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Taxpayer dies and no Legal Heirs is substituted within a Reasonable Time: ITAT dismisses Appeal [Read Order]

Aiswarya Krishnadas

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed the appeal as the taxpayer died and no legal heirs were substituted within a...

Taxpayer discharges Burden to prove Identity, Creditworthiness and Genuineness of Loan Creditors:...

AO fails to verify Genuineness of Credible Information before issuing Notice: ITAT quashes Notice...

Creditworthiness of Shares Subscribers and Genuineness of Transactions proved by Supported...

Taxpayer Provides Adequate and Credible Evidence on Identity, Creditworthiness and Genuineness of...

Taxpayer earns Interest/Dividend Income out of Investments with Co-Operative Society, Entitles to 80P Deduction of Income Tax Act: ITAT [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) restored to the Assessing Officer the case where the taxpayer, earning interest and dividend income from investments with a...

ITAT allows Deduction Claim in respect of Interest Earned from Credit Facilities Extended to Members including/ Nominal Associate Members [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) allowed the claim of deduction in respect of interest earned from credit facilities extended to members, including nominal and...

Encashment of Leave Salary would be a Profit in Lieu of Salary, Not Taxable under Voluntary Separation Programme: ITAT deletes Income Tax Addition [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 13 lakhs, ruling that the encashment of leave salary constitutes profit in lieu of salary and is not taxable...

ITAT allows Deduction u/s 80 IA(4)(iii) of Income Tax Act on Interest Income derived from Industrial Parks/SEZ [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) allowed a deduction under Section 80 IA(4)(iii) of the Income Tax Act in respect of interest income derived from industrial parks and...

Non-Compete Fee to be treated as Revenue Receipt from Post-Amendment to S.28 of Finance Act: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the non-competitive fee received by the assessee is treated as 'revenue receipt' in the hands of the assessee but only...

Cash Source Seized by CBI from Corporate Office Sufficiently Explained: ITAT deletes Income Tax Addition of Rs. 89 lakhs u/s 69 [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Rs. 89 lakhs under Section 69 of the Income Tax Act, 1961 after the source of cash seized by the Central Bureau...

Deduction u/s 80G of Income Tax Act Allowable on CSR Expenditure: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the deduction under Section 80G of the Income Tax Act, 1961 is allowable on the expenditure in respect of corporate social...

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