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Interest Income earned on FD kept as Security for Performance Guarantee is Taxable as Business Income Can be set off against Project Expenses: ITAT [Read Order]

Yogitha S. Yogesh

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that interest income earned on Fixed Deposit (FD) kept as security for...

Additional Income offered as part of Business Income, entitled to Income Tax Deduction u/s 40(b)(v):...

Income from Design Charges are business income to compute deduction u/s 10A of Income Tax Act: ITAT...

Income Tax Liability on Shareholding: All you need to know about DDT and other Tax Implications

Income from Lease Charges on Multiplex is Business Income: ITAT [Read Order]

Bonus / Commission to Employee Deductible from Business Income: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently in an appeal filed before it, held that bonus/commission payable to employees are deductible from business income. The aforesaid...

Rental Income not to be Assessed as ‘Business Income’, Adjustment Made u/s 143(3) Unsustainable in Law: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Chennai Bench, has recently, in an appeal filed before it, held that rental income shall not to be assessed as ‘business income’, and that adjustment made u/s...

Business Income not to be confirmed merely on the basis Closing Bank Balance: ITAT [Read Order]

The Income Tax Appellate Tribunal,(ITAT) ‘SMC’ Bench Chandigarh, has recently, in an appeal filed before it, held that business income is not to be confirmed merely on the basis of closing bank of...

Income Tax: Investment do not lose their ‘Capital’ Nature merely because Purchase was made with an Intention to Resell, rules Calcutta HC

In a recent ruling, the Calcutta High Court has held that the capital investment and resale do not lose their capital nature merely because the said investment/purchase of property was made with an...

Dividends of Shares held as Stock-in-Trade not Deductible from Business Income: Delhi HC dismisses Appeal of PNB Housing Finance Ltd [Read Order]

In a recent ruling in favour of the Income Tax Department, a Division Bench of the Delhi High Court has held that, dividends of investments held as stock-in-trade are not deductible from the business...

Interest Income from Staff Loans and Advances, Fixed Deposits and Advances to be Treated as Business Income: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Ahmedabad Bench, while deciding a group of appeals filed by both the assessee and the revenue, held that interest income from staff loans and advances as...

Remission of Liability by order of BIFR is a Capital Liability, cannot be brought to Tax as Business Income: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that remission of liability by order of the Board for Industrial and Financial Reconstruction (BIFR) is a capital liability, and...

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