ITAT Mumbai held that interest income on External Commercial Borrowings (ECB) is taxable at tax rate provided under Article 11 of Indo Netherlands Tax Treaty and not taxable in terms of Article 7 of the Tax Treaty.
ITAT Kolkata held that as reasons to believe, as recorded by AO, for reopening of the assessment under section 148 of the Income Tax Act is not supplier to the assessee, it will be construed that no valid notice is served and hence the proceedings are liable to be set aside.
ITAT Amritsar held that date of presentation of cheque should be taken as date of payment. Accordingly, payment of employee contribution is deemed to have been made on the date of presentation of cheque.
ITAT Kolkata held that penalty u/s 271(1)(c) of the Income Tax Act not leviable as computation of income resulting into higher income is only a difference of opinion.
ITAT Delhi held that addition of unexplained credit u/s 68 of the Income Tax Act sustained as the appellant failed to provide any explanation with regard to the nature and source of the credit.
ITAT Ahmedabad held that interest income related to FD interest, interest from customer’s receipts and interest income from business advances is eligible for deduction under section 80IAB of the Income Tax Act.
ITAT Pune held that waiver of cash loan by holding company is not income within the purview of section 28(iv) of the Income Tax Act. Accordingly, addition unsustainable.
ITAT Mumbai held that while computing notional rent, rent should be estimated on the basis of municipal rateable value.
ITAT Kolkata held that education cess and Secondary and higher Secondary Education cess being part of the tax is not allowable as deduction.
ITAT Cochin held that amendment to section 40(a)(ia) of the Income Tax Act made by the Finance Act 2020 is retrospective in nature. Accordingly, TDS deposited on or before the due date of filing return u/s 139(1) is allowable.
