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Interest Income from Loan Extended Against Mortgage of Properties would not Constitute Rental Income: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, has recently, in an appeal filed before it, held that interest income from loan extended...

Jurisdiction of the Bench shall be determined by the location of the Assessing Officer: ITAT...

Deduction on Sale Commission not Allowable if Genuineness of Expenditure cannot be Ascertained:...

Supreme Court and High Court Weekly Round-Up

Delhi HC Set Aside Section 148A(d) Order Passed without Considering Reply of Assessee: Directs de...

Ice Box Expenditure Accounted under Marketing Expenses’ are Capital Expenditure: ITAT uphold Disallowance

The Delhi bench of Income Tax Appellate Tribunal (ITAT) has recently held that expenditure incurred on ice-boxes, accounted under the head of marketing expenses, are capital expenditure. Therfore the...

Assessing Officer has no Power u/S 200A to Levy Late Fee u/S. 234E Prior to Amendment of Law: ITAT set-aside Order

The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) has recently held that the assessing officer has no power under section 200A Income Tax Act 1961 to levy late fee...

Expenses towards Clinical Trials for Promotion and Sales of Cardio Products Allowable as Expenditure: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has recently held that expenses towards clinical trials for promotion and sales of cardio products are allowable as expenditures. The...

Relief to S&P Global India: Payment for Use of Shrink Wrap Computer Software Not Royalty, Rules ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Hyderabad Bench has recently, in an appeal filed before it, while granting relief to S & P Global India, held that payment for the use of shrink wrap...

Assessing Officer must not act Dishonestly or Vindictively: ITAT [Read Order]

The Kolkata bench of Income Tax Appellate Tribunal (ITAT) has recently held that the landlord is not liable for deduction of Tax Deduction at Source (TDS) under wrong provision of the Income Tax Act...

Rent from Sub-Letting Property Taxable as “Income from Other Sources”: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Visakhapatnam Bench, has recently, in an appeal filed before it, held that rent from sub-letting property is taxable as “income from other sources”. The...

Bombay HC quashes Notice issued u/s 148 Without jurisdiction against Lakshdeep Investments & Finance [Read Order]

In a significant case of Lakshdeep Investments & Finance Pvt. Ltd., the Bombay High Court (HC) has quashed the reassessment notice under section 148 of the Income Tax Act, 1961 which was issued...

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