The Income Tax Appellate Tribunal (ITAT) has held that though the onus is cast upon the assessee to prove the cash credits received by it, the tax authorities shall consider all the documentary evidence brought...
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that no addition under section 68 of the Income Tax Act cannot be invoked only on the basis of mere suspicion. The assessee,...
In November 2019, SEBI had constituted a Working Group to review the provisions relating to Related Party Transactions (‘RPTs’). The terms of reference of the Working Group were to make recommendations to SEBI on issues...
In an aim to address the ailing Non-Banking Financial Corporations (NBFCs), Finance Minister Nirmala Sitharaman in her budget 2020 speech on Saturday has proposed a reduction in the NBFC’s limit for eligibility for debt recovery....
In a recent order of the Income Tax Appellate Tribunal, Cuttack held that the transaction between the relatives of family members for giving support and help does not amount to loan or deposit under section...
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT), Mumbai bench has recently directed the Assessing Officer to consider a deduction claim which was not claimed by the assessee while filing returns. Assessing Officer...
The Cuttack bench of the Income Tax Appellate Tribunal (ITAT) has held that the activity of obtaining loan from banks to advance self-help groups and poor persons can be treated as the charitable activity. The...
While upholding a service tax demand, the Custom, Excise and Service Tax Appellate Tribunal (CESTAT), Delhi bench has ruled that the activity of introducing customers to the financial institutions for getting loan would amount to...
The Authority for Advance Ruling (AAR), Gujarat has ruled that the amount charged as interest on transaction-based short-term loan given to the buyers of material is exempt from the levy of Goods and Services Tax (GST)....
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) recently held that the interest-free or concessional loan from employer are taxable as perquisite in the hands of the employee under the Income Tax Act....
In M/s. Russell Credit Limited vs. Joint Commissioner of Income Tax, Kolkata Bench of Income Tax Appellate Tribunal (ITAT) held that the interest rate should be the market-determined interest rate applicable to the currency concerned...
In The Commissioner vs. Mahindra and Mahindra Ltd. the Supreme Court held that perquisite received in the form of waiver of loan cannot be taxed under Section 28(iv) of the Income Tax Act,1961, if the...
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) recently held that addition under section 69A of the Income Tax Act, 1961 cannot be made since the identity of the creditors have...
The Visakhapatnam bench of Income Tax Appellate Tribunal (ITAT) recently pronounced that amount of Loan taken for acquiring the Asset should be deducted from the Value of Assets under Wealth Tax Act. In the instant...
While hearing the case between Shri Prodyut Dhar and J.C.I.T, Kolkata bench of Income Tax Appellate Tribunal (ITAT) confirmed the penalty since the assessee failed to prove that the loan amount which is accepted in...
The Hyderabad bench of ITAT recently declared that any loan taken from the closely held company to discharge the payment of salary is ‘commercial transaction’ for the purpose of ‘Deemed Dividend’ under Section 2(22)(e) of...
The New Delhi bench of the Income Tax Appellate Tribunal recently declared that deposit made by subscriber of Inter Corporate Deposit, issued by company on fixed rate of interest, cannot be treated as loan. A...
The Income Tax Appellate Tribunal, Visakhapatnam, recently ruled that advances given to the directors of a Company for purchase of land cannot be treated as ‘deemed dividend’ under section 2(22)(e) of the Income Tax Act,...
In Business Strategy Group v. ACIT, the ITAT, Delhi held that the loan obtained from a Company wherein the partners of the Assessee-Firm are the shareholders cannot be termed as ‘deemed dividend’ of the Firm...
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