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

Franklin Joshva

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...

Additional Income from Cash and Excess Stock to be Taxed as Business Income, Not Unexplained...

Additional Income declared in Survey considered as Business Income not Charged u/s 68, 69A: ITAT...

Creditors Written Off and Discount Receipts Linked to Business Income Taxable at Only 8% of Their...

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

Cash Deposits from Business Income during Demonetization cannot be treated as Unexplained Entirely: ITAT upholds 20% of Additions due to Unknown Source

The Surat Bench of Income Tax Appellate Tribunal ( ITAT ) held that the cash deposits made during demonetization out of business income cannot be treated as unexplained cash deposits completely....

Challenge Against AO's 8% Profit Margin Estimation on Aircel Recharge Coupon Sales: ITAT Remands Case [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) remanded the case to the Assessing Officer (AO) after finding that the 8% profit margin estimate on Aircel recharge coupon sales was too high....

Income from Leasing IT Park Property Classifiable as Business Income: Madras HC [Read Order]

In a recent ruling, the Madras High Court upheld the Income Tax Appellate Tribunal's (ITAT) decision that income derived from leasing out property in an IT park should be classified as business...

Madras High Court - Madras HC - IT Park - IT Park Property - Business Income - Rental Income - Rental Income from IT Park Property - TAXSCAN

Family Business of Money Lending for 20 Years: ITAT upholds Addition of Excess Income as ‘Business Income’ [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (I TAT ) upheld the addition of excess income as 'business income' for a family engaged in the money lending business for 20 years. The...

Filing ITR for Extra Income: A Guide for Moonlighters

In the rapidly changing economic landscape of today, many people now consider the pursuit of extra income to be a vital part of their financial plan. People from all walks of life are looking into...

Income from sub-licensing of shops with other services is Business Income: Calcutta HC [Read Order]

The division bench of the Calcutta High Court quashed an order categorizing income from subletting as income from house property. The court concurred with the assessee's assertion that income from...

Calcutta High Court - Business Income - Business - TAXSCAN

Amount received from Indian Hotels for Services under terms of agreements is Business Income: Delhi HC dismisses Income Tax Appeal pending SC decision [Read Order]

The Delhi High Court dismissed income tax appeal pending the Supreme Court (SC) decision in the ruling of the Delhi High Court that the amount received from Indian hotels for services under terms of...