Namaskar Acharya
ITAT Weekly Round Up
This Round-Up analytically summarises the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan.in during September 10...
![ITAT directs Recomputation of Gain on grounds of AO failing to Treat surplus Amount as Short Term Capital Gain without giving benefit of Indexation [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/ITAT-directs-recomputation-of-gain-AO-failing-to-treat-surplus-amount-as-short-term-capital-gain-benefit-of-indexation-short-term-capital-gain-taxscan.jpg "ITAT directs Recomputation of Gain on grounds of AO failing to Treat surplus Amount as Short Term Capital Gain without giving benefit of Indexation [Read Order]")
![AO cannot step in the shoes of businessman to decide curtailing of excessive expenditure unless brought evidence of fraud: ITAT deletes addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/shoes-of-businessman-curtailing-of-excessive-expenditure-evidence-of-fraud-ITAT-deletes-addition-taxscan-.jpg "AO cannot step in the shoes of businessman to decide curtailing of excessive expenditure unless brought evidence of fraud: ITAT deletes addition [Read Order]")
![Income Tax Deduction U/S80P cannot be denied on ground of Delay in Submitting Audit Report by Govt Auditor: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Income-Tax-Deduction-Income-Tax-Deduction-Delay-Govt-Auditor-ITAT-taxscan.jpg "Income Tax Deduction U/S80P cannot be denied on ground of Delay in Submitting Audit Report by Govt Auditor: ITAT [Read Order]")
ITAT sets aside revision order in the absence of finding error in the order of AO in allowing assessee's claim earned from sale of land as being in the nature of capital gains u/s 54EC [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that there is no basis with the PCIT to hold that the facts relating to the transaction in sale of land were indicative of...
![ITAT sets aside revision order in the absence of finding error in the order of AO in allowing assessees claim earned from sale of land as being in the nature of capital gains u/s 54EC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/ITAT-revision-order-order-of-AO-in-allowing-assessees-claim-from-sale-of-land-capital-gain-taxscan.jpg "ITAT sets aside revision order in the absence of finding error in the order of AO in allowing assessees claim earned from sale of land as being in the nature of capital gains u/s 54EC [Read Order]")
Incurring expenditure for the purpose of expansion of business is allowable u/s 271(C) of Income Tax Act: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that NBFC being financial company tried to enter in to banking business and for this purpose the assessee incurred expenditure on...
![Incurring expenditure for the purpose of expansion of business is allowable u/s 271(C) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Incurring-expenditure-expansion-of-business-Income-Tax-Act-ITAT.jpg "Incurring expenditure for the purpose of expansion of business is allowable u/s 271(C) of Income Tax Act: ITAT [Read Order]")
Receipts that constitute business receipts cannot be held as unaccounted money of the assessee: ITAT directs re-computation [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that receipts constitute business receipts and nothing else and therefore, the same could not be held to be unaccounted money of the...
![Receipts that constitute business receipts cannot be held as unaccounted money of the assessee: ITAT directs re-computation [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Receipts-Receipts-that-constitute-business-receipts-business-receipts-unaccounted-money-of-the-assessee-unaccounted-money-ITAT-directs-re-computation-ITAT-taxscan.jpg "Receipts that constitute business receipts cannot be held as unaccounted money of the assessee: ITAT directs re-computation [Read Order]")
Receipts from Sale of land used for Agricultural purposes by Assessee engaged in Agricultural Operations not liable for Tax as Capital Gains: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held land in question cannot be treated as non-agricultural land and to be treated as agricultural land not liable for tax on capital...
![Receipts from Sale of land used for Agricultural purposes by Assessee engaged in Agricultural Operations not liable for Tax as Capital Gains: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Receipts-Sale-land-agricultural-assessee-agricultural-operations-tax-Capital-Gains-ITAT-TAXSCAN.jpg "Receipts from Sale of land used for Agricultural purposes by Assessee engaged in Agricultural Operations not liable for Tax as Capital Gains: ITAT [Read Order]")
No restriction towards Non-Corpus Donations towards Charitable Trusts registered u/s 12A: ITAT deletes Addition [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that Donation paid by the assessee to another charitable trust cannot be treated as income of the appellant trust. The appellant...
![No restriction towards Non-Corpus Donations towards Charitable Trusts registered u/s 12A: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/restriction-Non-Corpus-Donations-Charitable-Trusts-ITAT-deletes-Addition-ITAT-Addition-taxscan.jpg "No restriction towards Non-Corpus Donations towards Charitable Trusts registered u/s 12A: ITAT deletes Addition [Read Order]")
Unit Linked Insurance Scheme is Not Life Insurance: Redemption of ULIP Taxable as "Capital Gain", rules ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that Life being insured by transaction would not alter the basic character of transaction under Section 10(10D). The assessee filed...
![Unit Linked Insurance Scheme is Not Life Insurance: Redemption of ULIP Taxable as Capital Gain, rules ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Insurance-Scheme-Life-Insurance-Redemption-ULIP-Taxable-Capital-Gain-ITAT-TAXSCAN.jpg "Unit Linked Insurance Scheme is Not Life Insurance: Redemption of ULIP Taxable as Capital Gain, rules ITAT [Read Order]")