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Discount on Issue of ESOP Deductible from Business Income: ITAT grants Relief to Morgan Stanley [Read Order]

In a major relief to Morgan Stanley Advantage Services Pvt. Ltd, a division bench of the Mumbai bench of the Income Tax Appellate Tribunal (ITAT)...

Penalty u/s 271(1)(c) not applicable when Income Computed on Estimated Basis: ITAT [Read Order]

Skill Development is akin to providing Education: ITAT holds Assessee eligible for Registration u/s...

Addition of Unaccounted Sales is not sustained in absence of Cogent Material: ITAT [Read Order]

Depreciation not allowable for Expenditure availed on Professional or Legal Services which don’t...

Mere Disallowance of Claim u/s 54F will not attract Penalty u/s 271(1)(c): ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench has held that mere disallowance of the claim under section 54F will not attract a penalty u/s 271(1)(c). During assessment proceedings, the...

Excise Duty Exemption is Capital Receipt, neither chargeable to Income Tax nor categorised under Book Profit: ITAT [Read Order]

The Kolkata Bench, of the Income Tax Appellate Tribunal, held that excise duty exemption is a capital receipt which neither chargeable to Income Tax nor categorised under book profit. The assessee...

Set off of Income under ‘House Property’ against Loss is not allowable to Closed Business: ITAT [Read Order]

The Bangalore Bench, of the Income Tax Appellate Tribunal, held that set-off of income under ‘house property’ against loss is not allowable to a closed business. The assessee was represented by...

Hospitals need to deduct TDS u/s 194J for Payments to Doctors engaged as Retainers and Consultants: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the hospitals shall deduct TDS under section 194J of the Income Tax Act, 1961 in respect of the payments made to doctors...

Tax Liability is calculated based on Cost of Acquisition u/s 49(1) When Property acquired as Gift or Will: ITAT [Read Order]

The Income Tax Appellate Tribunal, Hyderabad Bench has held that when the property is acquired as a gift or will, the tax liability is calculated based on the cost of acquisition u/s 49(1) of the...

Debiting Service Tax in Profit and Loss Account cannot be reason for treating that Assessee has not Credited receipts in its Books: ITAT [Read Order]

Debiting service tax in profit and loss account cannot be reason for treating that assessee has not credited receipts in its books, so was Income Tax Appellate Tribunal (ITAT), Ahmedabad. The...

Relief to Times Internet: Consultation Fee paid to EY Allowable as Expenditure, rules ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench, while allowing relief to Times Internet, allowed the consultation fee paid to EY as business expenditure under the provisions of the Income Tax...

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