![[QnA] Can I Claim Income Tax Benefits on Selling Gifted Jewellery? Key Questions on Gift Taxation in India Answered](https://www.taxscan.in/wp-content/uploads/2024/12/Gift-tax-in-india.jpg "[QnA] Can I Claim Income Tax Benefits on Selling Gifted Jewellery? Key Questions on Gift Taxation in India Answered")
[QnA] Can I Claim Income Tax Benefits on Selling Gifted Jewellery? Key Questions on Gift Taxation in India Answered
Are gifts from relatives taxable in India? A: Gifts from relatives are exempted from Tax in India. It is defined under section 56(2)(x) of the...
![Duplicate entries in Form 26AS: ITAT deletes addition on Income from other sources [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/ITAT-ITAT-Delhi-Income-tax-Form-26AS-Duplicate-entries-in-Form-26AS-TAXSCAN.jpg "Duplicate entries in Form 26AS: ITAT deletes addition on Income from other sources [Read Order]")
![ITAT upholds addition made u/s 56(2)(viib) of Income Tax Act on account of excess consideration received on Allotment of Shares [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-upholds-addition-Income-Tax-Act-Allotment-of-Shares-taxscan.jpg "ITAT upholds addition made u/s 56(2)(viib) of Income Tax Act on account of excess consideration received on Allotment of Shares [Read Order]")
![Income earned by way of Interest and claimed under Income from Other Sources shall be Allowable Expenditure u/s 57(iii): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Income-earned-by-way-of-Interest-Income-from-Other-Sources-ITAT-taxscan.jpg "Income earned by way of Interest and claimed under Income from Other Sources shall be Allowable Expenditure u/s 57(iii): ITAT [Read Order]")
![Direct Nexus between Interest Expenditure Claimed and Interest Income Earned Proved: ITAT Allows Deduction Against Expenditure on Income from Other Sources [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Direct-Nexus-between-Interest-Expenditure-Claimed-Interest-Income-Earned-Proved-ITAT-Allows-Deduction-Against-Expenditure-Income-Other-Sources-taxscan.jpg "Direct Nexus between Interest Expenditure Claimed and Interest Income Earned Proved: ITAT Allows Deduction Against Expenditure on Income from Other Sources [Read Order]")
No Discharge of Onus to Substantiate Claim of Deduction under Income from Other Sources with Required Documents Evidence: ITAT Restores Matter to AO [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore restores matter to the file of Assessing Officer (AO), on the ground that there was no discharge of onus to substantiate claim of deduction under...
![No Discharge of Onus to Substantiate Claim of Deduction under Income from Other Sources with Required Documents Evidence: ITAT Restores Matter to AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/claim-income-from-other-sources-documents-evidences-ITAT-AO-TAXSCAN.jpeg "No Discharge of Onus to Substantiate Claim of Deduction under Income from Other Sources with Required Documents Evidence: ITAT Restores Matter to AO [Read Order]")
Provisions of Section 44AB not Applicable to Income which are Treated as Income from Other Sources: ITAT [Read Order]
The Visakhapatnam bench of the Income Tax Appellate Tribunal (ITAT) held that the provision of Section 44AB of the Income Tax Act, 1961 is not applicable to income which is treated as income from...
![Provisions of Section 44AB not Applicable to Income which are Treated as Income from Other Sources: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Income-from-Other-Sources-Income-ITAT-Provisions-Income-which-are-Treated-as-Income-from-Other-Sources-Taxscan.jpg "Provisions of Section 44AB not Applicable to Income which are Treated as Income from Other Sources: ITAT [Read Order]")
Shares Issued for Premium above FMV Taxable for Closely-held Company under Income from Other Sources u/s 56(2)(viib) of Income Tax Act, exempt for Investor: ITAT
The Income Tax Appellate Tribunal (ITAT), Patna Bench has held that the differential amount received by way of the issue of shares for a Premium above the Fair Market Value (FMV) shall be taxable for...
Failure to Produce Evidence as to Astronomical Agricultural Income: ITAT upholds Estimation of Income by AO as Other Source [Read Order]
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) has upheld the estimation of Income by the Assessing Officer as income from other sources as the assessee had failed to produce the...
![Failure to Produce Evidence as to Astronomical Agricultural Income: ITAT upholds Estimation of Income by AO as Other Source [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Evidence-Astronomical-Agricultural-Income-Agricultural-Income-Income-ITAT-upholds-Estimation-of-Income-ITAT-Estimation-of-Income-Other-Source-Taxscan.jpg "Failure to Produce Evidence as to Astronomical Agricultural Income: ITAT upholds Estimation of Income by AO as Other Source [Read Order]")
Grants from West Bengal State Government to Co-operative Society not Income from other source: ITAT directs to allow Deduction u/s 80P [Read Order]
The Income Tax Appellate Tribunal (ITAT) of Kolkata bench has held that grants from West Bengal State Government to cooperative societies are not income from other sources and directed to allow...
![Grants from West Bengal State Government to Co-operative Society not Income from other source: ITAT directs to allow Deduction u/s 80P [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/West-Bengal-State-Government-Co-operative-Society-not-Income-from-other-source-Co-operative-Society-Income-from-other-source-Deduction-ITAT-ITAT-directs-to-allow-Deduction-taxscan-1.jpg "Grants from West Bengal State Government to Co-operative Society not Income from other source: ITAT directs to allow Deduction u/s 80P [Read Order]")
Relief to Petrofils Co-op. Ltd: ITAT allows the Claim of Unabsorbed Brought-forward Depreciation to be Set off against Income from Other Sources
By allowing the claim of unabsorbed brought-forward depreciation to be adjusted against the income from other sources, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) granted relief...
Mere Waiver of Interest on Loan b/w Parties will not Vitiate Genuineness of Loan Transaction Until Dept has Cogent Material to Prove Otherwise: ITAT
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that mere waiver of interest on a loan between parties will not vitiate the genuineness of the loan transaction unless and until the...
