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Shri G. Manjunatha

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

Taxscan Team

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the provision for Warranty Expenses is ascertained liability and is allow...

Cash Deposit of Demonetized Notes Not Legally Prohibited till 31st December 2016: ITAT Deletes...

CUP method can be applied for benchmarking International Transactions when no change occurred than...

ITAT confirms Penalty levied u/s 271AAA on Admission of Undisclosed Income by Assessee [Read Order]

Expenditure claimed towards Write-off Investment in Capital Loss cannot be allowed as Deduction u/s...

Customs House Agent bound to pay TDS On Payment to CFS Agents: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that the Customs House Agent bound to pay TDS under section 194C of the Income Tax Act, 1961 on payment to CFS Agents. The...

ITAT: Compensation received for pre-closure of Contract Manufacturing Agreement is Capital Receipt; not Taxable [Read Order]

The Income Tax Appellate Tribunal (ITAT) Chennai on Monday ruled that that compensation received for pre-closure of contract manufacturing agreement is in the nature of capital receipt paid for loss...

Relief to Dodla International: License Fee for licensing a fully furnished Hotel along with License to run the Hotel Taxable as 'Other Income': ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Chennai on February 8 ruled that license fee received by an assessee for licensing a fully furnished hotel along with a license to run the hotel is a business...

Interest received on delayed Compensation for Compulsory Land Acquisition exempted from Income Tax: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Chennai, has ruled that interest received by the assessee towards delayed payment of compensation for compulsory acquisition of land is akin to compensation...

Assessing Officer can’t Reopen Assessment merely on the basis of Change of Opinion: ITAT

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that the Assessing Officer (AO) cannot reopen the assessment merely on the basis of change of opinion and directed the AO to restrict the...

Capital Gain Exemptions u/s 54F are Beneficial Provisions, To be Interpreted Liberally: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has recently held that Capital gain exemptions under Section 54F of the Income Tax Act, 1961 are beneficial provisions, therefore it should...

Annual Value of Property let out or vacant whole or part of previous year should be computed as per Sec 23(1)(c): ITAT [Read Order]

While hearing the appeal filed by the assessee against the order passed by the Commissioner of Income Tax (Appeals)1, the Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that the...

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