section 37(1) - Page 3

Interest on Margin facility & late Payment to Brokers allowable: ITAT Ahmedabad

Swing Infraspace P. Ltd. Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad has allowed a review petition in the Swing Infraspace case, overturning disallowances of expenses. Read the full text of the order here....

ITAT Upholds Addition on LTCG Under Section 50C for Unregistered Deeds

Hari Mittar Yadav Vs ITO (ITAT Mumbai)

ITAT Mumbai decision in Hari Mittar Yadav vs. ITO: Confirmation of addition on LTCG under Section 50C based on unregistered deeds entered on judicial stamp papers....

ITAT Directs Rehearing due to Notice Sent to Wrong Address

Grand Venezia Commercial Towers Pvt. Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi's decision in the case of Grand Venezia Commercial Towers Pvt. Ltd. regarding hearings notice sent to wrong address. Detailed analysis and conclusion....

Payment to Retiring Partner is Capital Expenditure: ITAT

ITO Vs Sarsan Developers (ITAT Pune)

Payments made as part of a settlement agreement regarding relinquishment of partnership interests are capital expenditures ITAT Pune in ITO Vs Sarsan Developers...

ITAT Directs Submission of Sales Tax Challan for Payment Proof

Jay Polychem India Ltd Vs ACIT (ITAT Delhi)

Read about the ITAT Delhi's direction to submit sales tax documents within 6 months. Analysis of the case between Jay Polychem India Ltd and ACIT....

Club Admission Fees for Corporate Membership for business purposes: Revenue, Not Capital Expenditure

 Swiss Re Services India Pvt Ltd Vs DCIT (Bombay High Court)

Admission fees paid to a club towards corporate membership would be a revenue expenditure because it had been incurred wholly and exclusively for the purposes of business and not towards capital account....

Disallowance u/s 14A cannot be more than exempt income

Sara International Private Limited Vs ACIT (ITAT Delhi)

ITAT Delhi held that it is settled principle of law that the disallowance under section 14A of the Income Tax Act cannot exceed the exempt income....

Income derived from twin land transactions treated as business income

Vasant Haribhau Gaikwad Vs ITO (ITAT Pune)

ITAT Pune held that income derived from twin land transactions deserves to be treated as ‘business income’ and cannot be treated as ‘capital gains’....

‘Mark to Market’ loss on forward and further contracts are not contingent in nature

ACIT Vs Sopra India Pvt. Ltd. (ITAT Delhi)

ITAT Delhi held that ‘mark to market’ loss on future and forward contracts are not notional loss of contingent nature. Accordingly, foreign exchange fluctuation loss as claimed by the assessee allowed....

ITAT Upholds Penalty on Charitable Institution for Tax Audit Violation

Vakrangee Foundation Vs Assessing Officer (ITAT Raipur)

Vakrangee Foundation faces a penalty for non-compliance with tax audit provisions under Section 44AB. ITAT rules that Section 2(15) does not exempt charitable institutions....

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