Income Tax Deduction Allowable To Interest Income 'Attributable' To Cottage Industry Business: ITATCase Title: Potheri Village Weaning Food Manufacturing Womens Development Industrial Coop Versus ITOThe Chennai bench of Income Tax Appellate Tribunal (ITAT) has held that the income tax deduction allowable to interest income 'attributable' to cottage industry business.Gift Received...
Income Tax Deduction Allowable To Interest Income 'Attributable' To Cottage Industry Business: ITAT
Case Title: Potheri Village Weaning Food Manufacturing Womens Development Industrial Coop Versus ITO
The Chennai bench of Income Tax Appellate Tribunal (ITAT) has held that the income tax deduction allowable to interest income 'attributable' to cottage industry business.
Gift Received From Non-Resident Brother Is Exempt From Taxation In India : Mumbai ITAT
Case Title: Abul Wais Abdus Salam versus ITO
Finding that Assessee has proved identity, creditworthiness and genuineness of the gift received as well as relationship with donor, the Mumbai ITAT held that gift from brother is not chargeable to tax in the hands of the assessee being relative of the donor.
Case Title: ACIT versus First Advantage Pvt Ltd
Referring to the decision in case of DCIT v/s M/s First Advantage Private Limited [ITA No. 6659/Mum/2013], the Mumbai ITAT held that software license expenses incurred by assessee to carry out its routine operations in a more efficient manner, has to be treated as revenue expenditure.
Case Title: Sonal Samit Vartak versus ITO
Referring to the decision of the Bombay High Court in case of Sarfaraz S. Furniturewall [Writ Petion No. 4958 of 2024], the Mumbai ITAT held that rehabilitation allowance paid by the developer to its resident customer who had suffered hardship due to dispossession on account of re-development, cannot be treated as income in hands of recipient.
Case Title: Pareshkumar Punamchand Shah versus ITO
The Ahmedabad ITAT held that at the stage of reopening, conclusive proof of income escaping assessment is not required rather a prima-facie formation of a belief that income of assessee has escaped assessment of the AO is required based on tangible material.
Case Title: Kaivan Jitendrakumar Shah HUF versus PCIT
The Ahmedabad ITAT held that the PCIT cannot impose his own view in the proceedings u/s 263 by overriding the view taken by the AO, without bringing any new fact or anything adverse on record.