Gift is to be treated as genuine when Assessee discharges onus of proving Identity, Creditworthiness and Relationship: ITAT deletes Addition
The Income Tax Appellate Tribunal (ITAT), Kolkata Bench while deleting the addition ruled that gift is to be treated as genuine when assessee...
![Expenditure towards Repairs to make House habitable deductible from Capital Gain: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/05/Expenditure-capital-gain-House-habitable-deductible-ITAT-Taxscan.jpg "Expenditure towards Repairs to make House habitable deductible from Capital Gain: ITAT [Read Order]")
![Govt slashes IGST on Import of Oxygen Concentrators for personal use: 12% Tax Rate applicable till July End [Read Notification]](https://www.taxscan.in/wp-content/uploads/2021/05/IGST-Import-of-Oxygen-Concentrators-Tax-Rate-Taxscan.jpg "Govt slashes IGST on Import of Oxygen Concentrators for personal use: 12% Tax Rate applicable till July End [Read Notification]")
![CBIC extends GST Return Due Dates, Waives Late fee for GSTR-3B [Read Notification]](https://www.taxscan.in/wp-content/uploads/2021/05/CBIC-GST-Returns-GST-Late-Fee-GSTR-3B-GST-Return-Due-Dates-Taxscan.jpg "CBIC extends GST Return Due Dates, Waives Late fee for GSTR-3B [Read Notification]")
![Each and Every disallowance/addition made in Quantum does not ipso facto attract Penalty provision: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/Penalty-ITAT-Quantum-Taxscan.jpg "Each and Every disallowance/addition made in Quantum does not ipso facto attract Penalty provision: ITAT deletes Penalty [Read Order]")
Business Promotion Expenses incurred exclusively for the purpose of business can’t be Disallowed: ITAT remits the matter to AO [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench while remitting the matter back to the Assessing Officer (AO) ruled that the Business Promotion Expenses incurred exclusively for the purpose...
![Business Promotion Expenses incurred exclusively for the purpose of business can’t be Disallowed: ITAT remits the matter to AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/Business-Promotion-Expenses-ITAT-AO-Taxscan.jpg "Business Promotion Expenses incurred exclusively for the purpose of business can’t be Disallowed: ITAT remits the matter to AO [Read Order]")
Investments yielding Exempted Income ought to be considered while Computing disallowance under Rule 8D(2)(iii): ITAT directs Re-computation
The Income Tax Appellate Tribunal (ITAT), Chennai Bench while directing the re-computation ruled that the Investments yielding exempted income ought to be considered while computing disallowance...
TDS not applicable on Seconded Employees If the Same is Deducted by Holding Company: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench while remitting the matter back to AO ruled that the TDS not applicable on seconded employees if the same is deducted by holding Company. The...
![TDS not applicable on Seconded Employees If the Same is Deducted by Holding Company: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/TDS-Company-ITAT-AO-Taxscan.jpg "TDS not applicable on Seconded Employees If the Same is Deducted by Holding Company: ITAT [Read Order]")
![Relief for Air India: No TDS on Rental of Aircraft Engine as per DTAA, says ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/05/Air-India-DTAA-Technical-Services-Fee-ancillary-and-subsidiary-service-rental-of-ships-aircraft-ITAT-Taxscan.jpg "Relief for Air India: No TDS on Rental of Aircraft Engine as per DTAA, says ITAT [Read Order]")
Accounting Standards issued by ICAI are applicable to Non-Company entities to whom Ind AS are not applicable, says ICAI President
The ICAI President CA Nihar Jambusaria said that, Accounting Standards issued by the Institute of Chartered Accountants of India ( ICAI ) are applicable to Non-company entities to whom Ind AS are not...
