The key dispute centered around the disallowance of deductions under section 48(ii) of the Income Tax Act related to the indexed cost of interest paid for the acquisition of a property sold by the assessee.
ITAT Delhi held that broadcasting “Live events” does not amount to a work in which copyright subsists i.e., “Live Rights”, is not “copyright” and therefore any payment made thereto can’t be said to be chargeable to tax as royalty under section 9(1)(vi).
ITAT Mumbai held that revision under section 263 of the Income Tax Act unjustified as AO while allowing the exemption in the order passed under section 144 r.w.s.263 has taken a possible view upon verifying the details available on record.
Explore Income Tax Act Section 10(10D) exemptions for life insurance maturity payouts. Understand criteria, amendments, and implications.
The burden lies on the assessee to explain each day of the delay, and the tribunal underscored that the appellant did not substantiate her claims adequately. The reasons for the delay were deemed not bona fide and reasonable, leading to the rejection of the appeal for condonation of delay.
Explore the latest Customs Exchange Rates in India for 2024 issued by the Ministry of Finance. Stay updated on foreign currency conversions for imported and export goods.
Discover the latest financial services notified by the Ministry of Finance in International Financial Service Centres. Learn about book-keeping, accounting, taxation, and financial crime compliance services.
Read ITAT Mumbai’s order in Mitren Natvarlal Thakkar vs. DCIT case. Assessing typographical errors, ITAT dismisses tax evasion claims. Details in the full text.
Explore ITAT Ahmedabad’s order in DCIT vs. Vimal Kanubhai Patel case. Onus on Income Tax Dept to provide evidence for taxing foreign bank credits of NRI. Full text available.
Allahabad High Court, in case of R.C. Infra Digital Solutions vs Union of India, has recently upheld validity of Notification No. 14/2017-Central Tax, affirming legality of appointments and powers of officers.
