Assessee's Failure to Explain Investment Made in Shares of Paper Company with Exponential Increase of Share Value: ITAT upholds Application of Sec 68
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, upheld the application of section 68, on account...
![No TDS Default on Interest Payments, if Form 15G/15H Submitted by Assessee before Year-end: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/TDS-Default-TDS-Interest-Payments-ITAT-TDS-Default-on-Interest-Payments-taxscan.jpg "No TDS Default on Interest Payments, if Form 15G/15H Submitted by Assessee before Year-end: ITAT [Read Order]")
![Computation of Income resulting in Higher Income is only Difference of Opinion: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Income-Higher-Incom-ITAT-Penalty-TAXSCAN.jpg "Computation of Income resulting in Higher Income is only Difference of Opinion: ITAT deletes Penalty [Read Order]")
![Replacement of Old Tube Light with LED lights is Revenue Expenditure in Hotel Business: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Replacement-of-Old-Tube-Light-Tube-Light-LED-lights-Revenue-Expenditure-in-Hotel-Business-Revenue-Expenditure-Hotel-Business-ITAT-taxscan.jpg "Replacement of Old Tube Light with LED lights is Revenue Expenditure in Hotel Business: ITAT [Read Order]")
Compensation from Builder for Hardship faced during Vacating Flat for Redevelopment is Capital Receipt, Not Taxable: ITAT [Read Order]
In an assessee-friendly ruling, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the compensation received from the builder for facing hardships on vacating the falt for...
![Compensation from Builder for Hardship faced during Vacating Flat for Redevelopment is Capital Receipt, Not Taxable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Compensation-from-Builder-Vacating-Flat-for-Redevelopment-Capital-Receipt-ITAT-TAXSCAN.jpg "Compensation from Builder for Hardship faced during Vacating Flat for Redevelopment is Capital Receipt, Not Taxable: ITAT [Read Order]")
Mere Difference in Sale Price of Shares and FMV Not A Ground to Invoke S. 56(2)(viia) of Income Tax Act: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of section 56(2)(viia) of the Income Tax Act, 1961 is not applicable in a case where there is a mere...
![Mere Difference in Sale Price of Shares and FMV Not A Ground to Invoke S. 56(2)(viia) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Sale-Price-Shares-FMV-Invoke-Income-Tax-Act-ITAT-TAXSCAN.jpg "Mere Difference in Sale Price of Shares and FMV Not A Ground to Invoke S. 56(2)(viia) of Income Tax Act: ITAT [Read Order]")
Partner Lending Loan to Firm out of Bank Term Loan Eligible for Deduction of Net Interest Income u/s 57 of Income Tax Act: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the deduction under section 57 of the Income Tax Act 1961 is allowable towards the net interest income received by the...
![Partner Lending Loan to Firm out of Bank Term Loan Eligible for Deduction of Net Interest Income u/s 57 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Bank-Term-Loan-Net-Interest-Income-Tax-Act-ITAT-TAXSCAN.jpg "Partner Lending Loan to Firm out of Bank Term Loan Eligible for Deduction of Net Interest Income u/s 57 of Income Tax Act: ITAT [Read Order]")
Depreciation on Goodwill cannot be Denied on ground of Adopting DFC Method when AO Accepted Capital Gain Claim for Slump Sale: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the depreciation claim on goodwill cannot be denied merely on ground of adopting discounted cash flow (DFC) method when the...
![Depreciation on Goodwill cannot be Denied on ground of Adopting DFC Method when AO Accepted Capital Gain Claim for Slump Sale: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Goodwill-Denied-ground-Adopting-DFC-Method-Capital-Gain-Claim-Slump-Sale-ITAT-TAXSCAN1.jpg "Depreciation on Goodwill cannot be Denied on ground of Adopting DFC Method when AO Accepted Capital Gain Claim for Slump Sale: ITAT [Read Order]")
Non-Receipt of Notices Uploaded on Income Tax Portal: ITAT Quashes Ex-Parte Order, directs Re-Adjudication [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench has quashed an ex-parte order and directed re-adjudication as the assessee did not get an opportunity to represent his case due to non-receipt of...
![Non-Receipt of Notices Uploaded on Income Tax Portal: ITAT Quashes Ex-Parte Order, directs Re-Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Non-Receipt-of-Notices-Income-Tax-Portal-ITAT-Ex-Parte-Order-Re-Adjudication-TAXSCAN.jpg "Non-Receipt of Notices Uploaded on Income Tax Portal: ITAT Quashes Ex-Parte Order, directs Re-Adjudication [Read Order]")
TDS u/s 195 Not Applicable on Reimbursement of Allowances to Employees Deputed Outside India: ITAT Grants Relief to PII [Read Order]
In a major relief to M/s Petroleum India International (PII), the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that TDS provisions under section 195 of the Income Tax Act is not...
![TDS u/s 195 Not Applicable on Reimbursement of Allowances to Employees Deputed Outside India: ITAT Grants Relief to PII [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/TDS-Reimbursement-of-Allowances-to-Employees-Reimbursement-of-Allowances-ITAT-PII-taxscan-.jpg "TDS u/s 195 Not Applicable on Reimbursement of Allowances to Employees Deputed Outside India: ITAT Grants Relief to PII [Read Order]")