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Payment made to the seven sub-contractors didn’t breach the threshold limit: ITAT deletes addition [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench deleted the addition and held that payment made by the assessee to the seven...

Foreign Exchange fluctuation should be treated as operating profit/loss while computing the profit...

Relief to Finolex Cables: ITAT allows claim of deduction u/s 80IC in respect of Sale of Scrap [Read...

Levy of Penalty for non-filing of quarterly TDS Statement in Form 27EQ is invalid: ITAT [Read Order]

Data Processing Cost paid by the KBC Bank Branch to Head Office isn’t Royalty: ITAT [Read Order]

No TDS applicable on Reimbursement of actual Cab expenses: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that no TDS is applicable on the reimbursement of the actual cab expenses. The appellant firm, M/s. Sri Balaji Prasanna Travels which...

Relief to Acer India: ITAT deletes disallowance on purchase of Software for non-deduction of TDS [Read Order]

The Income Tax Appellate Tribunal (ITAT), Banglore Bench deleted the disallowance on purchase of software for non-deduction of Tax at Source. The assessee, M/s. Acer India Private Limited is...

ITAT allows claim of depreciation on the capitalised cost to GAIL India [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench in a relief to Gail India allowed the claim of depreciation on the capitalised cost. The assessee, M/s GAIL (India) Ltd. claimed depreciation...

ITAT quashes ex parte order against Fox Mandal [Read Order]

The Income Tax Appellate Authority (ITAT), Delhi Bench quashed the ex parte order against assessee, Fox Mandal and restored the matter back to CIT(A). The assessee, Fox Mandal is a Law Firm and...

Sale made out of Opening Stock can’t be treated as Unexplained Income to be taxed as Income from Other Sources: Delhi HC [Read Judgment]

The High Court while dismissing the appeal filed by the revenue held that the sale made out of opening stock can not be treated as unexplained income to be taxed as income from other sources. The...

No Tax applicable on Securities Premium even if used to set off losses: ITAT deletes addition against Hindustan Coca Cola [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi Bench while deleting the addition against Hindustan Coca Cola Beverages held that no tax is applicable on securities premium even if used to set...

ITAT confirms disallowance against Nike India: Burden of Expenditure for New Product Samples is on manufacturer, Wholesaler can’t claim Tax benefit [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench ruled that the burden of expenditure for new product samples is on the manufacturer, so the wholesaler can not claim the tax benefit. The...

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