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Mahavir Singh

No Penalty shall be levied u/s 270A of Income Tax Act on Inadvertently Reported Annual Value of House Property by Accountant: ITAT [Read Order]

Aparna. M

The Chennai bench of Income Tax Appellate Tribunal (ITAT) has recently held that no penalty should be levied under Section 270A of Income Tax...

Expenditure Claimed on account of Forward Premium relating to Forward Contracts in respect of...

ITAT upholds Addition Due to Inadequate Maintenance of Books of Accounts [Read Order]

Cash Payment of Defaulted EMI Instalment to Financier after Cheque Bounce is “Reasonable Cause”:...

ITAT treats Source for Cash Deposits found in Bank Accounts as Unexplained Money on Unsubstantiated...

Revisional Jurisdiction u/s 263 cannot be Invoked for “Inadequate Enquiry”: ITAT [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT), observed that the Revisional Jurisdiction under Section 263 of the Income Tax Act, 1961 cannot be Invoked for “Inadequate Enquiry”. ...

Income from Sale of Land held as “Stock-in-Trade” by Builder Taxable as “Business Income”, Not “Capital Gain”: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Chennai Bench has recently, in an appeal filed before it, held that the Income from sale of Land considered as “Stock-in- Trade” by builder and Taxable...

ITAT Confirms Denial of Tax Benefit u/s.54 for Non-Deposit in Capital Gain Account Scheme: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Chennai Bench has recently, in an appeal filed before it, confirmed the denial of Tax benefit u/s.54 for non-deposit in Capital Gain Account Scheme. ...

Cash Deposits can be Accepted during Demonetization Period If Source is Explained: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has held that the cash deposits could be accepted during the demonetisation period if the source has been explained. The assessee R....

Replacement Expenditure cannot be treated as “Current Repairs”: ITAT denies Revenue Expenditure Claim [Read Order]

The Chennai bench of Income Tax Appellate Tribunal (ITAT) recently denied revenue expenditure claim and held that replacement expenditure could not be treated as current repairs. Assessee Tanfac...

Expenses Incurred as Payment to Parent Company that Issued Shares to Employees of Assessee Allowable as Deduction: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has held that the expenses incurred as payment to parent company that issued shares to employees of assessee shall be allowed as deduction. ...

Prior period Expense can't be Added back While Computing Profit & Gain of Business and Profession: ITAT orders to Recompute Book Profit [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that prior period expense can't be added back while computing profit & gain of business and profession. Kavithalayaa...

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