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Interest Income

Quantum Of Expenditure Not Relevant for Purposes of S.12AB Registration: ITAT Holds Genuineness of Object, directs to Grant Registration [Read Order]

Franklin Joshva

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that quantum of expenditure was not relevant for granting registration...

Assessee Denied Chance to Present Case on TDS Credit for Client Funds, ITAT Rules for Fresh Hearing...

ITAT Grants ₹203 Cr Tax Relief to Genpact India u/s 10AA for Interest Income, Forex Gains, and...

ITAT Allows Prior-Period Interest Deduction Citing No Revenue Loss [Read Order]

Interest Income from Cooperative Banks Eligible for Deduction u/s 80P(2)(d): ITAT allows deduction...

CBDT Introduces Ten-Year Zero Coupon Bond by Power Finance Corporation Ltd. with Tax Benefits [Read Notification]

The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has issued Notification No. 19/2025, dated March 11, 2025, under the Income Tax Act, 1961. This notification specifies the...

ITAT Ahmedabad upholds Classification of Interest Income from Employee Loans as Business Income [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has delivered a noteworthy decision, affirming the classification of interest income from employee loans as "business income." In a...

GST Demand on Non-Taxable Receipts: Madras HC Dismisses petition on Availability of statutory remedy [Read Order]

The High Court of Madras dismissed the writ petition challenging the Goods and Service Tax (GST) demand on non-taxable receipts, citing the availability of a statutory remedy.Ragem Motors,...

Eligibility of interest income for deduction u/s 80P(2)(a)(i): ITAT remits matter to AO [Read Order]

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) remitted the matter back to the Assessing Officer (AO) to verify the eligibility of interest income for deduction under Section...

Interest Income classified as Business Income: ITAT grants allowance of Related Expenses [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that interest income earned by the assessee should be classified as business income, granting the allowance of related expenses. ...

Interest Income from Deposits with Co-operative Banks qualifies for Deduction u/s 80P(2)(d) of Income Tax Act: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that interest income earned from deposits with co-operative banks qualifies for a deduction under Section 80P(2)(d) of the Income...

Incomplete Interest Income Verification: ITAT Orders Revaluation of Co-op Society's 80P Deduction Eligibility [Read Order]

Recently, the Bangalore bench of Income Tax Appellate Tribunal (ITAT) ordered the reevaluation of a Co-Operative Society’s income tax deduction eligibility under section 80P of the Income Tax Act...