Interest Income Earned By Co-Operative Society From Investments Made With Co-Operative Banks Is Eligible For Section 80P Deduction: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the deduction under section 80P(2)(d) of the Income Tax Act in respect of interest earned by cooperative societies from investments made with cooperative banks.The two-member bench of Aby T. Varkey (Judicial Member) and Amarjit Singh (Accountant Member) has relied on the decision of the Karnataka high court in the case...

ITAT Allows Section 80G Deduction To The Trust Which Is Not Substantially Religious

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the deduction under Section 80G of the Income Tax Act to the trust, which is not substantially religious.The two-member bench headed by R.S. Syal (Vice President) and Partha Sarthi Chaudhury (Judicial Member) has observed that if a trust or institution incurs expenses for religious purposes, which are inclusive and only...

Tata Industries Entitled To Set-Off Business Loss Against Dividend Received From Its Foreign Subsidiary: ITAT

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has ruled that investments made by an assessee company to exercise control over other investee companies constitutes a business activity. The bench of Rahul Chaudhary (Judicial Member) and M. Balaganesh (Accountant Member) held that though the dividend income is taxable under the head 'income from other sources' in view of...

Hospital Charging Commercial Rates Not Entitled For Registration As Charitable Organisation: ITAT

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the assessee hospital is charging on the basis of commercial rates from the patients and is not entitled to registration as a charitable organization under Section 12A of the Income Tax Act.The two-member bench of Laliet Kumar (Judicial Member) and R.K. Panda (Accountant Member) has observed that the assessee...

Advance Given For Hospital Project, Later Abandoned, Allowable As Revenue expenditure: ITAT

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has held that the advance was given for setting up a hospital project, and since the project was abandoned and the advance given could not be recovered, the sum is allowable as a revenue expenditure.The two-member bench of Sonjoy Sarma (Judicial Member) and Manish Borad (Accountant Member) has observed that the advance was given...

Mistake In The Personal Information Of The Trust Is A Rectifiable Mistake At Any Stage: ITAT

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that a mistake in the personal information of the assessee is always rectifiable at any stage.The two-member bench of Anubhav Sharma (Judicial Member) and Shamim Yahya (Accountant Member) has observed that the tax authorities below have fallen into error by not taking into consideration the rectification application. The...

Deduction For Telecommunication Services of ' Vodafone' Is Available For "Profits Of Eligible Business": ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), while allowing deduction to Vodafone, held that deduction for telecommunication services is available in respect of "profits of eligible businesses" and is not restricted to "profits derived from eligible businesses."The two-member bench of Vikas Awasthy (Judicial Member) and M. Balaganesh (Accountant Member) has directed the...

Additional Evidence Cannot Be Admitted Without Calling For AO's Remand Report: ITAT

The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that the additional evidence cannot be admitted without calling for a remand report or comments from the AO.The two-member bench of Laliet Kumar (Judicial Member) and R.K. Panda (Accountant Member) observed that if the CIT(A) chooses to admit any additional evidence, in that case, he/she is required to provide the...

Revenue Earned By BBC For Distribution Of BBC News In India, Not Taxable As Royalty: ITAT

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the distribution revenue earned by the assessee- BBC World Distribution Ltd., from distribution of BBC World News Channel in India, is not in the nature of royalty and thus, it is not taxable in India in the absence of a Permanent Establishment. The bench of G.S. Pannu (President) and Saktijit Dey (Judicial...

No Need Of Any "Occasion" For Receipt Of Gift By The Assessee: ITAT

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that there need not be any "occasion" for the assessee to receive a gift.The two-member bench of T.R. Senthil Kumar (judicial member) and Annapurna Gupta (accountant member) noted that the assessee received the gift from his own brother, who has been a non-resident since 1966. The allotment of shares was made under the...

Bogus Share Transaction: ITAT Denies Exemption Under Section 10(38) Of Income Tax Act

The Pune Bench of the Income Tax Appellate Tribunal has ruled that where the assessee fails to establish the genuineness of the transaction of sale and purchase of shares, and fails to rebut the findings of quasi-judicial bodies regarding the bogus transaction in shares, the said transaction is void ab initio. Thus, applying the principle of fraud, the ITAT held that the assessee was...

Department Is Not Allowed To Travel Beyond The Issues Involved In Limited Scrutiny Cases: ITAT

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the department is not allowed to travel beyond the issues involved in limited scrutiny cases.The two-member bench of N.K. Choudhary (Judicial Member) and Pradip Kumar Kedia (Accountant Member) have observed that the assessee was selected for limited scrutiny, and the addition in hand does not emanate from the grounds...