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Interest Income

Notional Interest cannot be Taxed on Funds Provided to Subsidiary when no Interest Paid: ITAT Dismisses Appeal against Shoppers Stop [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ), has dismissed the revenue’s appeal against Shoppers Stop. It had deleted an addition made...

Interest Income Earned by Cooperative Society from Surplus Funds Invested in Cooperative Banks is...

Deduction u/s 57 for Bank Charges allowable as it Relates to Interest Income: ITAT Allows Claim...

Co-operative Society Entitled to Claim Deduction u/s 57 for Expenditure Incurred on Interest Income...

Cash Deposits of ₹1.31 Lakh During Demonetisation Treated as Unexplained Income: ITAT Deletes...

ITR Filing 2025: ICAI’s guide on Pre-requisites and Documentation for ITR-1 Filing

ITR-1 is the most popular income tax return form. It is mostly used among the salaried taxpayers. The form applies to residents (excluding "not ordinarily resident") whose total income does...

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

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that quantum of expenditure was not relevant for granting registration under section 12AB and holds genuineness of object...

Assessee Denied Chance to Present Case on TDS Credit for Client Funds, ITAT Rules for Fresh Hearing [Read Order]

The Income Tax Appellate Tribunal (ITAT), Lucknow Bench, has set aside three appellate orders concerning the assessment years 2014–15, 2015–16, and 2016–17, after holding that the assessee was not...

ITAT Grants ₹203 Cr Tax Relief to Genpact India u/s 10AA for Interest Income, Forex Gains, and Export-Linked Expenses [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT) granted ₹203 crore tax relief to Genpact India under Section 10AA of the Income-tax Act,1961, holding that interest income, foreign exchange ...

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

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the deduction of prior-period interest expenses for the appellant, holding that there was no loss to the revenue as the lender...

Interest Income from Cooperative Banks Eligible for Deduction u/s 80P(2)(d): ITAT allows deduction of Rs. 35 lakhs [Read Order]

The Pune bench of the Income Tax Appellate Tribunal ( ITAT ) held that the interest income that is derived from the cooperative banks is eligible for deduction under Section 80P(2) of the Income Tax...

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...