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ITAT Ahmedabad held that when interest free funds are available with the assessee, it can be said that investments are made out of interest free funds and hence disallowance under section 36(1)(iii) of the Income Tax Act not justifiable.
Explore the tax implications of winnings from online gaming platforms like Dream11 in India. Learn about the classification of income, taxation rates, TDS deductions, reporting requirements, and compliance measures. Ensure accurate filing to avoid penalties.
In this article, we will delve into the details of Form 35 CIT Appeal, exploring its significance, the process involved, and key considerations for taxpayers.
ITAT Chennai held that addition under section 69 of the Income Tax Act sustained as no corroborative evidence produced to prove the source for the cash deposits during demonetization period.
ITAT Chennai held that addition u/s 69 towards unexplained money sustained on failure to explain the source of the cash deposits with necessary evidences.
ITAT ruled that capital gains on sale of unlisted shares by a non-resident must be computed strictly as per Section 112(1)(c)(iii) of Income Tax Act without considering computation provisions under Section 48.
Andhra Pradesh High Court held that department cannot pass order under section 5 of the Prevention of Money Laundering Act, 2002 (PML Act) without recording of proper reasons. Accordingly, the order attaching the accounts is set aside.
ITAT Mumbai held that foreign tax credit duly available even if form no. 67 is filed along with the revised return as the form is filed before the completion of the assessment.
ITAT Mumbai held that AO took the plausible view of granting the benefit of mutuality after due application of mind. Accordingly, revisional jurisdiction u/s 263 cannot be invoked merely because PCIT may entertain a different view in the matter.
ITAT Chennai held that for invoking provisions of section 40A(2)(b), AO has to bring on record some comparable cases of similar nature to allege that hire charges paid by the assessee is unreasonable and excessive, when compared to market rates. In absence of the same, addition is unsustainable.
