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Penalty Invalid as Notice did not specify sub-clause of S.270: ITAT Rules in Favour of Bajaj Housing Finance Ltd [Read Order]

The Income Tax Appellate Tribunal (ITAT) has set aside the penalty against Bajaj Housing Finance, holding that such a penalty will be invalid as the...

Asset Holding Pattern Decides Taxability of Land Sale Profit as Capital Gain or Business Income:...

Publicising Donor Names for Religious Events Not Convert Donations into Business Income: ITAT [Read...

Interest Income Earned by Cooperative Society from Surplus Funds Invested in Cooperative Banks is...

Income Surrendered during Survey Treated as Business Income, Not Unexplained Investment: ITAT...

Zero Tax up to Rs. 12.75 Lakh u/s 87A, But Will Short-Term Capital Gains Still Attract Income Tax?

Introduction Imagine earning ₹12.5 lakh a year from your salaried job and not paying a single penny as income tax. Sounds incredible? This is exactly what the government promised with the...

Arbitral Award for Non-Payment of Supplies Is Business Income, Not Taxable Under Article 7 of Japan-India DTAA: Delhi HC [Read Order]

In a recent ruling, the Delhi High Court held that an arbitral award received for non-payment of supplies is business income and not taxable in India under Article 7 of the India-Japan Double...

S. 69B & S.69C additions on Survey- Declared Income not-sustainable: ITAT upholds Business Income Treatment [Read Order]

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the additions made by the Assessing Officer (AO) under Sections 69B and 69C were not sustainable and upheld the estimate of the...

Additional Income from Cash and Excess Stock to be Taxed as Business Income, Not Unexplained Investment u/s 69A: ITAT [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) ruled that additional income from excess cash and stock found during the search should be taxed as business income instead of unexplained...

Additional Income declared in Survey considered as Business Income not Charged u/s 68, 69A: ITAT [Read Order]

The Jaipur Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that additional income declared in the survey was considered business income and not charged under Sections 69 and 69A of the Income...

Creditors Written Off and Discount Receipts Linked to Business Income Taxable at Only 8% of Their Value: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to modify the addition citing that only 8% of creditors written off and discount receipts linked to...

Interest Income classified as Business Income: ITAT grants allowance of Related Expenses [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that interest income earned by the assessee should be classified as business income, granting the allowance of related expenses. ...