The Appellate Authority of Advance Ruling (AAAR) while upholding the ruling of the Authority of Advance Ruling (AAR) ruled that Goods and Service Tax (GST) is applicable to the religious Trust while providing temporary stay...
The Income Tax Appellate Tribunal (ITAT) that the Accounting Standards differentiating lease transactions has no relevance in granting deduction under section 37 of the Income Tax Act, 1961 as the Act does not recognize or...
The Karnataka Authority of Advance Ruling (AAR) ruled that the sale of prasadam by temples is exempted under Goods and Service Tax (GST). However, if goods other than prasadam are sold then it would be...
The High Court of Madras, in a recent ruling, held that no levy of interest can be made under the provisions of Income Tax Act, 1961 against a wound-up company. The High Court, further observed...
The Income Tax Appellate Tribunal (ITAT) held that the interest income earned from investments with treasuries and banks is part of banking activity and the interest income is eligible to be assessed as `income from...
The Delhi High Court has recently denied relief to the assessee from the payment of the compulsory 20% deposit in the Bogus Cash Credit Case. The petitioner, Jindal ITF Ltd. filed a writ petition seeking...
The Central Board of Direct Tax (CBDT) on Monday issued the Clarification regarding short deduction of Tax Deduction at Source (TDS)/ Tax Collected at Source (TCS) due to increase in rates of surcharge by Finance...
A two-judge bench of the Madras High Court has held that the deductions under sections 10A and 10B of the Income Tax Act, 1961 should be calculated while the computation of gross total income and...
In an ordinance issued yesterday, Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020, the Central Government has allowed the 100% Tax Exemption to Donations made to PM Cares Fund. A special fund “Prime...
In view of the ongoing pandemic of COVID-19 which has engulfed the entire world and has posed severe health and economic ramifications for our country, a public charitable trust under the name of ‘Prime Minister’s...
The Finance Minister Nirmala Sitharaman has announced that, under Vivad se Vishwas Scheme, there will not be additional 10% amount if the payment is done by June 30th, 2020. The Finance Minister also said that,...
The Income Tax Appellate Tribunal (ITAT), Pune bench, while dismissing a bunch of miscellaneous applications, held that the Income Tax Act, 1961 does not have any provisions allowing delay condonation of such applications under section...
The Central Board of Direct Tax (CBDT) has modified the ‘method of tax collection’ from salary under the Income Tax Act for the financial year 2019-20. On March 5, 2020, a circular was issued in...
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has observed that the stamp value on the date of agreement to sell shall be considered as full value of consideration for the purpose of...
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the payments made by the cab owners which are in the nature of reimbursement of vehicle expenses to the assessee cannot be...
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that the wife is eligible for deduction under section 54 of the Income Tax Act for the investment in a house in the...
The Income Tax Appellate Tribunal (ITAT), Bangalore has granted relief to Cafe Coffee Day and held that foreign exchange loss due to the reinstatement of the accounts at the end of the financial year as...
The Income Tax Appellate Tribunal (ITAT), Mumbai held that the interest income earned by a co-operative society on its investments held with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d)...
The Gujarat High Court has held that the interest paid in respect of borrowings for the acquisition of capital assets is an allowable deduction under S.36(1)(iii) of the Income Tax Act. The assessee-company is engaged...
The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the provisions of disallowance under section 40(a)(ia) of the Income Tax Act, 1961 does not apply to the short deduction of tax as it...
The Lucknow Bench of the Income Tax Appellate Tribunal (ITAT) has stayed the income tax demand of Rs. 398 crores on the Lucknow Development Authority by observing that the authority has a prima facie case...
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