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INCOME DISALLOWANCE
Man sells property for Rs 48 lakh, constructs a new house but faces delay, income tax dept denies Section 54 claim; he fights and wins case in ITAT ChennaiA Chennai resident successfully reclaimed his Section 54 tax exemption after a three-year construction delay on his new home, initially den...- Rs 17.25 lakh income of an employee was added as taxable salary despite working in UK; ITAT Delhi gives him relief under India-UK DTAAThe Income Tax Appellate Tribunal (ITAT) Delhi has ruled that even if a non-resident salaried individual has received any ‘per-diem’ paymen...
- ET Prime Special Series: Multibagger or IBC - Part 60: This auto ancillary built its empire on one family. Can it survive the EV test?It began life making bicycle parts in Gujarat, the changed its name and business. That created scale, stability, and growth. A single custo...
- ITR filing AY 2026-27: 8 costly mistakes taxpayers should avoid this tax return filing seasonThe I-T Department’s growing scrutiny, using AI and data analytics tools, leaves little room for omissions and errors, making accurate tax ...
- Balance sheet trick: Decoding another manipulation, and how to spot a bad apple in your portfolio before othersThere is one line in the accounts that most investors skip because it looks routine. But behind that line can sit disputed demands, old los...
- Zero income tax on Rs 15 lakh CTC? Here’s how these allowances and perks can cut your tax under new tax regimeSalaried individuals can significantly reduce their tax liability under the new tax regime by strategically utilizing allowances and perqui...
- Lady took loan for investment into venture capital fund, claimed Rs 1.49 crore interest deduction, was denied by I-T dept; ITAT allows it in a landmark rulingA lady won a tax case in ITAT Mumbai. She claimed Rs 1.49 crore interest deduction on a loan taken for Venture Capital Fund investments. Th...
- I-T appellate body upholds rejection of Paisabazaar’s Rs 145.91 crore expense claimPaisabazaar has received an order disallowing expenses worth Rs 145.91 crore for FY23 and FY22. The Commissioner of Income Tax (Appeals) up...
- Taxpayer earned Rs 81 crore tax-exempt income; I-T dept disallowed tax exemption on Rs 17 crore; Taxpayer fights and wins case in ITAT DelhiA notable victory has been achieved in the tax arena as a taxpayer triumphed at ITAT Delhi, overcoming a significant hurdle with the Income...
- Aishwarya Rai Bachchan wins Rs 4 crore income tax battle in ITAT Mumbai; Know how disallowance of income worksAishwarya Rai Bachchan has won a significant income tax battle in ITAT Mumbai. The tax department had sought to disallow Rs 4 crore in expe...
- I-T dept slaps Rs 23 cr fine on Adani Cement entity ACCThe Income Tax department has imposed two separate fines totaling Rs 23.07 crore on ACC Ltd for inaccurate income particulars in Assessment...
- Budget 2022 has removed this tax deduction for current financial year alsoSection 14A provides for disallowance of deduction in respect of expenditure incurred by an assessee to earn tax-exempt income. The controv...
- 4 ways Budget 2022 has tightened income tax netHere is a look at proposals announced in Budget 2022 to tighten various income tax provisions.
- Responsibility of Govt to design convenient tax system so that individuals can budget & plan: SCThe top court, which allowed a batch of appeals filed by banks against an order of the Kerala High Court, held that the proportionate disal...
- Tax tribunal reject Apple’s claims on warranty provisionsRuling that Apple had derived an income advantage by using more warranty provisions than it was entitled to, the Income Tax Appellate Tribu...
- Taxman disallows AMP deductions sought by MNCsTax experts point out that it is for the first time that the department is using Section 37 for disallowing advertising, marketing, sales p...
- Don't effect fresh demand against Vodafone for 2011-12: High Court to I-TDelhi High Court has directed the income tax department not to give effect to any fresh assessment order it passes against Vodafone for 201...
- Income Tax department gives relief on payments to expatsThe department has clarified that not the entire payment but only the net income will be disallowed.
- Infosys to challenge latest tax demand of $105.3 million by income tax departmentThe demand relates to certain tax benefits on income from software development done overseas at the clients' location.
- Provisions of Section 40 (a) (ia) are retrospective in nature: ITATITAT has passed an order in which it has been held that provisions of Section 40 (a) (ia) are retrospective in nature, according to an amen...
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