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Foreign Exchange Loss incurred for Converting Loan to Foreign Currency allowable as Business Loss: ITAT [Read Order]

Siva Lakshmi M

The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, held that the loss incurred in foreign exchange for converting loan to foreign currency is...

Interest Income from Loan Extended Against Mortgage of Properties would not Constitute Rental...

Relief to Rajasthan Financial Corporation, Service Charges for Prepaid or foreclosure of loan by...

Accepting of Share Application Money is Not “Loan” u/s 269SS of the Income Tax Act, No Penalty: ITAT...

Gujarat FM Kanubhai Mohanlal Desai on GST Compensation: Central Govt. owes ₹ 9,136 Crore

“Loan Given” in Cash Exceeding Prescribed Limit does not attract Penalty u/s 271D of Income Tax Act: ITAT [Read Order]

The Indore bench of Income Tax Appellate Tribunal ( ITAT ) recently held that in case of “loan given” Penalty under section 271D Income Tax Act 1961 would be invalid. The fact of the case is that...

Loan obtained in non-gratuitous nature will not fall U/s 2(22)(e): ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that a loan obtained of non-gratuitous nature will not fall under section 2(22)(e) of the Income Tax Act,1961. The assessee,...

Loan to Director due to Urgent need of Finance in Company, reflected in Books will not attract S. 269SS: ITAT deletes Penalty

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the loan to the Director due to urgent need of finance in the Company which is duly reflected in the journal entries will not...

Waiver of Principal Loan Amount in Cash cannot be treated as Business Perquisite: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the waiver of principal loan amount in cash cannot be treated as business perquisite under section 28(iv) of the Income Tax...

Loan amount received through proper Banking Channel and Confirmation Letter also filed: ITAT sets aside Addition as Genuineness of Transaction proved [Read Order]

Income Tax Appellate Tribunal (ITAT), Chennai sets aside addition as genuineness of transaction was proved by assessee as loan amount was received through proper banking channel and confirmation...

Income Tax Liability won't arise for Unsecured Loan Transactions done by Group Entities: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Mumbai Bench has held that income tax liability won't arise for unsecured loan transactions done by group entities. The Assessing Officer received...

Loan from Close Relatives & Friends cannot be treated as 'Unexplained' to invoke S. 68: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the loan taken from close relatives and friends cannot be treated as unexplained cash credit in order to attract section 68. A...

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