Latest Income Tax News, Updates & Judgments

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Rebate u/s 87A allowable to STCG and LTCG Taxed under New Regime, Not Applicable on VDA Transfers: ITAT [Read Order]

The Indore Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that rebate under Section 87A is allowable against tax payable on Short-Term...

AO's Erroneous Assumption of Land Cost as Part of Construction Cost: ITAT Remands LTCG Matter for...

Whatsapp Chat confirms Counsel’s Negligence Caused Delay in Filing Income tax Appeal: ITAT Restores...

'Tax Year’ Replaces ‘Assessment Year’ Under New Income Tax Act: What Taxpayers Should Know

Deeming Provision of S. 69A applies only when ‘Money Found’ with Taxpayer and Not Explained: ITAT...

ESOP Cost allowable as Business Expenditure u/s 37: ITAT allows Yatra’s ₹93L Claim Despite same Issue Pending before SC [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Delhi Bench allowed that ESOP (Employee Stock Option Plan) expenditure to Yatra as business deduction under Section37(1) of the Income Tax Act, 1961...

No Capital Gain Tax in JDA Execution Year without Consideration & with Limited Possession: ITAT [Read Order]

‘Where no consideration is received and possession is handed over only for limited purpose of development, no capital gains can be said to have accrued in the year of execution of the JDA’, held the...

Delhi HC Quashes Income Tax Notices against NDTV Founders, Slaps ₹2 Lakh Costs on Department [Read Judgment]

The Delhi High Court has quashed the income tax reassessment notices issued to NDTV founders Dr. Prannoy Roy and Ms. Radhika Roy which was issued in March 2016. The notices were issued in...

NBFC submits PAN of Parties from whom it claimed Bad Debts: ITAT upholds Income Tax Deduction [Read Order]

In a recent ruling, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the income tax deduction on bad debts of a registered NBFC, after it furnished PAN and supporting details...

Parallel Proceedings under Income Tax not Permissible when NCLT approves Resolution Plan: ITAT [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Delhi, held that once a Resolution Plan is approved by the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy...

ITAT Weekly Round-up

This weekly round-up encapsulates the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan during the previous week, from January 12, 2025 to January 17, 2025. ...

Interest on TDS/VAT/Royalty Not allowable for Deduction as it is a Statutory Expenditure: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) has held that interest paid on statutory dues such as TDS (Tax Deducted at Source), VAT (Value Added Tax) and royalty is not an...

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