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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...

Dividends of Shares held as Stock-in-Trade not Deductible from Business Income: Delhi HC dismisses...

Interest Income from Staff Loans and Advances, Fixed Deposits and Advances to be Treated as Business...

Remission of Liability by order of BIFR is a Capital Liability, cannot be brought to Tax as Business...

Earning Interest Income from Inter-Corporate Deposit is Business Income: ITAT [Read Order]

Sale proceeds of Investment in Shares made as 'Investor' treated as 'Capital Gains’, not as 'Business Income': ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench has held that sale proceeds of investment in shares made as 'investor' are treated as 'capital gains’, not as 'business income'. The...

Expenditure resulting in Income or Substantial Income not necessary for granting Deduction for Business Purpose: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) has held that, Expenditure resulting in income or substantial income not necessary for granting deduction for business purposes. The assessee, M/s....

ITAT upholds Addition of Income from Cricket Betting as Business Income applying 1% of GP [Read Order]

Income Tax Appellate Tribunal (ITAT), Ahmedabad bench consisting of Pramod M Jagtap, Vice President and Suchitra R Kamble, Judicial Member upheld addition of Income from Cricket Betting as Business...

Discount on Issue of ESOP Deductible from Business Income: ITAT grants Relief to Morgan Stanley [Read Order]

In a major relief to Morgan Stanley Advantage Services Pvt. Ltd, a division bench of the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) comprising Shri Kuldip Singh, Judicial Member and...

Rent from Unsold Flat by Developer Taxable as 'Income from House Property': ITAT [Read Order]

The Income Tax Appellate Tribunal Pune Bench has held that the rent from unsold flats by the developer is taxable as "income from house property". The appellant, Mr. Atul Jaiprakash Goel, is a...

Subsidy received as Octroi Duty Refund is Capital Receipt and not Taxable: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai has held that, Subsidy received as an octroi duty refund is a capital receipt and not chargeable as tax. Assessee Company, Sudal Industries Limited...

Concealment of Income by not filing Income Tax Return is an Offence: Madras HC upholds Criminal Proceedings [Read Order]

The Madras High Court has held that the act of deliberate concealment of income by the assessee by not filing the income tax return is an offence and therefore, upheld the criminal proceedings. ...

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