Non-Filing of Creditor’s ITR Alone Not Enough to Make Income Tax Additions: Patna High Court
The Patna High Court has held that non-filing of creditor’s Income Tax Returns (ITR) alone is not enough to make income tax additions under...
ESOP Holders, Overseas Income Face High Risk of Black Money Act Action
Tax experts have issued a strong warning to Indian resident employees of multinational companies (MNCs) who hold Employee Stock Option Plans (ESOPs) or any...
Donations Qualifying U/s 80G Deduction Don’t Lose Eligibility Merely For It Being CSR: ITAT
The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has held that donations qualifying under Section 80G of the Income Tax Act, 1961...
Non Compete Fee Can Be Claimed As Revenue Expenditure: SC
The Supreme Court has held that non-compete fees can be claimed as revenue expenditure under Section 37(1) of the Income Tax Act, 1961.The bench...
Tax on Exempt Disability Pension Must Be Refunded, Limitation Under CBDT Circular Can’t Defeat Statutory Right: Gujarat HC
The Gujarat High Court while reinforcing the tax exemption available to disabled armed forces personnel has quashed an order of the Income Tax Department...
Same Income Can’t Be Taxed Twice: ITAT Patna Quashes Rs. 2.05 Crore Addition
The Patna Bench of the Income Tax Appellate Tribunal (ITAT) has set aside an addition of over Rs. 2.05 crore made under Section 69A...
S. 80P(4) Can’t Be Used to Deny S. 80P(2)(d) Deduction on Interest Earned From Cooperative Banks by Non-Bank Cooperative Societies: Sikkim High Court
The Sikkim High Court has held that Section 80P(4) under the Income Tax Act, 1961 cannot be used to deny deduction under Section 80P(2)(d)...
Income Tax Appeal on Interest Deduction for Share Investments Rejected: Madras High Court
The Madras High Court has dismissed an appeal filed by the Income Tax Department reiterating that no disallowance of interest expenditure can be made...
Simultaneous Deductions Under S. 80-IA, 80-HHC Upheld: Madras High Court
The Madras High Court has dismissed an appeal filed by the Income Tax Department and upheld the right of an assessee to claim deductions...
Rural Branch Bad Debt Deduction Must Be Based on Aggregate Monthly Outstanding Advances, Not Incremental Lending: Madras HC
The Madras High Court has held that Co-operative Bank’s rural branch bad debt deduction must be based on aggregate monthly outstanding advances and not...
Reassessment for Excess S. 80HHC Deduction Claim Upheld: Madras High Court
The Madras High Court has upheld the validity of reassessment proceedings initiated by the Income Tax Department against a textile exporter, ruling that reopening...
Courts Must Not Show Extra Leniency To State For Lethargic Delays in Filing SLPs: SC
The Supreme Court has dismissed special leave petitions (SLPs) filed by the Income Tax Department refusing to condone an extraordinary delay of nearly 900...
India–UK Tax Treaty Applies to Dividend Distribution Tax: Bombay High Court
The Bombay High Court at Goa has held that Dividend Distribution Tax (DDT) is effectively a tax on dividend income of shareholders and therefore...
Supreme Court Clarifies On Income Tax Deduction of Head Office Expenses by Foreign Companies
The Supreme Court clarified the scope of deductions available to non-resident entities for expenses incurred by their foreign head offices but claimed against Indian...
File Rectification Application Before ITAT Within 6 Months: Bombay High Court
The Bombay High Court has held that the six-month period for filing a rectification application before the Income Tax Appellate Tribunal (ITAT) under Section...
Approval U/s 153D Must Reflect Application Of Mind: Bombay HC
The Bombay High Court has dismissed an income tax appeal filed by the Revenue, holding that approval granted under Section 153D of the Income...
Addition Alleging ‘Under Reporting’ Of Rental Income Citing Info Available On Sulekha.Com Is Unsustainable: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the Income Tax addition alleging ‘under reporting’ of rental income citing info...
S. 263 Can’t Override Valid Approval Under S. 153D: ITAT Quashes PCIT’s Revision Order
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has quashed a revision order passed by the Principal Commissioner of Income Tax (Central),...
Delay in Filing Form 10B is Procedural: S. 11 Exemption Can’t Be Denied on Technical Grounds: AP HC
The Andhra Pradesh High Court has held that delay in filing Form 10B is procedural and exemption under Section 11 of the Income Tax...
Dividend, Bank Interest & SDF Service Charges Not Eligible for Section 36(1)(viii) Deduction: SC
The Supreme Court has ruled that dividend income, interest earned on short-term bank deposits, and service charges received for administering Sugar Development Fund (SDF)...
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