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...
While rejecting a plea of a House wife who claimed that the income earned from the sale of shares is capital gain, the Bombay High Court held that such income is assessable as business income...
The Indore bench of the Income Tax Appellate Tribunal (ITAT) has held that the selling of plots which is part of a business project can be termed as “adventure in the nature of trade” and...
The Madras High Court has held that the rental income received by the company is assessable as income from ‘Profits and Gains from Business and Profession’ even if the principal object of the company is...
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that the income received by an IT Park for proving space & other services to software companies constitute “ business income ” and...
The Central Board of Direct Taxes ( CBDT ) has issued an advisory on presumptive taxation scheme for small taxpayers from the category of business and professionals as the due date of filing income tax...
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ), in DCIT v. M/s. Tierra Landpro LLP, held that the income received under a Leave & License Agreement constitute “Profit and Gains from...
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