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Differences In Opinion of Approved Valuer Regarding Fixation Of Value Of Particular Property Can't Be Termed As Concealment: Chennai ITAT Deletes Penalty

The Chennai ITAT held that assessee s claim on the fair market value cannot be termed as concealment of income, if such claim was based on the valuation report of an approved valuer. The Bench. ....

Tamil Nadu , Madras High Court , Registration Department , Accountant Member , Manomohan Das , Judicial Member , Sengoda Gounder , Chennai Itat , Fair Market Value , Oncealment Of Income , Evaluation Report ,

Typographical Error In Mentioning Incorrect Amount Of Expenses In Form 3CD Doesn't Permit AO For Any Addition To Assessee's Income: Chennai ITAT

The Chennai ITAT explained that a typographical error in mentioning incorrect amount of expenses in Form 3CD does not call for any addition by the Assessing Officer to assessee s income. The. ....

Manoj Kumar Aggarwal , Mahavir Singh , Vice President , Accountant Member , Assessing Officer , Income Tax Return , Chartered Accountant , Chennai Itat , Ypographical Error , Incorrect Amount , Orm 3cd , Assessing Officer ,

Income Tax Act Doesn't Mandate That Specific Money Deposited In Capital Gain Account Scheme Shall Be Utilized Towards New Investment: Chennai ITAT

The Chennai ITAT held that there is no requirement that specific money as deposited in capital gain account scheme should be utilized towards new investment, and the assessee may make investment. ....

Hema Muralikrishnan , Manoj Kumar Aggarwal , Sohanlal Mohanlal Bhandari , Mahavir Singh , Vice President , Accountant Member , Chennai Itat , Apital Gain Account Scheme , Sec 54f ,

Time Barred Notice Issued U/s 153C And Consequent Assessment Order Passed U/s 143(3) R/w/s 153C Is Void Ab Initio: Chennai ITAT

The Chennai ITAT held that since the notice issued by AO for subject assessment year falls beyond the stipulated six assessment years and four relevant assessment years, considering the. ....

Kamlesh Jain , Shantilal Jain , Sanchit Jain , B Rama Krishnan , Shrenik Chordia , Geetha Jain , Manomohan Das , Judicial Member , Assessing Officer , Jain Metal Rolling , Chennai Itat , Assessment Year , S 153c Of Income Tax Act , Barred Limitation , Void Ab Initio ,

Receipt Of Huge Sale Consideration In Cash Is Violative To Sec 269SS, And Calls For Levy Of Penalty U/s 271D: Chennai ITAT

The Chennai ITAT recently clarified that receipt of sale consideration of huge amount of Rs. 1.60 Crores in cash, which is, in violation of the provisions of section 269SS (this section restricts. ....

Tamil Nadu , Pv Durga Rao , Registrar Of The State Revenue Department , Judicial Member , Accountant Member , State Revenue Department , Tamil Nadu State Revenue Department , Chennai Itat , Eceipt Of Sale Consideration , Ection 269ss , Income Tax Act , Evy Of Penalty , Sec 271d , Wrong Entry ,