TDS Credit shall be given for the assessment year for which income is assessable
The Income Tax Appellate Tribunal, Delhi (“the ITAT”) in Archana Airways Ltd v. ITO [I.T.A. No. 8755/DEL/2019 dated November 2, 2022] held that Tax Deduction at Source (“TDS”) credit shall be given to
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Interest paid on belated payments of service tax is allowable for deduction u/s 37(1) IT Act
The Income Tax Appellate Tribunal, Chennai (“the ITAT”) in Prince Holdings Madras (P) Ltd v. Deputy Commissioner of Income Tax [ITA No.: 524/Chny/2021 dated November 2, 2022] held that the interest
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In case of change of AO, newly appointed AO shall continue proceeding from the stage where they were left by earlier AO
The Hon’ble Supreme Court ("the Supreme Court”) in the case of Dy. Commissioner of Income Tax New Delhi v. M/s Mastech Technologies Pvt. Ltd. (Civil Appeal No. No. 8077 OF 2022) dated November 03, 202
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TDS credit to be allowed to Employee even if not deposited by the Employer
The Hon’ble Gujarat High Court in Kartik Vijaysinh Sonavane v. Deputy Commissioner of Income Tax [R/Special Civil Application No. 6193 of 2021 dated November 15, 2021] directed the Income-Tax
Read MoreITAT directed AO to delete the additions made on account of capitalization of royalty expenses as they were revenue in nature
The Hon’ble Income Tax Appellate Tribunal, Delhi (“ITAT”) in the matter of Honda Motorcycle and Scooter India Pvt. Ltd. v. ACIT, Circle: 4 (1) New Delhi [ITA. No. 477/Del/2021 dated November 09, 2021
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Notice for re-assessment quashed by Hon’ble HC, Bombay as the Assessee fully, truly disclosed all material facts
In M/s Ananta Landmark Pvt. Ltd. v. Deputy Commissioner of Income Tax & Ors. [W.P. (C) No. 2814 of 2019 decided on September 14, 2021] Hon’ble Bombay High Court held that for an assessment to be
Read MoreIncome Tax deduction allowed by Karnataka High Court on loss suffered by assessee on Foreign Rate Fluctuation
The Hon’ble Karnataka High Court in P.R Commissioner of Income Tax v. M/s United Spirits Ltd. [I.T.A. No. 548/2015 c/w I.T.A No. 37/2010 decided on September 2, 2021] answered in favor
Read MoreWrong deduction claimed which resulted in reduction of Tax liability can’t amount to concealment of income
In Pr. Commissioner of Income Tax v. Sonu Realtors Private Limited [INCOME TAX APPEAL NO.956 OF 2017 dated October 11, 2021], Pr. Commissioner of Income Tax (“the Appellant”) filed the appeal being
Read MoreRental income from sub-lease shall be considered as Business Income since same was business of assessee
In Shri Shanthilal Movji Bhai Thakker v. The Income Tax Officer [ITA No. 2267-2270/Chny/2019 decided on November 3, 2021] Income Tax Appellate Tribunal, Chennai (“ITAT”) held that rental income from
Read MoreInitiation of Assessment Proceedings can’t be done if no incriminating material seized at time search
The Hon’ble Orissa High Court (“Orissa HC”) in the matter of Smt. Smrutisudha Nayak v. Union of India and Others [W.P. (C) Nos. 10587 OF 2009 dated October 27, 2021], held that assessment proceedings
Read MoreGuarantee commission not ‘Levy’ for the purposes of disallowance under Section 40(a)(iib) of the IT Act
In M/s. Krishna Bhagya Jala Nigam Ltd. v. Assistant Commissioner of Income Tax, Bangalore [ITA 3064 /BANG/2018, decided on November 10, 2021], Hon’ble Income Tax Appellate Tribunal, Bangalore (“ITAT”)
Read MoreShare Transfer with no consideration chargeable to Income Tax
In Shri Rajeev Ratanlal Tulshyan v. Income Tax Officer [I.T.A. No.5748/Mum/2017 & Cross Objection No. No.118/Mum/2018 AY 2014-2015 dated October 01, 2021], the Income Tax Appellate Tribunal (“ITAT”),
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