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Mahavir Singh

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

Kalyani B. Nair

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

No Records to prove the Trust Charges Nominal Fee from Weaker Sections to claim Tax Exemption: ITAT...

Depositing Unutilized Capital Gain in Deposit Account Scheme: ITAT grants Capital Gain Exemption...

ITAT orders Re-examination on Applicability of TDS u/s 195 of Income Tax Act on Payment made to...

Relief to CRI Group: Royalty paid to Holding Company for Using Brand Name Deductible from Total...

Furniture and Maintenance Expenditure does not amount to Capital Expenditure: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal(ITAT) has held that Furniture and Maintenance expenditure does not amount to capital expenditure. T. Banusekar, CA appeared for the appellant...

Provision for Warranty Expenses is ascertained liability, allowable as Business Expenditure: ITAT [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the provision for Warranty Expenses is ascertained liability and is allow able as business expenditure. M/s.Trivitron...

Purchase of Windmill and Capitalisation in Books of Account: ITAT allows Depreciation [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai Bench allowed depreciation as there was Purchase of windmill and the same was capitalised in the books of account. The counsel for the assessee...

Capital Gain Exemption u/s 54 Allowable to More than One Residential Houses: ITAT [Read Order]

Capital gain exemption u/s 54 of the Income Tax Act,1961 is allowable to more than one Residential house, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) held as above. Shri S....

Revisional Order u/s 263 can't be Simply on Assumption: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that revisional order under section 263 can’t be simply on assumption. The Appellant was represented by Shri R....

ITAT directs to Re-Consider Warranty Claim by MRF Tyres [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) directed to reconsider the warranty claim by MRF Tyres in the appeal which challenges the order of Commissioner of Income Tax...

No Disallowance of Expenses can be made for Exempt Income u/s 14A r/w Rule 8D of IT Rules while Computing Book Profit: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai held that No disallowance of expenses can be made for exempt income u/s 14A of The Income Tax Act, 1961 and Rule 8D of Income Tax Rules,1962 while...

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