ITAT Chennai Judgments — November 2015

The Tribunal held that Section 40(a)(ia) is applicable only to amounts that are payable and outstanding as of March 31st. Since the assessee claimed payments were already made, the issue was remitted back to the Assessing Officer for verification.

The Tribunal found that the CIT(A)'s order lacked clarity regarding whether the assessee owned more than one residential property chargeable under the head 'income from house property' on the date of transfer. Therefore, the Tribunal set aside the CIT(A)'s order and remitted the issue back to the Assessing Officer for fresh verification.