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Mahavir Singh

Fraudulent Action of Director of Assessee-Company to Sell Property without valid Authorization: ITAT deletes Addition of 2 cr [Read Order]

Taxscan Team

An Addition of 2 crores was deleted by the Income Tax Appellate Tribunal (ITAT), Chennai due to fraudulent action of director of assessee-company to...

Addition as Unexplained Investment in difference in Value on Purchase of Property without...

Tamil Actor Vijayakant gets Partial Relief from ITAT [Read Order]

Farm House is part of Agricultural Land and eligible for Deduction u/s 10(37): ITAT [Read Order]

Annual Value of Property let out or vacant whole or part of previous year should be computed as per...

Defense of Ignorance of Law cannot be taken after Hiring a Chartered Accountant: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that the defense of ignorance of law cannot be reasonable cause to condone delay after the assessee hired a Chartered...

Loss from Equity Shares eligible to deduct as a Business Loss: ITAT [Read Order]

While considering various grounds in an appeal, the Chennai bench of the Income Tax Appellate Tribunal (ITAT)has held that loss from equity shares is eligible to deduct as business loss. The...

Revisional Jurisdiction cannot be invoked on Highly Debatable Issues: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT)has held that revisional jurisdiction cannot be invoked on highly debatable...

Deemed Dividend u/s 2(22)(e) applicable only to Persons who are recipient of Loan and Shareholder of the Payer Company: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that deemed dividend under section 2(22)(e) applies only to persons who are recipients of loan and shareholders of the Payer Company. ...

Eviction Charges paid are allowable as Business Expenditure: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that eviction charges paid are allowable as business expenditure. Shri. S. Sridhar appeared for the appellant and Shri. G....

ITAT deletes Addition of 'Deemed Dividend' in the Absence of Proof to establish Payment to Shareholder of Company [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Chennai Bench deleted the addition of “Deemed Dividend” in the absence of proof to establish payment to a shareholder or person who has a beneficiary...

Customary Practice of NRI Providing Cash to Parents not 'Suspicious': ITAT deletes Cash Deposit by NRI out of Savings of Family Members

The Income Tax Appellate Tribunal (ITAT), Chennai bench comprising Shri Mahavir Singh (Vice President) and Shri Manoj Kumar Aggarwal, (AM) has recently deleted an addition against a non-resident...

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