Gujarat FM Kanubhai Mohanlal Desai on GST Compensation: Central Govt. owes ₹ 9,136 Crore
The Central Government owes the Gujarat Government Rs 9,136 crore as compensation for income loss over the past two years under the provisions of the...
![“Loan Given” in Cash Exceeding Prescribed Limit does not attract Penalty u/s 271D of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Loan-Cash-Exceeding-Penalty-Income-Tax-Act-Income-Tax-Tax-ITAT-Taxscan.jpg "“Loan Given” in Cash Exceeding Prescribed Limit does not attract Penalty u/s 271D of Income Tax Act: ITAT [Read Order]")
![Loan obtained in non-gratuitous nature will not fall U/s 2(22)(e): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/Loan-ITAT-taxscan.jpeg "Loan obtained in non-gratuitous nature will not fall U/s 2(22)(e): ITAT [Read Order]")
![Waiver of Principal Loan Amount in Cash cannot be treated as Business Perquisite: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Principal-Loan-Amount-Cash-Business-Perquisite-ITAT-Taxscan.jpg "Waiver of Principal Loan Amount in Cash cannot be treated as Business Perquisite: ITAT [Read Order]")
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...
![Loan amount received through proper Banking Channel and Confirmation Letter also filed: ITAT sets aside Addition as Genuineness of Transaction proved [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Loan-amount-banking-channel-confirmation-letter-ITAT-transaction-taxscan.jpeg "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 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...
![Income Tax Liability wont arise for Unsecured Loan Transactions done by Group Entities: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Income-Tax-Liability-Unsecured-Loan-Transactions-ITAT-taxscan.jpg "Income Tax Liability wont arise for Unsecured Loan Transactions done by Group Entities: ITAT [Read Order]")
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...
![Loan from Close Relatives & Friends cannot be treated as Unexplained to invoke S. 68: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Loan-Close-Relatives-Friends-ITAT-taxscan.jpg "Loan from Close Relatives & Friends cannot be treated as Unexplained to invoke S. 68: ITAT [Read Order]")
Interest from Loan given to related party for Business purpose does not attract section 40A(2)(b) of the Income Tax Act: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the interest received on loan given to related party for business purpose cannot be subjected to provisions of section...
![Interest from Loan given to related party for Business purpose does not attract section 40A(2)(b) of the Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/03/Interest-Loan-party-business-Income-Tax-Act-taxscan.jpg "Interest from Loan given to related party for Business purpose does not attract section 40A(2)(b) of the Income Tax Act: ITAT [Read Order]")
Transport Vehicle Financier liable to pay Vehicle Tax from date of taking Possession for Loan default, rules Supreme Court [Read Judgment]
The Supreme Court has ruled that a financier of a transport vehicle, for which a lease or hypothecation agreement has been entered, is liable to pay tax under the Uttar Pradesh Motor Vehicles...
Addition against Salaried Person towards Loan taken for Foreign Studies of Daughter: ITAT slams Dept for taking a Pedantic Approach [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune bench, while deleting an addition against an individual, held that the department shall adopt a holistic approach and analyse the facts of the case...
![Addition against Salaried Person towards Loan taken for Foreign Studies of Daughter: ITAT slams Dept for taking a Pedantic Approach [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/02/Salaried-Person-Loan-Foreign-Studies-Daughter-ITAT-slams-Dept-taxscan.jpeg "Addition against Salaried Person towards Loan taken for Foreign Studies of Daughter: ITAT slams Dept for taking a Pedantic Approach [Read Order]")
ITAT disallows Fees paid towards Investment Advisory Services as Assessee only furnished Debit Note, no other Documentary Evidences [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has disallowed fees paid towards Investment Advisory Services as assessee only furnished debit note, and no other documentary evidence. ...
![ITAT disallows Fees paid towards Investment Advisory Services as Assessee only furnished Debit Note, no other Documentary Evidences [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/02/ITAT-fees-Investment-Investment-Advisory-Services-assesse-furnished-debit-note-debit-note-Debit-documentary-evidences-Taxscan.jpg "ITAT disallows Fees paid towards Investment Advisory Services as Assessee only furnished Debit Note, no other Documentary Evidences [Read Order]")