Income Tax
Interest - bank deposits - EOU - profits - claiming deduction - Taxscan
2:58 pm

Interest on Bank Deposits is also eligible to be included in profits of 100% EOU for claiming Deduction: Madras HC [Read Judgment]

Madras High Court - Hitachi Powers’ case - Settlement Commission- Taxscan

Madras High Court set aside Settlement Commission ’s order in Hitachi Powers’ case [Read Judgment]

ITAT - forfeiture - Security Deposit - Taxscan

Forfeiture of Security Deposit shall be treated as Capital Loss: ITAT grants relief to Ebony Retail [Read Order]

Finance Act - TDS Payments - E commerce - taxscan

1% TDS applicable on Payments made to E-Commerce Participants from October 1, 2020 [Read Act]

Madras High Court - Chartered Accountant - assessee - Taxscan

Attempt to blame the Chartered Accountant cannot result in the assessee’s exoneration and claimed in absolute terms: Madras HC [Read Judgment]

Keyman Insurance Policy- ITAT - Taxscan

Maturity Amount received from Keyman Insurance Policy is taxed under the head Income from Other Sources: ITAT [Read Order]

urbanclap - AO - Taxscan

AO should wait till end of the working day when personal hearing is fixed, before finalizing assessment: Madras HC grants relief to Urbanclap [Read Order]

ITAT - MAP resolution - AO - Taxscan

ITAT remits the protective adjustment issue back to AO to decide in the light of the MAP resolution [Read Order]

advance received - income from other sources - taxscan

Advance received from Developer not to constitute ‘Income from Other Sources’: Madras High Court [Read Judgment]

Dish TV India - ITAT - Taxscan

ITAT deletes disallowance representing Customer Support Charges against Dish TV India Ltd [Read Order]

Karnataka High Court - AO - deduction - Taxscan

Karnataka High Court quashes order directing AO to disallow the Deduction TO both Owner and Land Developer [Read Order]

ITAT - flat - compensation - Taxscan

Compensation from Builder on cancellation of flat taxable as Other Income: ITAT [Read Order]

house property USA - exemption - Assessee - Taxscan

Assessee is eligible for exemption under Section 54F for investment made in the house property in USA: Karnataka HC [Read Judgment]

claim Interest - Deposits - Tribunal - Taxscan

Tribunal not justified in allowing claim of Interest from deposits without considering terms and conditions of the agreement: Karnataka HC

asset - enduring benefit - business - taxscan

Assets brought into existence for enduring benefit of business to be treated as Capital Expenditure & not Revenue Expenditure: Karnataka HC

Foreign currency expenditure - software development services - Taxscan

Foreign Currency Expenditure for providing Software Development Services can’t be excluded from Export Turnover for Computing Deduction: Karnataka HC [Read Judgment]

Capital Gains - Cost Acquisition - Karnataka High Court - Taxscan

While computing Capital Gains benefit of indexed Cost of Acquisition is to be considered for computing Tax liability: Karnataka High Court [Read Judgment]

ITAT - APA - EY - Taxscan

Relief to EY: ITAT allows Deduction under Section 10AA on Incremental Income arisen pursuant to APA [Read Order]

Income Tax Department - Srinagar - Kupwara- Taxscan

Income Tax Department carries out searches in Srinagar and Kupwara

CBDT - ITR - Taxscan

CBDT provides ITR Filing Compliance Check Functionality for Scheduled Commercial Banks

ITAT - working capital - Taxscan

No separate benchmarking should be done of the outstanding receivable as outstanding receivable are part of the Working Capital: ITAT [Read Order]

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