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Mahindra & Mahindra entitled for Depreciation on Capital Expenditure of Exchange Fluctuation Loss: ITAT [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal (ITAT), Mumbai ruled that Mahindra & Mahindra is entitled to depreciation on Capital Expenditure of exchange...

India-Mauritius DTAA or Interest Income from Foreign Currency Loan & Securities would not be...

Past Electricity and Water Bills can’t be Proof for Construction of House for the purpose of Capital...

Interest Income from FDRs can be treated as Business Income If Assessee proves that such FDR is...

ITAT allows 60% of Deduction on Computers and Computer Software [Read Order]

Purchase Tax is leviable on Purchase Turnover of Empty Bottles for Manufacture and Sale of Beer and IMFL: SC [Read Judgment]

The Supreme Court while upholding the decision of the High Court, held that the purchase turnover of the empty bottles purchased by the assessee from the unregistered dealers under the bought note is...

Addition u/s 68 by AO without taking approval from Pr CIT/CIT is Invalid: ITAT

The Guwahati bench of the Income Tax Appellate Tribunal (ITAT) has invalidated the addition made by the Assessing Officer without taking approval from the Pr CIT/CIT in terms of the circular issued by...

No Penalty can be levied based on Defective Notice: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Guwahati bench has held that the penalty proceedings under section 271(1)(c) of the Income Tax Act, 1961cannot be initiated on the basis of a defective...

Late Fee for Default / Delay in submitting TDS Statement is Mandatory, can’t be avoided even Assessee has reasonable cause: ITAT [Read Order]

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the levy of late fee under section 234E of the Income Tax Act, 1961 for the delay or default in submitting the TDS...

Making a Wrong Claim not amount to 'concealment of inaccurate information', No Penalty: Bombay HC [Read Order]

The Bombay High Court held that making a wrong claim is not at par with concealment or giving inaccurate information which may call for levy of penalty under Section 271(1)(c) of the Income Tax Act,...

Dividend bearing Securities should be considered for Disallowance under Rule 8D(2)(iii) of the Income Tax Rules says ITAT in PwC case

The Income Tax Appellate Tribunal (ITAT) in the PwC case held that dividend-bearing securities should be considered for disallowance under Rule 8D(2)(iii) of the Income Tax Rules. The appellant...

ITAT directs CIT(A) to re-consider CREDAI’s set off Claim against Income from Real Estate Exhibition [Read Order]

In a recent order granting relief to the leading industry body, the Confederation of Real Estate Developers Association of India (CREDAI), the Bangalore bench of the Income Tax Appellate Tribunal...

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