https://www.taxtmi.com/caselaws?id=447665 The ITAT Chennai remitted the matter of unexplained gift from deceased mother back to AO, directing the assessee to provide evidence proving genuineness and nexus between amounts received in different years. Regarding movie expenditure disallowance, the tribunal set aside CIT(A)'s deletion and remitted to AO for re-examination of seized materials. For attributable expenses, the tribunal reduced disallowance from AO's 25% to 10% in absence of supporting documents. The tribunal allowed Revenue's appeal on carry forward losses, holding that belated filing of return under section 153A (seven months after notice) disentitled the assessee from claiming set-off of losses, distinguishing the Calcutta HC precedent. en-us Fri, 29 Dec 2023 00:00:00 +0530 Mon, 01 Jan 2024 21:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447665 The ITAT Chennai remitted the matter of unexplained gift from deceased mother back to AO, directing the assessee to provide evidence proving genuineness and nexus between amounts received in different years. Regarding movie expenditure disallowance, the tribunal set aside CIT(A)'s deletion and remitted to AO for re-examination of seized materials. For attributable expenses, the tribunal reduced disallowance from AO's 25% to 10% in absence of supporting documents. The tribunal allowed Revenue's appeal on carry forward losses, holding that belated filing of return under section 153A (seven months after notice) disentitled the assessee from claiming set-off of losses, distinguishing the Calcutta HC precedent. Case-Laws Income Tax Fri, 29 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447665