Read all Latest Updates on and about Judicial Member N.V.Vasudevan

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Acquisition of Capital Asset isn’t for extension of Existing Business: ITAT deletes disallowance of Interest [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench while deleting the disallowance of interest held that the acquisition of the capital asset...

Registration has to be granted if no evidence to show activities of Trust are not being carried out...

Exclusion of Comparables based on Turnover is valid: ITAT [Read Order]

Mere License to Enter the Property for Carrying Out Development not ‘Transfer’ for imposing Capital...

Mere sustaining of addition on the basis of Entries in the Credit Card Account would not attract...

License Fee collected by Tenant while Sub-Letting Property is not Assessable as House Property Income: ITAT [Read Order]

Income Tax Appellate Tribunal (ITAT), Kolkata bench recently held that the License Fee collected by the tenant while sub-letting the property should be assessed under the head business income and...

ITAT allows Claim towards Leave Encashment since the HC Order Invalidating S. 43(F) not stayed by SC [Read Order]

Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently quashed the order passed by the lower authorities disallowing the claim of the assessee towards leave encashment for the reason that the...

Investment Shown under the head ‘Current Asset’ in the balance Sheet can’t be treated as Unexplained: ITAT [Read Order]

Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently held that if the assessee has disclosed investment under current assets in the balance sheet, then the same cannot be treated as...

Materials used in Third Party Premises cannot be used against the assessee in section 153A assessments: ITAT [Read Order]

The Income Tax Appellate Tribunal recently ruled that Materials used in third party premises cannot be used against the assessee in section 153A of the Income Tax Act assessments. The tribunal bench...

Amount Incurred towards Optic Fibre Cables is Revenue Expenditure since it was incurred on a recurring basis and there is no enduring Value Benefit: ITAT [Read Order]

The Income Tax Appellate Tribunal recently held that the amount incurred towards optic fiber cables is revenue expenditure under the Income Tax Act since it was incurred on a recurring basis and there...

No TDS on Interest Paid to NBFC which is also Engaged in Business of Insurance: ITAT [Read Order]

The Income Tax Appellate Tribunal recently proclaimed that the provisions relating to TDS would not be applicable in case of interest paid to a Non-Banking Finance Companies (NBFC) which is also...

Loss derived from Trading in Derivatives carried out prior to 25.01.2006 can’t be treated as Speculative Loss: ITAT [Read Order]

Kolkata bench of Income Tax Appellate Tribunal ( ITAT ) has recently held that loss derived from trading in derivatives carried out prior to 25/01/2006 cannot be treated as speculative loss and it...