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Expenses incurred on Financial Charges allowable as Expenditure: ITAT [Read Order]

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the expenses incurred on financial charges can be deductible from Business...

Profit of Sale of Mutual Fund is Capital Gain, not Business Income: ITAT [Read Order]

Income from Flats and Shops held as Stock-in-Trade is Business Income: ITAT [Read Order]

Rent from Warehouse facilities is Business Income: ITAT [Read Order]

If Shares were held for more than 12 months, Income must be taxed as Capital Gain: ITAT follows CBDT...

Sale of Agricultural Land converted into Plots Taxable as Business Income: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the sale of agricultural land which has been converted into several plots are taxable as Business income. Assessee sold 6 plots...

Loss on Derivative Transaction is not Speculative Loss and can be adjusted against Business Income: ITAT [Read Order]

A New Delhi bench of the ITAT in the case M/s. Sucon India Ltd. Vs. JCIT held that loss suffered by assessee on derivative transaction is not speculative loss and as such eligible to be adjusted...

Receipt for Relinquishment of ‘Right to Sue’ not Taxable: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the consideration received for the relinquishment of ‘Right to Sue’ does not attract income tax either under section 45...

Rental Income is Business Income If Letting Out was Business of Assessee: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the Rental Income received from letting out the property can be treated as “business income” if letting out of property is the...

Gain from Sale is Business Income If Assessee followed Stock Market Trend: Bombay HC rejects House Wife’s Plea [Read Judgment]

While rejecting a plea of a House wife who claimed that the income earned from the sale of shares is capital gain, the Bombay High Court held that such income is assessable as business income since...

Income from Sale of Plots under a Business Project is Business Income: ITAT [Read Order]

The Indore bench of the Income Tax Appellate Tribunal (ITAT) has held that the selling of plots which is part of a business project can be termed as “adventure in the nature of trade” and the income...

Rental Income can be treated as 'Business Income' even if Principal Object of Company is not Letting out of Properties: Madras HC [Read Judgment]

The Madras High Court has held that the rental income received by the company is assessable as income from ‘Profits and Gains from Business and Profession’ even if the principal object of the company...

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