Use of 15% of Plant and Machinery of Existing Business: ITAT allows Tax Benefit to New Undertaking since the Usage was below Specified Limit
The Income Tax Appellate Tribunal (ITAT), Chennai Bench allowed the Tax Benefit to New Undertaking since the Usage was below Specified Limit. ...
Land contributed to Firm was withdrawn by Partners during Retirement can't be treated as Settlement of Accounts on Retirement: ITAT
The Income Tax Appellate Tribunal (ITAT), Kolkata Bench ruled that Land contributed to the Firm was withdrawn by Partners during Retirement, can not be treated as settlement of accounts on...
Earnest Money was Forfeited on Cancellation of Land Purchase resulting into Business Loss: ITAT deletes disallowance of Commission
The Income Tax Appellate Tribunal (ITAT), Kolkata Bench allowed the Business Loss in respect of loss on purchase of land or earnest money paid. The assessee, M/s. K.B. Developers is a partnership...
![Managing Director cant be liable for Unaccounted Income of the Company: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/Managing-Director-Unaccounted-Income-of-the-Company-ITAT-Taxscan.jpg "Managing Director cant be liable for Unaccounted Income of the Company: ITAT [Read Order]")
![PCIT cant assume Jurisdiction u/s 263 when AO has made Sufficient Enquiry: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/Assessment.jpg "PCIT cant assume Jurisdiction u/s 263 when AO has made Sufficient Enquiry: ITAT [Read Order]")
ICAI extends Time Period for Commencement of Practical Training of CA Students for appearing in CA Final Exam November, 2023
The Institute of Chartered Accountants of India (ICAI) notified the extension of time period for commencement of Practical Training on or before 30th April 2021 to 30th June, 2021 for appearing in...
Assessee to declare Sale of Property either in Original Return or in the Revised Return and Pay Taxes: ITAT upholds disallowance of Loss of STCG
The Income Tax Appellate Tribunal (ITAT), Delhi Bench upheld the disallowance of loss of Short Term Capital Gain (STCG) and reiterated that the assessee must declare sale of property either in...
GST not applicable on Membership Subscription Fees collected from Members of the Club: AAR [Read Order]
The Karnataka Authority of Advance Ruling (AAR) ruled that the GST is not applicable on membership subscription fees collected from members of the club. The applicant, Bowring Institute is a club...
![GST not applicable on Membership Subscription Fees collected from Members of the Club: AAR [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/GST-membership-subscription-fees-members-of-the-Club-AAR-Taxscan.jpg "GST not applicable on Membership Subscription Fees collected from Members of the Club: AAR [Read Order]")