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Generation of Business Income Not Necessary to Claim Business Expenditure: ITAT [Read Order]

The Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that the generation of business income is not necessary to claim business...

Payment for Breach of Contractual Obligation Pursuant to An Arbitration Award Deductible from...

No Provision under “Profits and Gains from business or profession” deems Rent from Unsold Flats held...

Sale of Unsold Flats by Builder Taxable as “Business Income”: ITAT [Read Order]

Interest Income earned on FD kept as Security for Performance Guarantee is Taxable as Business...

Additional Income offered as part of Business Income, entitled to Income Tax Deduction u/s 40(b)(v): ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Bangalore Bench held that Additional income offered as part of business income, entitled to deduction under Section 40(b)(v) of the Income Tax Act, 1961. ...

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

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ), held that Income from Design Charges are business income to compute deduction under Section 10A of the Income Tax Act, 1961. The...

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

Nature of Investments in Shares: The investments in shares are treated as capital assets. Both capital gains and dividends from shares are taxable in the hands of investors. Up to the...

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

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench held that Income from lease charges on multiplex is business income. The assessee company, Deep Multiplex Pvt Ltd earned income from...

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...

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