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Agreement between Central Trade Unions and Coal Department can’t override Income Tax Act: ITAT confirms Addition as Taxable Fringe Benefits towards Employees' Welfare

The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench while confirming the addition as taxable Fringe Benefits towards employees' welfare...

Disallowances purely without any tangible material shall be Invalid: ITAT [Read Order]

Gift is to be treated as genuine when Assessee discharges onus of proving Identity, Creditworthiness...

Business Promotion Expenses incurred exclusively for the purpose of business can’t be Disallowed:...

TDS not applicable on Seconded Employees If the Same is Deducted by Holding Company: ITAT [Read...

Use of 15% of Plant and Machinery of Existing Business: ITAT allows Tax Benefit to New Undertaking since the Usage was below Specified Limit

The Income Tax Appellate Tribunal (ITAT), Chennai Bench allowed the Tax Benefit to New Undertaking since the Usage was below Specified Limit. The assessee, Mr. Pool Thevar Marimuthu an...

Managing Director can't be liable for Unaccounted Income of the Company: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that the additions are not attributable to the Managing Director for undisclosed and unaccounted income of the Company. The assessee,...

Assessee to declare Sale of Property either in Original Return or in the Revised Return and Pay Taxes: ITAT upholds disallowance of Loss of STCG

The Income Tax Appellate Tribunal (ITAT), Delhi Bench upheld the disallowance of loss of Short Term Capital Gain (STCG) and reiterated that the assessee must declare sale of property either in...

Revisional Power excised by CIT(A) based on ‘Cut & Paste’ reasoning Invalid: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Kolkata Bench ruled that the revisional Power exercised by CIT(A) based on ‘cut & paste’ reasoning is invalid. The assessee, Satish Kumar Lakhmani has...

Depreciation allowable on Machineries kept ready for Use: ITAT allows Relief since Non-Usage of Machineries due to reasons beyond the control of Assessee

The Income Tax Appellate Tribunal (ITAT), Chennai Bench while allowing the relief since non-usage of Machineries due to reasons beyond the control of assessee held that the depreciation allowable on...

Actual Receipt of Money by Assessee is a mandatory condition to invoke section 68 for Unexplained Cash Credit: ITAT grants relief

The Income Tax Appellate Tribunal (ITAT), Delhi Bench while providing the relief to the Zexus Air Services Pvt. Ltd. ruled that Actual Receipt of Money by Assessee is a mandatory condition to invoke...

Foreign Currency is not a ‘Commodity’ to invoke provisions relating to Speculative Transactions: ITAT grants Relief to Lifestyle International [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench while granting the relief to Lifestyle International ruled that the Foreign Currency is not a ‘commodity’ to invoke provisions relating to...

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