![Disallowance u/s 14A of Income Tax Act not available in respect of Investments not yielding Tax-Free Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Mumbai-Income-tax-Tax-Free-Income-Tax-free-income-investments-TAXSCAN.jpg "Disallowance u/s 14A of Income Tax Act not available in respect of Investments not yielding Tax-Free Income: ITAT [Read Order]")
Disallowance u/s 14A of Income Tax Act not available in respect of Investments not yielding Tax-Free Income: ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that disallowance under section 14 A of the Income Tax Act, 1961 is not available...
![No Order can be Passed in Name of Non-Existent Entity: ITAT quashes Income Tax Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-ITAT-Mumbai-Income-Tax-Assessment-Order-Order-Passed-Non-Existent-Entity-Income-Tax-Income-Tax-Update-Taxscan.jpg "No Order can be Passed in Name of Non-Existent Entity: ITAT quashes Income Tax Assessment Order [Read Order]")
![ITAT directs to verify Peak Credits in Undisclosed Bank Account of ICICI Bank [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-Delhi-Income-tax-Tax-news-ICICI-Bank-Undisclosed-Bank-Account-taxscan.jpg "ITAT directs to verify Peak Credits in Undisclosed Bank Account of ICICI Bank [Read Order]")
![No addition is Permitted u/s 68 of Income Tax Act as Unsecured Loan when Cash Deposits in Bank A/c of Lender Firm is Accepted: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-Income-Tax-Act-Section-68-of-the-Income-Tax-Act-Income-Tax-Tax-news-Taxscan.jpg "No addition is Permitted u/s 68 of Income Tax Act as Unsecured Loan when Cash Deposits in Bank A/c of Lender Firm is Accepted: ITAT [Read Order]")
STCL Off settable Against STCG across Assets Regardless of Tax Rate Disparity u/s 70 (2) of Income Tax Act: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that Short Term Capital Loss ( STCL ) offsettable against Short Term Capital Gain ( STCG ) across assets regardless of tax rate...
![STCL Off settable Against STCG across Assets Regardless of Tax Rate Disparity u/s 70 (2) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Income-tax-Tax-rate-disparity-Short-term-capital-loss-Short-term-capital-gain-taxscan.jpg "STCL Off settable Against STCG across Assets Regardless of Tax Rate Disparity u/s 70 (2) of Income Tax Act: ITAT [Read Order]")
Relief to Indian Oil Employees Welfare: ITAT rules Interest Income to Cooperative Society from Investment with any Other Cooperative Society Deemed allowable u/s 80P [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that interest income to a cooperative society from investments with any other cooperative society is deemed allowable under...
![Relief to Indian Oil Employees Welfare: ITAT rules Interest Income to Cooperative Society from Investment with any Other Cooperative Society Deemed allowable u/s 80P [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Income-Tax-Cooperative-Society-Indian-Oil-taxscan.jpg "Relief to Indian Oil Employees Welfare: ITAT rules Interest Income to Cooperative Society from Investment with any Other Cooperative Society Deemed allowable u/s 80P [Read Order]")
Waiver of Loan for Acquiring Capital Assets cannot be taxed as a Perquisite u/s 28 (iv) of Income Tax Act: ITAT [Read Order]
In a recent ruling the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that the waiver of loan for acquiring capital assets cannot be taxed as a perquisite under Section 28 (iv)...
![Waiver of Loan for Acquiring Capital Assets cannot be taxed as a Perquisite u/s 28 (iv) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Income-Tax-Waiver-of-Loan-TAXSCAN.jpg "Waiver of Loan for Acquiring Capital Assets cannot be taxed as a Perquisite u/s 28 (iv) of Income Tax Act: ITAT [Read Order]")
Interest Expenditure of Tonnage Tax Business has to be Excluded while Computing Disallowance under Rule 8D (2): ITAT Directs to Delete Disallowance [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) directed the deletion of disallowance as it ruled that interest expenditure related to Tonnage Tax Business must be excluded when...
![Interest Expenditure of Tonnage Tax Business has to be Excluded while Computing Disallowance under Rule 8D (2): ITAT Directs to Delete Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Income-Tax-Interest-Expenditure-TAXSCAN.jpg "Interest Expenditure of Tonnage Tax Business has to be Excluded while Computing Disallowance under Rule 8D (2): ITAT Directs to Delete Disallowance [Read Order]")
Transfer of Development Rights between two Partnership Firms not Taxable under Capital Gains from Partners: ITAT [Read Order]
The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) held that transfer of development rights between two partnership firms is not taxable under the capital gain from partners. The...
![Transfer of Development Rights between two Partnership Firms not Taxable under Capital Gains from Partners: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Capital-Gains-Income-Tax-TAXSCAN.jpg "Transfer of Development Rights between two Partnership Firms not Taxable under Capital Gains from Partners: ITAT [Read Order]")
Income from Housing Finance for Non-Residential purposes not eligible for Deduction u/s 36(1)(viii) of Income Tax Act: ITAT [Read Order]
The Two member bench of Income Tax Appellate Tribunal (ITAT) of Mumbai ruled that Income From housing finance for non residential purposes not eligible for deduction under Section 36(1)(viii) of...
![Income from Housing Finance for Non-Residential purposes not eligible for Deduction u/s 36(1)(viii) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Income-Housing-Finance-Residential-purposes-deduction-us-361viii-Income-Tax-Act-ITAT-TAXSCAN.jpg "Income from Housing Finance for Non-Residential purposes not eligible for Deduction u/s 36(1)(viii) of Income Tax Act: ITAT [Read Order]")
Income from Transfer of Channels being an Asset Outside India not Taxable u/s 9(1)(i) Income Tax Act: ITAT deletes Addition [Read Order]
The two member bench of Delhi Income Tax Appellate Tribunal ( ITAT ) comprising Amit Shukla ( Judicial Member ) and Padmavathy S. ( Accountant Member ) while deleting the addition held that Income...
![Income from Transfer of Channels being an Asset Outside India not Taxable u/s 9(1)(i) Income Tax Act: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/Income-Tax-ITAT-ITAT-Delhi-Asset-transfer-taxation-International-asset-taxation-taxable-channel-transfer-taxscan.jpg "Income from Transfer of Channels being an Asset Outside India not Taxable u/s 9(1)(i) Income Tax Act: ITAT deletes Addition [Read Order]")