Judgement

The ITAT Bangalore held that success fee of Rs 1.47 crore was wholly and exclusively incurred in connection with assessee’s sale of shares. 


ITAT Rules Advisory Fee Directly Linked to Share Divestment Qualifies as Deductible Transfer Expenditure

ITAT remanded a petrol pump operator’s case for fresh assessment after finding that the AO applied an 8% profit rate without considering past profits or comparable businesses.

ITAT Remands Rs 2.24 Crore Petrol Pump Income Case for Fresh Examination Over Unjustified 8% Profit Estimation

Notifications

The CBDT through the Directorate of Income Tax (Systems), has notified the guidelines for furnishing Statements of Financial Transactions (SFT-2518) relating to Mutual Fund transactions. 


Mutual Fund Transactions to Feed ITR Pre-Filling: CBDT Prescribes Half-Yearly SFT Reporting

The CBDT through the Directorate of Income Tax (Systems), has notified the guidelines for furnishing Statement of Financial Transactions (SFT-2517) relating to depository transactions. 


CBDT Notification: Half-Yearly SFT Reporting by Depositories to Facilitate Capital Gains Pre-Filling in ITRs

The CPC passed fresh rectification order and allows remuneration claim after rectification


ITAT Ahmedabad Allows Partner Remuneration Deduction Under Section 40(b) 

The ITAT Ahmedabad held that mere comparison of year-end investments with six years’ accumulation insufficient to invoke Section 68.

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ITAT Rules Advisory Fee Directly Linked to Share Divestment Qualifies as Deductible Transfer Expenditure

ITAT Remands Rs 2.24 Crore Petrol Pump Income Case for Fresh Examination Over Unjustified 8% Profit Estimation

Mutual Fund Transactions to Feed ITR Pre-Filling: CBDT Prescribes Half-Yearly SFT Reporting

CBDT Notification: Half-Yearly SFT Reporting by Depositories to Facilitate Capital Gains Pre-Filling in ITRs

ITAT Ahmedabad Allows Partner Remuneration Deduction Under Section 40(b)

ITAT Holds FDR-Bank Balance Difference Cannot Alone Be Treated as Unexplained Income