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Income Tax Penalty u/s 271C Not Leviable on a Non-Taxable Entity formed by an Act of Govt: ITAT grants Relief to Yes Bank [Read Order]

The Dehradun Bench of Income Tax Appellate Tribunal has granted relief to Yes Bank holding that the income tax penalty could not be levied under...

Section 43B of Income Tax Act Not applicable to Service Tax Liability: ITAT [Read Order]

Income Tax Return filed with Defect and Consequent Intimation u/s.143(1) is Invalid: ITAT [Read...

AO cannot Work Out Disallowance of Miscellaneous Expenditure on Guess Work Basis: ITAT [Read Order]

Relief to Air India: ITAT Upholds Order allowing Unusable Old Inventory of Spares and Parts as Loss...

No Violation of Section 13(1)(c) in respect of Civil Contract awarded to a Firm in which Managing Trustee of Trust is Proprietor, Exemption u/s 11 allowable: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has held that exemption under section 11 is allowable when there is no violation of section 13(1)(c) of the Income Tax Act since the civil...

Interest Income Earned by Co-operative Society from Another Cooperative Bank Eligible for Income Tax Deduction u/s. 80P (2)(d): ITAT [Read Order]

Income Tax appellate tribunal (ITAT) of Chennai Bench recently held that interest income earned by cooperative society from another cooperative bank eligible for Income Tax Deduction under section...

Interest Income earned by Co-operative Societies Eligible for Income Tax Deduction: ITAT [Read Order]

In a recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that Interest Income earned by Co-operative Societies is eligible for Income Tax Deduction. Amore Commercial...

Appeal filed after 4 Years cannot be Condoned without Valid Reason: ITAT [Read Order]

The Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently held that Appeal filed after four years could not be condoned without valid reason. Assessee Hrishikesh Mega Township (P) Limited...

Mere Securing a House on Rent in USA is not conclusive fact that Assessee is US Resident to Allow DTAA Benefit: ITAT [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that mere securing a house on rent in the USA is not the conclusive fact that the assessee is a US resident to allow DTAA benefit....

Capital Gain Exemption u/s 54 Allowable Even If Sale was Completed After Purchase of New Property: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption under Section 54 of the Income Tax Act 1961 would be allowed even if the sale was completed after...

Hedging Transactions in ‘Non-Cleared Securities’ are Not Illegal: ITAT deletes Disallowance [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal has deleted the disallowance holding that the hedging transactions in non-cleared securities were not illegal. The assessee, Atul C. Vyas had...

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