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Legal & Professional Charges Incurred Towards Business to be Treated as Revenue Expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the Legal & Professional charges incurred in connection with the business...

Claim of exemption u/s 10(38) of IT Act for LTCG from sale of equity shares before assessment...

No Penalty can be Imposed u/s 271(1) when Income Surrendered by Assessee During Survey is Shown in...

Sale Consideration of Agricultural Land Assessed to Tax without Adjusting the Cost of Acquisition:...

No Notice u/s 143(2) issued and Served within prescribed Time Limit: ITAT quashes Assessment Order...

Addition of LTCG by invoking S. 50(c) of Income Tax Act without retrospective effect is invalid : ITAT directs Re-adjudication[Read Order]

The Pune Bench of Income Tax Appellate Tribunal (ITAT) held that the addition of long term capital gain by invoking section 50(c) of the Income Tax Act 1961 which does not carry retrospective effect...

No Cogent and Satisfactory Explanation u/s 5 of Limitation Act: ITAT Refuses to Condone Delay of 781 Days [Read Order]

The Amritsar Bench of Income Tax Appellate Tribunal (ITAT) has refused to condone a delay of 781 days holding that cogent and satisfactory explanation were not furnished by the assessee as per...

Relief to Finesse International: Business Promotion Expenses for Improving Visibility of Brand Should Not Be Treated Personal, rules ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has granted relief to Finesse global company holding that the business promotion expenses for improving visibility of the brand should not be...

Assessee’s Delinquency and Lethargy in Pursuing Matter Before the Tax Authorities Attracts Cost: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has recently, in an appeal filed before it, held that the assessee’s delinquency and lethargy in pursuing the matter before the tax authorities...

ITAT Refuses to Condone a Delay of 1005 Days in Filing Income Tax Appeal without Reasonable Cause [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in appeals filed before it, refused to condone a delay of 1005 days in filling the income tax appeal without reasonable cause. ...

No Notice to Assessee and Ex-parte Decision in Addition and Confirmation of Cash Deposits: ITAT restores Matter to AO [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, on finding that no notice was send to the Assessee, and that ex- parte decision was arrived at, in...

Foreign Exchange Loss incurred for Converting Loan to Foreign Currency allowable as Business Loss: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, held that the loss incurred in foreign exchange for converting loan to foreign currency is allowable as business loss. The assessee’s unit...

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