The Karnataka High Court held that the transfer of intangible assets for a valuable consideration by way of allotment of shares is entitled for depreciation. The assessee, M/s Padmini Products is a Private Limited Company...
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench while remitting the matter back to the CIT(A) ruled that the CIT(A) ought to analyse nature of service undertaken by assessee and taxation of fees for technical...
The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that the leasehold rights can not be computed as capital gains in respect of transactions in land or building under Section 50C of the Income Tax...
The Central Board of Direct Taxes (CBDT) issued the directions for exercising the power of the survey under Section 133A of Income Tax Act, 1961. The Board in pursuance of the Taxation and Other Laws...
The Income Tax Appellate Tribunal (ITAT) Bangalore Bench deleted the penalty for failure to deduct tax at source (TDS) against Canara Bank. The Assessee, M/s. Canara Bank is a nationalised bank, carrying on banking business...
Recently, the Permanent Court of Arbitration has held in the proceedings initiated by Vodafone Group PLC that the Indian Government’s move to retrospectively amend the provisions of the Income Tax Act is in violation of...
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench while directing the AO to delete the disallowance held that disallowance of depreciation on Software can not be made under section 40(a)(ia) of the Income Tax Act....
The Income Tax Appellate Tribunal (ITAT), Bangalore bench has recently held that the expenses incurred by the Company for the buy-back of shares would amount to “revenue expenditure” for the purpose of the Income Tax...
The Madras High Court while answering in favour of the Preludesys India said that the Tribunal erred in denying Preludesys India the benefit of deduction on the ‘deemed export’ made to another Software Technology Park...
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench while upholding the order of CIT(A) said the whenever the jigs and fixtures were replaced due to constant wear and tear and also due to changes in...
The Central Board of Direct Taxes (CBDT) on Monday notified the courts of Magistrate as the Special Courts in the State of Maharashtra, for the trial of offenses punishable under the Income Tax Act, 1961....
The Income Tax Appellate Tribunal (ITAT), Mumbai ordered the AO to grant interest under Section 244 of the Income Tax Act, 1961 to the Tata Steel Limited. In this case, the AO had finally adjusted...
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...
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