ICAI issues Handbook on Statement of Donations Received
The Institute of Chartered Accountants of India (ICAI) has issued a Handbook on Statement of donations received in order to provide quick guidance on...
![Personal Hearing through Chat Messages not Sufficient: Calcutta HC quashes Order for Not following Natural Justice Principles [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Personal-Hearing-Chat-Messages-Calcutta-High-Court-Order-Natural-Justice-Principles-Taxscan.jpeg "Personal Hearing through Chat Messages not Sufficient: Calcutta HC quashes Order for Not following Natural Justice Principles [Read Order]")
![Development Expenditure on Sale of Land not Deductible without Evidence: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Development-Expenditure-Sale-of-Land-Deductible-Evidence-ITAT-Taxscan.jpeg "Development Expenditure on Sale of Land not Deductible without Evidence: ITAT [Read Order]")
![Original Assessment completed with Adequate Inquiry and Examination of Facts: ITAT quashes Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Assessment-Inquiry-Examination-ITAT-Revision-taxscan.jpeg "Original Assessment completed with Adequate Inquiry and Examination of Facts: ITAT quashes Revision Order [Read Order]")
![No TDS on Discounts extended to Pre-paid SIM distributors on Transfer of pre-paid SIM Cards/Talk Time: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/TDS-Discounts-Pre-paid-SIM-pre-paid-SIM-cards-talk-time-ITAT-taxscan.jpeg "No TDS on Discounts extended to Pre-paid SIM distributors on Transfer of pre-paid SIM Cards/Talk Time: ITAT [Read Order]")
Loss out of Non-Speculative Transactions can be set off under the Head of Regular Business: ITAT [Read Order]
The Lucknow benchof Income Tax Appellate Tribunal (ITAT) comprising A D Jain, vice president and Shri T S Kapoor, AM has held that loss arose out of non-speculative transactions can be set off under...
![Loss out of Non-Speculative Transactions can be set off under the Head of Regular Business: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Loss-Non-speculative-Transactions-Regular-Busines-ITAT-taxscan.jpeg "Loss out of Non-Speculative Transactions can be set off under the Head of Regular Business: ITAT [Read Order]")
Meghalaya HC quashes Re-Assessment on ground of Non-Consideration of Objection filed by Assessee [Read Order]
The Meghalaya High Court has quashed a re-assessment under section 148(d) of the Income Tax Act, 1961 on the ground that the same was passed without considering the reply filed by an assessee to the...
![Meghalaya HC quashes Re-Assessment on ground of Non-Consideration of Objection filed by Assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Meghalaya-HC-Re-Assessment-Assessee-taxscan.jpg "Meghalaya HC quashes Re-Assessment on ground of Non-Consideration of Objection filed by Assessee [Read Order]")
Charitable Trust engaged solely in Educational Purposes can avail Exemption under Income Tax Act: ITAT [Read Order]
The Rajkot Bench of Income Tax Appellate Tribunal (ITAT) has held that a Charitable trust engaged solely in educational purposes can avail exemption under section 10(23C)(vi) of the Income Tax Act,...
![Charitable Trust engaged solely in Educational Purposes can avail Exemption under Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Charitable-Trust-Educational-Purposes-avail-Exemption-Income-Tax-Act-ITAT-taxscan.jpg "Charitable Trust engaged solely in Educational Purposes can avail Exemption under Income Tax Act: ITAT [Read Order]")
![Consideration received towards Software License Fee cannot be termed as Royalty: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Consideration-Software-License-fee-Royalty-ITAT-taxscan.jpg "Consideration received towards Software License Fee cannot be termed as Royalty: ITAT [Read Order]")
![Receipts in nature of Royalties not Taxable as per India-USA DTAA: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Royalties-Taxable-India-USA-DTAA-ITAT-Taxscan.jpg "Receipts in nature of Royalties not Taxable as per India-USA DTAA: ITAT [Read Order]")
![Investments Converted into Stock-in-Trade can avail exemption u/s 10(38): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Investments-Stock-in-Trade-exemption-ITAT-taxscan-1.jpg "Investments Converted into Stock-in-Trade can avail exemption u/s 10(38): ITAT [Read Order]")
Product Development Expenditure is ‘Revenue’ in Nature: ITAT allows Income Tax Deduction [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune bench has held that the expenditure incurred on testing and validation of the products is revenue in nature to allow deduction under the provisions of...
![Product Development Expenditure is ‘Revenue’ in Nature: ITAT allows Income Tax Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Product-Development-Expenditure-Revenue-Nature-ITAT-Deduction-Taxscan.jpeg "Product Development Expenditure is ‘Revenue’ in Nature: ITAT allows Income Tax Deduction [Read Order]")