Relief to NLC: Simpliciter Interest received for delay in payment can’t be considered as Income generated from Business Operations, eligible for Deduction, says ITAT
The Income Tax Appellate Tribunal (ITAT), Chennai Bench held that simpliciter interest received for delay in payment cannot be considered as income...
![Relief to IDBI Bank: ITAT deletes disallowance on Expenditure incurred in relation to Income not includible in Total Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/IDBI-Bank-ITAT-disallowance-expenditure-income-total-income-Taxscan.jpg "Relief to IDBI Bank: ITAT deletes disallowance on Expenditure incurred in relation to Income not includible in Total Income [Read Order]")
![Internal financial arrangements to Fund Expenditure can’t disentitle assessee to claim Employee benefit expenses, Depreciation: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/Internal-financial-arrangements-fund-expenditure-assessee-employee-benefit-expenses-depreciation-ITAT-Taxscan.jpg "Internal financial arrangements to Fund Expenditure can’t disentitle assessee to claim Employee benefit expenses, Depreciation: ITAT [Read Order]")
![Interests from FDRs not to be assessed under Income from Other Sources: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/Interests-FDRs-Income-from-other-sources-ITAT-Delhi-Taxscan.jpg "Interests from FDRs not to be assessed under Income from Other Sources: ITAT [Read Order]")
![Karnataka High Court deletes disallowance made on Expenditure incurred from Income not includible in Total Income [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2021/01/Karnataka-High-Court-disallowance-Expenditure-income-Taxscan.jpg "Karnataka High Court deletes disallowance made on Expenditure incurred from Income not includible in Total Income [Read Judgment]")
Mere low declaration of Income by Creditors is no ground to make the addition in respect of Unexplained Cash Credit: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that mere low declaration of Income by creditors is no ground to make the addition in respect of Unexplained cash credit. The assessee...
![Mere low declaration of Income by Creditors is no ground to make the addition in respect of Unexplained Cash Credit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/01/Mere-low-declaration-Income-by-creditors-Unexplained-cash-credit-ITAT-Taxscan.jpg "Mere low declaration of Income by Creditors is no ground to make the addition in respect of Unexplained Cash Credit: ITAT [Read Order]")
![ITAT deletes Penalty on Undisclosed Income as Search wasn’t initiated [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/01/Undisclosed-Income-Search-ITAT-Penalty-Income-taxscan.jpg "ITAT deletes Penalty on Undisclosed Income as Search wasn’t initiated [Read Order]")
Himachal Pradesh State Tax and Excise Dept. clarifies Issues relating to HP (Legacy Cases Resolution) Scheme, 2019 [Read Circular]
The Himachal Pradesh State Tax and Excise notified the clarifications on HP (Legacy Cases Resolution) Scheme, 2019. The department clarified that no fee is chargeable in case of assessment...
![Himachal Pradesh State Tax and Excise Dept. clarifies Issues relating to HP (Legacy Cases Resolution) Scheme, 2019 [Read Circular]](https://www.taxscan.in/wp-content/uploads/2020/12/Himachal-Pradesh-State-Tax-and-Excise-HP-Legacy-Cases-Resolution-Scheme-Taxscan.jpeg "Himachal Pradesh State Tax and Excise Dept. clarifies Issues relating to HP (Legacy Cases Resolution) Scheme, 2019 [Read Circular]")
CBDT updates Harmonised Master List of Infrastructure Sub-sectors, applicable from April, 2020 [Read Notification]
The Central Board of Direct Taxes (CBDT) on Monday notified the amended Harmonized Master List of Infrastructure Sub-sectors, which shall be enforced from April 1, 2021, and shall be applicable for...
![CBDT updates Harmonised Master List of Infrastructure Sub-sectors, applicable from April, 2020 [Read Notification]](https://www.taxscan.in/wp-content/uploads/2020/07/CBDT-Harmonized-Master-List-Infrastructure-Taxscan.jpg "CBDT updates Harmonised Master List of Infrastructure Sub-sectors, applicable from April, 2020 [Read Notification]")
CBDT allows Capital Gain relief to difference in Selling price and Its Fair Value [Read Notification]
The Central Board of Direct Taxes (CBDT) on Tuesday notified Income-tax (15th Amendment) Rules, 2020. The exemption is from a provision that says that if shares are sold for a discount, the difference...
![CBDT allows Capital Gain relief to difference in Selling price and Its Fair Value [Read Notification]](https://www.taxscan.in/wp-content/uploads/2020/07/CBDT-Income-Tax-Taxscan.jpg "CBDT allows Capital Gain relief to difference in Selling price and Its Fair Value [Read Notification]")
DCIT can’t Re-Open Assessment after 4 years to deny Deduction unless any Income Chargeable to Tax escaped Assessment: Madras HC [Read Judgment]
The High Court of Madras held that Deputy Commissioner of Income Tax (DCIT) cannot reopen assessment after 4 years to deny deduction unless any income chargeable to tax escaped assessment. The...
![DCIT can’t Re-Open Assessment after 4 years to deny Deduction unless any Income Chargeable to Tax escaped Assessment: Madras HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/05/DCIT-assessment-deduction-Taxscan.jpg "DCIT can’t Re-Open Assessment after 4 years to deny Deduction unless any Income Chargeable to Tax escaped Assessment: Madras HC [Read Judgment]")
![CBDT notifies Income Tax (9th Amendment) Rules, 2020: Safe Harbour Rules Extended [Read Notification]](https://www.taxscan.in/wp-content/uploads/2020/05/CBDT-Income-Tax-Safe-Harbour-Rules-Taxscan.jpg "CBDT notifies Income Tax (9th Amendment) Rules, 2020: Safe Harbour Rules Extended [Read Notification]")