Tax Act cannot be Availed without Tax Audit Report: ITAT [Read Order]")
Assessee cannot be said to carry out Agricultural Activities merely because there were a Few Coconut Trees on Land: ITAT [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the assessee could not be said to have carried out agricultural activities merely because the land had few coconut trees. ...
![Assessee cannot be said to carry out Agricultural Activities merely because there were a Few Coconut Trees on Land: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Agricultural-Activities-Coconut-Trees-Land-ITAT-Income-Tax-Tax-Taxscan.jpg "Assessee cannot be said to carry out Agricultural Activities merely because there were a Few Coconut Trees on Land: ITAT [Read Order]")
Capital Gain Deduction u/s 54F cannot be Denied If Assessee Entered into Agreement to Sale within One Year of Sale of Original Asset: ITAT [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the capital gain deduction under Section 54F of the Income Tax Act 1961 could not be denied if the assessee had entered into...
![Capital Gain Deduction u/s 54F cannot be Denied If Assessee Entered into Agreement to Sale within One Year of Sale of Original Asset: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Capital-Gain-Deduction-Capital-Gain-Agreement-Sale-Original-Asset-ITAT-Income-Tax-Taxscan.jpg "Capital Gain Deduction u/s 54F cannot be Denied If Assessee Entered into Agreement to Sale within One Year of Sale of Original Asset: ITAT [Read Order]")
Status and Traditional Practices shall be Considered during Addition of Unexplained Jewellery: ITAT Allows Further Benefit of 600 Grams of Jewellery to NRI woman [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has allowed the benefit of 600 grams of jewellery to the NRI women observing that the status and traditional practices should be...
![Status and Traditional Practices shall be Considered during Addition of Unexplained Jewellery: ITAT Allows Further Benefit of 600 Grams of Jewellery to NRI woman [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Status-and-Traditional-Practices-Unexplained-Jewellery-ITAT-NRI-woman-TAXSCAN.jpg "Status and Traditional Practices shall be Considered during Addition of Unexplained Jewellery: ITAT Allows Further Benefit of 600 Grams of Jewellery to NRI woman [Read Order]")