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Advance received from Developer not to constitute ‘Income from Other Sources’: Madras High Court [Read Judgment]

The Madras High Court held that the advance received by the respondent (which is returnable due to the failure of the development agreement) from the...

ITAT deletes disallowance representing Customer Support Charges against Dish TV India Ltd [Read...

Karnataka High Court quashes order directing AO to disallow the Deduction TO both Owner and Land...

Relief to EY: ITAT allows Deduction under Section 10AA on Incremental Income arisen pursuant to APA...

No separate benchmarking should be done of the outstanding receivable as outstanding receivable are...

TDS deducted on offshore supply contracts in India, assessee eligible for refund of TDS Credit: ITAT directs AO to quantify refunds [Read Order]

The Income Tax Appellate Tribunal (ITAT) while directing the Assessing Officer (AO) to quantify the refund held that TDS deducted on offshore supply contracts in India, assesses eligible for refund...

Date of Award is the Date of Accrual of Capital Gains: Supreme Court [Read Judgment]

The Supreme Court while upholding the assessment of AO held that the date of award is the date of accrual of capital gains for the purpose of Section 45 of the Act of 1961. The question concerning...

Assessment Order against non-existent Entity would be void in eyes of law: ITAT grants relief Siemens [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench while quashing the order passed by the Assessing Officer (AO) held that the Assessment Order against non-existent entities would be void in eyes...

Bonus to Co-operative Societies by KMF is 'Dividend', Eligible for Income Tax Deduction: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the nature of the bonus paid by the Karnataka Milk Federation (KMF) is a dividend for the purpose of allowing deduction under...

Levy of Late Fee u/s 234E is mandatory and can’t be deleted on ground of ‘Reasonable Cause’: ITAT

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the imposition of late fee under section 234E of the Income Tax Act, 1961 is mandatory and consequential in nature...

Non-Issuance of Notice to Amalgamated Company will render the Assessment Invalid: ITAT

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that non-issuance of a notice to the amalgamated company will render the assessment invalid. The assessee, M/s Siemens Power Engineering...

Second Revision under Section 263 not justified if AO complied with the directions of PCIT: ITAT

The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, while applying the doctrine of merger, quashed the Second revision under Section 263 on the grounds that second revision is not possible on...

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