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Hostel Fee Income is 'Income from Charitable Activities', not Business Income: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the hostel fee income received by a charitable Trust imparting education amount to...

Reduction in Price of Stock-in-Trade can be allowed while Computing Business Income only in Trading...

License Fees for use of IT Parks Assessable as 'Business Income': ITAT [Read Order]

Receipts from Carbon Credit is not Business Income: ITAT disallows Deduction Claim [Read Order]

Rent from Fit-out Hire Charges are Business Income If there is Two Separate Agreements: ITAT [Read...

Rent received from Letting out Shop Rooms in Mall constitute “Business Income”: Kerala High Court [Read Judgment]

“Shopping is no longer mere purchasing products. Shopping malls have transformed what was once an activity merely based on need and necessity to an experience of enjoyment and entertainment.” A...

Mere Holding Shares for a Short Period won’t constitute Business Income: Bombay High Court [Read Judgment]

A two-judge bench of the Bombay High Court has held that the holding of shares for a short period only will not convert capital gain into business income. Justices M S Sanklecha and Akil Kureshi have...

Receipt from Property given on Leave and License basis till Approval of Real Estate Project is Business Income: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai has held that the income received from the property given on leave and license basis till the approval of real estate project is in the nature of the...

Quoting of Low Rent by Flat Owner is Tax Evasion: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that declaring low rent for a flat by the owner in the income tax return is a device for tax evasion. The assessee, an NRI, let...

Receipt through Settlement of Shares is not ‘Business Income’ when it is done by settler of Trust by way of ESOP and not direct purchase from Market: Bombay HC [Read Judgment]

The Bombay High Court has held that when the settlement of shares was done by the settler of Trust by way of employee stock option plan and not a direct purchase from the market, then income generated...

Surplus earned by Trust while imparting Education not Business Income: ITAT [Read Order]

The Lucknow bench of the Income Tax Appellate Tribunal (ITAT) has held that the surplus earned by the Trust by imparting education cannot be treated as business income under the Income Tax Act, 1961. ...

Intention of Assessee at the time of Purchase of Shares relevant to determine Tax Liability: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) in ACIT v. Shri Finance ruled that intention of assessee during the time of purchase of shares is a criterion to determine the tax...

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