Claim for Deduction of Interest Expenditure u/s 57 of Income Tax Act is Lawful as Assessee established the borrowed Funds were used for Interest bearing Advances: ITAT [Read Order]
The Ahmedabad Bench of Income Tax Act Appellate Tribunal (ITAT) held that children education, helper & uniform attire reimbursement, the same are coming under the purview of Section 10(14) of the Income Tax Act, 1961
Depreciation cannot be claimed on Hired Vehicle used in Mining Contract: ITAT upholds Revision Order
The Income Tax Appellate Tribunal (ITAT), Raipur bench, held that depreciation cannot be claimed on hired vehicles used in a Mining Contract. Therefore, the bench upheld the revision order. The assessee, Technoblast Mining Corporation, is
CESTAT Quashes CB License for Facilitating Fraudulent Exports to Avail Ineligible IGST Refund on ground of violation of Regulation 10(n) of CBLR [Read Order]
The New Delhi bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) quashed the Customs Broker (CB) license for facilitating fraudulent exports to avail ineligible Integrated Goods and Service Tax (IGST) refund on
No enhanced cost paid for Transfer of Textile Spinning Unit acquired through Auction Sale of Bank of Baroda: ITAT allows Depreciation [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chennai bench, held that no enhanced cost was paid for the transfer of the textile spinning unit acquired through an auction sale of Bank of Baroda. Therefore, the bench
Relief to Pathanjali Trust:CESTAT Directs Re-computation of Service Tax Demand for period 01.10.2006 to 31.03.2007 on ground of Absence of Certificate of CA [Read Order]
The Allahabad bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) granted relief to the Pathanjali trust by directing the original authority to re-compute the service tax demand for the period from 01.10.2006
Corpus Donation collected from Parents of Students admitted in Schools are voluntary in nature: ITAT allows Exemption u/s.11 of I.T Act [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai bench held that corpus donations collected from the parents of the students admitted to the school are voluntary in nature. Thus, the bench allowed the exemption claimed by
Maintenance Charges received from Corporate Members are Governed by Principle of Mutuality Exempted from Tax: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the maintenance charges received from corporate members are governed by principle of mutuality and are exempted from tax. The Assessee Park Place Condomonium
No information in respect of Interest on Income Tax Refund to tax available at time of filing Return of Income: ITAT deletes Penalty [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai bench while deleting the penalty imposed under Section 270A  Income Tax Act, 1961 observed that no information received was by assessee in respect of interest on income tax
Excess Gold Jewellery Stock found during Survey Proceedings as Stock transferred from Proprietary Concern to Partnership Firm, not unexplained Investment u/s 69B of Income Tax Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai bench held that excess gold jewellery stock found during the survey proceedings as stock transferred from proprietary concern to partnership firm, which was not an unexplained investment under Section
Activity of Yoga Falls under ‘Health and Fitness Services’ Attracts Service Tax: CESTAT [Read Order]
The Allahabad bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) held that the activities of yoga fall under the category of 'Health and Fitness Services' and the provision of 'health and fitness service' attracts
CESTAT upholds Appox. 4.94 Crores Service Tax Demand on Yoga Teaching Service against Patanjali Trust for period 01.04.2007 to 31.03.2011 due to Violation of section 68 of Finance Act [Read Order]
The Allahabad bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) upheld the service tax demand of approximately 4.94 crores on yoga teaching services rendered by the Patanjali trust for the period from
No TDS applicable u/s 194C of Income Tax Act towards Casual labour expenses incurred for Road Construction, Crane Hiring and Site Machine Shifting: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi bench held that no Tax Deduction at Source (TDS)  applicable under Section 194C of the Income Tax Act, 1961 towards the casual labour expenses incurred for road construction,
LTCG from Sale of Equity Share of Penny Stock Companies listed with BSE is not eligible for exemption u/s10(38) of I.T Act :ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT )  Kolkata bench held that long Term Capital Gain (LTCG) from sale of equity shares of penny stock companies listed with Bombay Stock Exchange (BSE) is not eligible for
DGGI issues GST Notices of Rs 922 Crore to Reliance General Insurance, Report says [Read Order]
The Directorate General of GST Intelligence (DGGI) has issued three show-cause letters totaling Rs 922.58 crore to Reliance General Insurance Company (RGIC), a Reliance Capital subsidiary run by Anil Ambani on October 8, 2023. According
Payment made by Assessee as Shareholder of Company for Construction of Building on a plot shall not be Unexplained Investment u/s. 69 of  I.T Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi bench held that payment made by the assessee as shareholder of the company for construction of building on a plot should not be unexplained under Section 69 of