The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the hostel fee income received by a charitable Trust imparting education amount to “income from charitable activities” and the same cannot be treated as...
The Income Tax Appellate Tribunal (ITAT) held that a reduction in the price of the stock-in-trade can be allowed while computing business income only in trading accounts. But, if such a provision is made outside...
The Pune bench of the Income Tax Appellate Tribunal (ITAT), has recently held that the license fees received for the use of the Industrial Parks should be assessed as business income. While dismissing a departmental...
The Income Tax Appellate Tribunal (ITAT) held that the receipts from the sale of the carbon credit are liable to be treated as the capital receipts on an appeal filed by M/s. Rajshree Sugars and...
The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the income received from Fit-out Hire Charges would constitute “business income” under the income tax law. The assessee is in the business of “IT...
“Shopping is no longer mere purchasing products. Shopping malls have transformed what was once an activity merely based on need and necessity to an experience of enjoyment and entertainment.” A two-judge bench of the Kerala...
A two-judge bench of the Bombay High Court has held that the holding of shares for a short period only will not convert capital gain into business income. Justices M S Sanklecha and Akil Kureshi...
The Income Tax Appellate Tribunal (ITAT), Mumbai has held that the income received from the property given on leave and license basis till the approval of real estate project is in the nature of the...
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that declaring low rent for a flat by the owner in the income tax return is a device for tax evasion. The assessee,...
The Bombay High Court has held that when the settlement of shares was done by the settler of Trust by way of employee stock option plan and not a direct purchase from the market, then...
The Lucknow bench of the Income Tax Appellate Tribunal (ITAT) has held that the surplus earned by the Trust by imparting education cannot be treated as business income under the Income Tax Act, 1961. The...
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) in ACIT v. Shri Finance ruled that intention of assessee during the time of purchase of shares is a criterion to determine the...
The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the expenses incurred on financial charges can be deductible from Business Income as the same would amount to business expenditure. In the...
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the profit earned from the sale of mutual fund would be taxable as capital gain and not business income under the Income...
The Mumbai bench of Income Tax Appellate Tribunal (ITAT) in Haware Engineers & Builders Private Limited versus Deputy Commissioner of Income Tax Central Circle, held that the income received from flats or shops held as...
The Kolkata bench of Income Tax Appellate Tribunal (ITAT) in DCIT versus M/s Maa Amba Towers, held that the rental income earned from the warehouse is to be treated as business income under the provisions...
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that if the shares have been held by the assessee for a period more than 12 months, then the income shall be subject...
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the sale of agricultural land which has been converted into several plots are taxable as Business income. Assessee sold 6 plots of land...
A New Delhi bench of the ITAT in the case M/s. Sucon India Ltd. Vs. JCIT held that loss suffered by assessee on derivative transaction is not speculative loss and as such eligible to be...
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the consideration received for the relinquishment of ‘Right to Sue’ does not attract income tax either under section 45 or...
The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the Rental Income received from letting out the property can be treated as “business income” if letting out of property is the business of...
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