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Amount received from Sale of Software Products not Royalty as per Article 12(3) of India -USA DTAA, not Taxable in India: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the Amount received from the sale of software products is not royalty as per...

Shares held as Investment can be allowed as Long-Term Capital Gain: ITAT [Read Order]

CBDT Instructions/Circulars binding on AO: ITAT quashes Assessment Violating Norms of Limited...

Secret Commission paid to Middlemen in Cheque Discounting Business Eligible for 50% Deduction: ITAT...

Advertisement Expenses incurred for Personal purposes not allowable as Deduction u/s 37(1): ITAT...

No Evidence to Prove Bogus Purchase, Addition on Account of Estimated Gross Profit not permissible: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that addition on account of estimated gross profit is not permissible in the absence of evidence to prove a bogus purchase. ...

Income Tax Exemption u/s 10(23C) available to Payments Received for Consultancy Services provided by University: ITAT remands matter to AO [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), remanded back matter to the Assessing Officer (AO) and ruled that Income Tax Exemption under Section 10(23C) of the Income Tax Act, 1961...

Entries in Books of Account not conclusive in determining Income: ITAT holds Lease Rental paid is Revenue in Nature [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that entries in books of account not conclusive in determining income. During the assessment proceedings, the assessee, J.M. Morgan...

Relief to Vodafone India: ITAT allows Sec 80 Deduction on Interest Income and Miscellaneous Income [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal allowed deduction under Section 80 of the Income Tax Act, 1961 on interest income and miscellaneous income, thereby granting relief to M/s....

Failure to Point Out any Error which can be Prejudicial to Interest of Revenue: ITAT quashes the Revisional Order [Read Order]

The Chandigarh bench of the Income Tax Appellate Tribunal (ITAT) quashed the revisional order when PCIT failed to point out any error which can be prejudicial to interest of Revenue. Shri Gurdeep...

Addition under Head of Undisclosed Stock can't be made based on Incomplete Tally Data from discrepancies: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that an addition under head of undisclosed stock can't be made based on incomplete tally data from discrepancies. A survey...

Disallowance without Identifying Expenses on Rental Income not sustainable: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi Bench ruled that disallowance without identifying expenses on rental income not sustainable. This appeal filed by the Revenue is directed...

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