![Waiver of Loan for Acquiring Capital Assets cannot be taxed as a Perquisite u/s 28 (iv) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Income-Tax-Waiver-of-Loan-TAXSCAN.jpg "Waiver of Loan for Acquiring Capital Assets cannot be taxed as a Perquisite u/s 28 (iv) of Income Tax Act: ITAT [Read Order]")
Waiver of Loan for Acquiring Capital Assets cannot be taxed as a Perquisite u/s 28 (iv) of Income Tax Act: ITAT [Read Order]
In a recent ruling the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that the waiver of loan for acquiring capital assets...
![Deduction u/s 80 IA of Income Tax Act not available only to Persons Executing Works Contract: ITAT rejects Deduction Claim [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Deduction-Income-Tax-Act-Works-Contract-ITAT-Deduction-Claim-taxscan.jpg "Deduction u/s 80 IA of Income Tax Act not available only to Persons Executing Works Contract: ITAT rejects Deduction Claim [Read Order]")
![Routine establishment Expenses and Interest on Loan taken for General Business Purposes is required to be allowed as Deduction: ITAT sets aside order passed by CIT (A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Routine-establishment-Expenses-Interest-on-Loan-General-Business-Purposes-allowed-as-Deduction-ITAT-taxscan.jpg "Routine establishment Expenses and Interest on Loan taken for General Business Purposes is required to be allowed as Deduction: ITAT sets aside order passed by CIT (A) [Read Order]")
![No Legal Proceedings during Resolution Process against CD, Only IRP can file Appeal with Creditor Committee Approval: ITAT dismisses Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/No-Legal-Proceedings-Legal-Proceedings-Resolution-Process-CD-IRP-ITAT-taxscan.jpg "No Legal Proceedings during Resolution Process against CD, Only IRP can file Appeal with Creditor Committee Approval: ITAT dismisses Appeal [Read Order]")
![Interest Expenditure of Tonnage Tax Business has to be Excluded while Computing Disallowance under Rule 8D (2): ITAT Directs to Delete Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Income-Tax-Interest-Expenditure-TAXSCAN.jpg "Interest Expenditure of Tonnage Tax Business has to be Excluded while Computing Disallowance under Rule 8D (2): ITAT Directs to Delete Disallowance [Read Order]")
Belated Filing of ITR due to Delay in Statutory Audit Completion, 80B Deduction Denied: Madras HC Condones Delay, Remands for Reconsideration [Read Order]
In a recent ruling, the Madras High Court condoned the delay of the Income Tax Returns ( ITR ) filed by the Agricultural Co-operative Credit Society considering the genuine hardships faced by the...
![Belated Filing of ITR due to Delay in Statutory Audit Completion, 80B Deduction Denied: Madras HC Condones Delay, Remands for Reconsideration [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Madras-High-Court-Filing-of-ITR-Delay-in-Statutory-Audit-Completion-Statutory-Audit-TAXSCAN.jpg "Belated Filing of ITR due to Delay in Statutory Audit Completion, 80B Deduction Denied: Madras HC Condones Delay, Remands for Reconsideration [Read Order]")
Demand of Rs 3500 Crore under Income Tax Act against INC, No Coercive Action can be taken till Disposal of Pending Civil Appeal: Supreme Court [Read Judgement]
The Supreme Court held that coercive action cannot be taken against the Demand of 3500 Crore under the Income Tax Act, 1961 against the Indian National Congress (I) / All India Congress Committee (...
![Demand of Rs 3500 Crore under Income Tax Act against INC, No Coercive Action can be taken till Disposal of Pending Civil Appeal: Supreme Court [Read Judgement]](https://www.taxscan.in/wp-content/uploads/2024/04/Supreme-Court-Income-Tax-Civil-Appeal-INC-Indian-National-Congress-taxscan.jpg "Demand of Rs 3500 Crore under Income Tax Act against INC, No Coercive Action can be taken till Disposal of Pending Civil Appeal: Supreme Court [Read Judgement]")
Taxpayer voluntarily clarifies discrepancy in Lease Equalization Disallowance without Malicious Intent: ITAT deletes Penalty u/s 271(1)(c) of Income Tax Act [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under Section 271(1)(c) of the Income Tax Act, 1961 as the taxpayer voluntarily clarified the discrepancy in lease...
![Taxpayer voluntarily clarifies discrepancy in Lease Equalization Disallowance without Malicious Intent: ITAT deletes Penalty u/s 271(1)(c) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Income-tax-Income-tax-news-taxscan-1.jpg "Taxpayer voluntarily clarifies discrepancy in Lease Equalization Disallowance without Malicious Intent: ITAT deletes Penalty u/s 271(1)(c) of Income Tax Act [Read Order]")
Printing, Publishing and Subscription of books of Vedas, Gita, Upanishads for imparting education is not Commercial activity: ITAT allows exemption u/s 11 of Income Tax Act [Read Order]
The Mumbai bench Income Tax Appellate Tribunal (ITAT) while allowing the exemption under section 11 of the Income Tax Act, 1961 held that printing , publishing and subscription of books of vedas ,...
![Printing, Publishing and Subscription of books of Vedas, Gita, Upanishads for imparting education is not Commercial activity: ITAT allows exemption u/s 11 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Printing-Publishing-Subscription-books-of-vedas-Printing-Publishing-and-Subscription-of-books-of-vedas-taxscan.jpg "Printing, Publishing and Subscription of books of Vedas, Gita, Upanishads for imparting education is not Commercial activity: ITAT allows exemption u/s 11 of Income Tax Act [Read Order]")
CBDT releases Strict Interim Action Plan for Income Tax Dept Functions in FY 2024-2025, Timelines Leaked [Read Notification]
The Central Board of Direct Taxes (CBDT) has issued a Circular (vide F.No. 380/01/2024) dated April 05, 2024, for departmental use, outlining the Interim Action Plan for the Financial Year 2024-25. ...
![CBDT releases Strict Interim Action Plan for Income Tax Dept Functions in FY 2024-2025, Timelines Leaked [Read Notification]](https://www.taxscan.in/wp-content/uploads/2024/04/CBDT-Strict-Interim-Action-Plan-Interim-Action-Plan-taxscan.jpg "CBDT releases Strict Interim Action Plan for Income Tax Dept Functions in FY 2024-2025, Timelines Leaked [Read Notification]")
AO made No Reference to any Incriminating Material while Making Addition on TDR Transactions: ITAT dismisses Revenue's Appeal [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) dismissed the Revenue's appeal as the Assessing Officer ( AO ) made no reference to any incriminating material while adding on TDR...
![AO made No Reference to any Incriminating Material while Making Addition on TDR Transactions: ITAT dismisses Revenues Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Delhi-ITAT-Income-Tax-TDR-Transactions-Revenue-appeal-dismissal-ITAT-AO-assessment-TDR-Income-Tax-Taxscan.jpg "AO made No Reference to any Incriminating Material while Making Addition on TDR Transactions: ITAT dismisses Revenues Appeal [Read Order]")
Failure to appeal before Lower Authorities due to sudden resignation of Accountant without intimation: ITAT directs Re adjudication [Read Order]
The Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) on account of failure to appeal before the lower authorities due to the sudden resignation of accountant without intimation directed...
![Failure to appeal before Lower Authorities due to sudden resignation of Accountant without intimation: ITAT directs Re adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Ahmedabad-Income-Tax-sudden-resignation-Readjudication-taxscan.jpg "Failure to appeal before Lower Authorities due to sudden resignation of Accountant without intimation: ITAT directs Re adjudication [Read Order]")