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Interest Income from FDRs can be treated as Business Income If Assessee proves that such FDR is essential/necessary for obtaining the Contract: ITAT [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT), recently held that the interest income from FDRs can be treated as business income if...

Puja Expenses incurred for Smooth functioning of Business of Transport allowable as Deduction: ITAT...

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

Ex-parte Order for want of Vakalat by Advocate violates Natural Justice Principle: ITAT recalls its...

Employees eligible to claim Exemption for Tour, Travel and Conveyance Expenses incurred officially...

Transactions through Current Accounts for Business purposes isn’t ‘Deemed Dividend’: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that the transactions carried out through current account for business purposes would not fall within the definition of “Deemed Dividend”....

Capital Gain Deduction claim can be invoked during Re-Assessment if Assessee failed to file Returns: ITAT [Read Order]

In an assessee-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Jaipur bench has held that the assessee can claim the benefit of capital gain deduction under section 54F of the Income Tax...

Mere grant of Registration shall not result in grant of benefit u/s 10 and 11: Karnataka HC [Read Judgment]

The High Court of Karnataka held that the mere grant of registration to the assessee shall not result in the grant of benefit to it ipso facto under Sections 11 and 12 of the Income Tax Act, 1961 and...

Capital Gain Deduction allowable if New Residential Property was purchased within Two Years from Transfer of Shares: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the capital gain deduction under section 54F of the Income Tax Act, 1961 is available if the new residential property...

Once Sale Consideration is Declared as Income by Assessee, further Addition u/s 68 would amount to Double Taxation: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that once the assessee declared the sale consideration on share transaction as its income before the tax authorities, the same cannot...

Investment made by Promoters of Dabur India for acquiring controlling interest in it is rightly disallowed: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the amount of investment made for acquiring a controlling interest in Dabur India Ltd by its promoters is rightly disallowed...

Capital Gain Deduction can’t be disallowed due to Non-Investment in Capital Gains Deposit Scheme: ITAT [Read Order]

In an assessee-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the capital gain deduction under section 54 of the Income Tax Act, 1961 cannot be disallowed to...

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