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Housing Loan and Interest Paid thereon for Construction of Rented House Eligible for Deduction u/s 2(24)(b) of Income Tax Act: ITAT [Read Order]

Income Tax Appellate Tribunal (ITAT) Kolkata Bench ruled that the housing loan and interest paid for construction of the rented house is eligible for...

CAM Charges Not Part of Rent, No TDS Default: ITAT grants Relief to BIBA [Read Order]

ITAT Weekly Round-Up

Purchase of Own Share under Buy-Back Scheme would not attract 56(2)(viia) of Income Tax Act: ITAT...

No Interest Leviable on Joint Venture Company for filing ITR and Form 3CEB on Last Date of Return...

Assessee shall file Rectification Application to Rectify Typographical Errors in ITR, Not Appeal: ITAT [Read Order]

The Income Tax Appellate Tribunal Recently held that assessee should file a rectification application to rectify typographical errors in Income Tax Return hence the assessee could not prefer appeal...

Capital Gain Exemption u/s 54 Not Allowable in cases where Builder has not Started Construction: ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has recently held that capital gain exemption under Section 54 is not allowable in cases where the builder has not started construction of...

Payment by Oxford University Press towards “School Support Services” for Referring Students constitutes “Brokerage”, TDS Applicable: ITAT [Read Order]

Income Tax Appellate Tribunal (ITAT), Mumbai Bench recently held that payment by Oxford University press towards school support services for referring students constitute brokerage. Assessee...

AO shall consider Valid Revised Return while Completing Assessment: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT)has held that the Assessing Officer should consider a valid revised return while completing the assessment. The assessee, Rohit Infra...

ITAT Allows NRI to Rectify Income Tax Return after 7 Years as Tax Benefit was Not Claimed by Mistake [Read Order]

Income Tax Appellate Tribunal (ITAT) recently allowed non -resident Indian (NRI) vto rectify Income Tax Return after seven years as tax benefit was not claimed by mistake. P.R.Mohanty who had...

Scholarship to Student Not Associated with Company for Any Commercial or Business Purpose Not Allowable as Deduction: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the scholarship to student not associated with the company for any commercial or business purpose would not be allowed as...

Repayment of Loan in Cash in excess of Rs.20,000: ITAT upholds Penalty u/s 271E of Income Tax Act [Read Order]

The Pune Bench of Income Tax Appellate Tribunal (ITAT) has upheld the penalty imposed under Section 271E as the repayment of loan in cash had exceeded Rs. 20,000. In the instant case...

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