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ITAT quashes proceedings initiated u/s. 201 against Cafe Coffee Day for being time barred [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench quashed the proceedings initiated under section 201 against Cafe Coffee Day as it was...

Normal Depreciation could be considered as a legitimate Deduction in Computing the Real Income:...

Honda R&D (India) wasn’t involved in R&D activity and rather was providing market support services...

ITAT disallows Depreciation on Non-Competition Fee [Read Order]

Payments made to non-resident for acquiring off-the-shelf Software isn’t Royalty, No obligation to...

ITAT quashes Final assessment order passed by AO without a draft assessment order against Tally [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that the final assessment order passed by AO without a draft assessment order is to be quashed. The assessee, M/s.Tally Solutions...

Karnataka High Court discharges Income Tax Assessee from the allegations of Corruption [Read Order]

The Karnataka High Court discharged the Income Tax Assessee from the allegations of Corruption. It was submitted that the accused, CIT(A) without issuing notice to the Assessing Officer and...

ITAT directs Assessing Officer to delete addition on account of Depreciation on Membership Card [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench directed the AO to delete addition on account of depreciation on membership card. The assessee, Edelweiss Financial Advisors Ltd. is...

Losses incurred by eligible units can’t be set off against income of other units: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that losses incurred by eligible units under Section 10B can not be set off against income of other units. The assessee, KEI Industries...

Relief to Finolex Cables: ITAT allows claim of deduction u/s 80IC in respect of Sale of Scrap [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune Bench allowed the claim of deduction under section 80IC of the Income Tax Act in respect of sale of scrap. The Assessee, M/s. Finolex Cables Limited...

Data Processing Cost paid by the KBC Bank Branch to Head Office isn’t Royalty: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench while upholding the order passed by CIT(A) held that the Data Processing Cost paid by the KBC Bank Branch to Head Office is not Royalty. The...

No disallowance of Interest on Borrowed Capital for Business purposes: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that interest paid on borrowed funds used for business purposes cannot be disallowed. The company, M/s. Chinsha Property Pvt. Ltd. was...

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