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The ITAT Mumbai ruled in favor of Bennett Coleman & Co. Ltd., holding that a further Section 14A disallowance is unwarranted when the assessee’s own disallowance exceeds the exempt income.
ITAT Bangalore held that interest on housing loan is allowed to be included in cost of acquisition of capital asset under section 48 of the Income Tax Act provided the same is not claimed as deduction u/s. 24(b). Accordingly, matter restored back to AO for verification.
Assessee’s remedy lied in recovering the amounts wrongly disbursed through the liquidation process, with the liquidator assisting in such recovery. Upon full satisfaction of the 1st Respondent’s dues, the attachment should stand vacated.
ITAT Chandigarh’s ruling in the CSJ Infrastructure tax case addresses the application of Section 43CA and the tax treatment of interest on land conversion fees.
The NCLAT has rejected an appeal by Technio Business Solutions, citing a lack of credible reasons for a 172-day delay in refiling. The court found the explanations to be baseless.
Learn whether PMS fees can be deducted from capital gains under Section 48 of the Income-tax Act, 1961. This article explains the conflicting judicial views and the required documentation.
It was pertinent to note that assessee was an agriculturist and semiliterate person, not well versed with the income tax proceedings, therefore, it was the duty of AO to apprise him the correct position instead of putting an extra tax liability because of his ignorance.
NCLAT Delhi held that no authorized correspondence brought on record which states that there was agreement between appellant and corporate debtor to cost incurred by appellant would be settled against license fee payable to Corporate Debtor. Thus, argument of appellant rejected.
Calcutta High Court mandates ED to issue fresh summons with predicate offence details in a PMLA case, balancing investigative powers with fair disclosure for appearance.
Kolkata ITAT remands Kaushalya Devi’s capital gains tax appeal to CIT(A) for re-adjudication, citing natural justice after ex-parte dismissal over a land development agreement.
