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ITAT quashes Final assessment order passed by AO without a draft assessment order against Tally [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that the final assessment order passed by AO without a draft assessment order is to be...

Income Tax Search and Seizure: Application of seized assets during the course of an Income Tax...

Royalty paid for Technical Know-How or Licence for manufacturing/sale is Capital Expenditure:...

No Tax applicable on Shipping Income of Foreign Vessels under India-Singapore Tax Treaty: ITAT [Read...

ITAT directs Assessing Officer to delete addition on account of Depreciation on Membership Card...

Losses incurred by eligible units can’t be set off against income of other units: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that losses incurred by eligible units under Section 10B can not be set off against income of other units. The assessee, KEI Industries...

No disallowance of Interest on Borrowed Capital for Business purposes: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that interest paid on borrowed funds used for business purposes cannot be disallowed. The company, M/s. Chinsha Property Pvt. Ltd. was...

Mitsui India not a DAPE of Mitsui Japan, no question of Computing Income of PE or any disallowance of Commission arises: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi Bench held that Mitsui India not a Dependent Agent Permanent Establishment (DAPE) of Mitsui, Japan. The assessee-company, M/s. Mitsui...

Section 153C Assessment to be based on incriminating documents or evidence discovered during search: Madras HC [Read Judgment]

The Madras High Court held that the Assessment under Section 153C has to be based on incriminating documents or evidence discovered during the search. The assessee, M/s.S.R.Trust is a...

Exemption allowable on Donation by Charitable Trust to other for utilization towards Charitable objects: ITAT grants relief to Rajasthan Cricket Association [Read Order]

The Income Tax Appellate Tribunal (ITAT), Jaipur bench while giving relief to Rajasthan Cricket Association held that the exemption under Section 11 and 12 is allowable on donation by a charitable...

Explanation to Indirect Share Transfer provisions inserted by Finance Act, 2015 applicable retrospectively: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that the Explanation 7 to section 9(1)(i) of Income Tax Act is applicable Retrospectively. The appellant, Augustus Capital PTE Ltd. sold...

Karnataka High Court deletes Interest accrued on Non-Performing Assets from Computation of Taxable Income [Read Judgment]

The Karnataka High Court while quashing the appeal of the revenue deleted interest accrued on non-performing assets from the computation of taxable income. The assessee, M/s. Davangere District...

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