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Investments yielding Exempted Income ought to be considered while Computing disallowance under Rule 8D(2)(iii): ITAT directs Re-computation

Taxscan Team

The Income Tax Appellate Tribunal (ITAT), Chennai Bench while directing the re-computation ruled that the Investments yielding exempted income ought...

Relief to Shobha City: ITAT deletes Addition [Read Order]

Relief to HSBC Electronic Data Processing: ITAT deletes Addition on account of Unrealized Hedging...

Non-Consideration of Evidence during Assessment: Telangana imposes Cost on AO, asks to initiate...

Delhi High Court grants Deduction on account of Employment given to New Workmen [Read Order]

Depreciation on 3G Spectrum Fees: ITAT extends stay of demand against Vodafone Idea for 180 Days [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench extended the stay of demand against Vodafone Idea for 180 Days in respect of depreciation on 3G Spectrum Fees. The assessee, Vodafone Idea...

ITAT allows Claim of Deduction u/s 80C to Hero Motocorp [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench allowed the claim of deduction under section 80C of the Income Tax Act to Hero Motocorp. The assessee, Hero Motocorp Ltd. submitted that they...

ITAT quashes Proceedings u/s 153C for want of Incriminating Materials [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench deleted an addition made by the AO under the head capital gain to the tune of Rs.16.67 Crores. The assessee, M/s. Himalaya Darshan...

Penalty imposed without specifying exact ground is defective: ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) quashed the notice under sec.274 IT Act levying penalty without specifying the applicable limb of Sec.271(1)(c) of the Income Tax Act as...

ITAT deletes Addition in absence of requisite Enquiry and Examination [Read Order]

The Income Tax Appellate Tribunal (ITAT), Jaipur Bench deleted the addition in absence of requisite enquiry and examination. The notice was issued to the assessee, Devendra Kaur on the basis of...

Revisional Jurisdiction can't be invoked when Re-Assessment is Illegal: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that the revisional jurisdiction can not be invoked when re-assessment is illegal. The return of income, in this case, was originally...

Loan Amount can’t be Taxed as it is a liability and not Income: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Kolkata Bench ruled that the loan amount cannot be taxed as it is a liability and not income. During the course of assessment proceedings, it was observed...

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