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Income Tax Act 1961

Depreciation not allowable for Expenditure availed on Professional or Legal Services which don’t create Commercial Right: ITAT [Read Order]

Taxscan Team

In a significant ruling of Banglore International Airport, the Bangalore Bench, of the Income Tax Appellate Tribunal, held that depreciation is not...

Goodwill Acquired under Slump Sale Agreement eligible for Depreciation: ITAT [Read Order]

No Income Tax on Transfer of NFT: CBDT notifies Exclusion of Non-Fungible Token as Virtual Digital...

Hospitals need to deduct TDS u/s 194J for Payments to Doctors engaged as Retainers and Consultants:...

Multiple Flats in Different Floors cannot be treated as Single Residential House for computing...

CBDT notifies Special Courts for Trial of Offences under Income Tax Act 1961 in Dehradun [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified Special Courts for Trial of Offences under the Income Tax Act, 1961 in Dehradun. The Board has issued a notification on Friday wherein it was...

Subsidy received as Octroi Duty Refund is Capital Receipt and not Taxable: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai has held that, Subsidy received as an octroi duty refund is a capital receipt and not chargeable as tax. Assessee Company, Sudal Industries Limited...

Income Tax claims not included in approved Resolution Plan of IBC are recoverable: ITAT [Read Order]

The Income Tax Appellate Tribunal, Ahmedabad bench held that income tax claim not included in approved resolution plan of IBC is recoverable. The assessee engaged in the business of manufacturing...

Reimbursement of 'Office Expenses' has no Service Element, No Service Tax: CESTAT [Read Order]

The Bangalore bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the reimbursement of office expenses, being no service element involved, cannot be subjected to...

Income Tax Assessment Order passed before Due Date of Submission of Documents as per Notice violates Natural Justice Principles: Calcutta HC [Read Order]

The Calcutta High Court has directed for fresh adjudication of income tax assessment as the Assessing Officer passed the order before the due date of submission of documents by the assessee as per...

ITAT Weekly Round-Up

This weekly round-up analytically summarizes the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan.in during the previous week from June 18 to June 24, 2022 Shree...

Addition u/s 68 will not sustain in the presence of Evidence which proves Authenticity of Transaction: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi held that addition u/s 68 of Income Tax Act 1961 will not sustain in the presence of evidence which proves the authenticity of the transaction. ...

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