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Relief to Monster.com: ITAT deletes Addition towards Unmatured Income [Read Order]

Taxscan Team

In the major relief to Monster.com, the Income Tax Appellate Tribunal (ITAT), Hyderabad Bench deleted the addition towards unmatured income. The...

Assessee not liable to pay Income Tax as property belongs to HUF of Assessee and not individual:...

Relief to HSBC Electronic Data Processing: ITAT deletes Addition on account of Unrealized Hedging...

Marriage Gifts / Cash received through Banking Channel cannot be treated as source for Cash...

Cost of Steam transferred from Power division to Sugar division computed was more than the prayer:...

Deduction allowable on Purchase of Old Gold from Customers against Purchase of New Ornaments: ITAT [Read Order]

The Hyderabad bench of Income Tax Appellate Tribunal ( ITAT ) in Dy. Commissioner of Income Tax, Hyderabad v. Kalanikethan Silks Private Limited ruled that, Deduction allowable on Purchase of Old Gold...

Only Ascertained Liability and not Mere Provision, is eligible for Adjustment against Book Profit: ITAT [Read Order]

The Hyderabad Bench of the Income Tax Appellate Tribunal ( ITAT ) in M/s. Southern Power vs. Dy. Commissioner of Income held that Only ascertained liability and not mere provision, is eligible for...

Gift from Daughter through Banking Channel can’t be treated as Unexplained: ITAT [Read Order]

In Padmalatha Tama vs. Income Tax Officer, the Hyderabad Bench of the Income Tax appellate tribunal (ITAT) held that gift from daughter through banking channel can’t be treated as unexplained. The...

Loan Waiver Benefit consequent to One-Time Settlement is Capital in Nature: ITAT [Read Order]

In Income Tax Officer vs. Tini Pharma Ltd., the Hyderabad bench of Income Tax Appellate Tribunal ( ITAT ) held that loan waiver benefit consequent to one-time settlement is capital in nature. The...

UPS can be considered as Computer If it is Connected to ATM Machine or a Computer: ITAT allows 60% Depreciation [Read Order]

The Hyderabad bench of Income Tax Appellate Tribunal (ITAT) recently held that UPS can be considered as a computer if it is connected to the ATM machine or a computer and accordingly allowed...

Surcharge and Education Cess can be Calculated after Deducting the MAT Credit from Assessed Income: ITAT Hyderabad [Read Order]

The Income Tax Appellate Tribunal (ITAT) Hyderabad bench, on Friday held that Surcharge and Education Cess should be calculated only after deducting the MAT credit under Section 115JAA of the Income...

TDS is Payable on Payment of Non-Competent Fee when Assessee treated the same as Business Expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal Hyderabad bench recently ruled that TDS is payable on payment of Non-Competent Fee when Assessee treated the same as Business Expenditure. The Tribunal bench...