Taxscan Team
Manufacturer of ‘Polyurethane Foam’ Used for Making Car Seats Eligible for Income Tax Deduction u/s 80-IB: Supreme Court
A two-judge bench of the Supreme Court, on Thursday held that a manufacturer of ‘polyurethane foam’ used for manufacturing of car seats would be...
![AO failed to follow directions by ITAT to estimate net profit: Calcutta HC directs to calculate profit estimated in its entirety [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/AO-ITAT-Calcutta-HC-TAXSCAN.jpg "AO failed to follow directions by ITAT to estimate net profit: Calcutta HC directs to calculate profit estimated in its entirety [Read Order]")
![No application of Sec 43CA on absence of element of Transfer: ITAT deletes Income Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/application-ITAT-Income-Tax-Addition-TAXSCAN-1.jpg "No application of Sec 43CA on absence of element of Transfer: ITAT deletes Income Addition [Read Order]")
Deduction of Expenditure u/s 57(iii) can be for Negative or Positive Income: ITAT quashes Order of CIT(A) [Read Order]
The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) has held that the deduction of expenditure u/s 57(iii) of the Income Tax Act,1961 can be for negative or positive income. Sh....
![Deduction of Expenditure u/s 57(iii) can be for Negative or Positive Income: ITAT quashes Order of CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Deduction-Expenditure-Income-ITAT-taxscan.jpg "Deduction of Expenditure u/s 57(iii) can be for Negative or Positive Income: ITAT quashes Order of CIT(A) [Read Order]")
Income Tax Addition for Cash Deposits not valid when Certificates from the Bank denies the existence of Bank Accounts: ITAT [Read Order]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that Income Tax Addition for Cash deposits is not valid when certificates from the Bank denies the existence of Bank accounts....
![Income Tax Addition for Cash Deposits not valid when Certificates from the Bank denies the existence of Bank Accounts: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Income-Tax-Addition-Cash-Deposits-Certificates-Bank-Accounts-ITAT-TAXSCAN.jpg "Income Tax Addition for Cash Deposits not valid when Certificates from the Bank denies the existence of Bank Accounts: ITAT [Read Order]")
Former Directors cannot be prosecuted on Cheque issued to repay amount invested on term of their office: Karnataka HC [Read Judgment]
The Karnataka High Court ruled that Any person who is not director of the company on the date of issuance of the cheque is not liable under Section 138 of the Negotiable Instruments Act. The...
Relief to HP: ITAT allows Deduction on ESOP Cross Charges paid to Overseas Ultimate Holding Company, allowable as Expenditure [Read Order]
While granting relief to M/s. Hewlett Packard (India) Software Operation Pvt Ltd (HP) the Bangalore Bench of the Income Tax Appellate Tribunal (ITAT), held that Employee Stock Option Plan (ESOP)paid...
![Relief to HP: ITAT allows Deduction on ESOP Cross Charges paid to Overseas Ultimate Holding Company, allowable as Expenditure [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/HP-ITAT-Deduction-ESOP-Company-Expenditure-taxscan.jpg "Relief to HP: ITAT allows Deduction on ESOP Cross Charges paid to Overseas Ultimate Holding Company, allowable as Expenditure [Read Order]")
Travelling Expenses as being incurred wholly and exclusively for the purpose of Business can be allowed as Deduction: ITAT [Read Order]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the travelling expenses being incurred wholly and exclusively for business can be allowed as a deduction. M/s. Express...
![Travelling Expenses as being incurred wholly and exclusively for the purpose of Business can be allowed as Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Travelling-Expenses-Business-Deduction-ITAT-taxscan.jpg "Travelling Expenses as being incurred wholly and exclusively for the purpose of Business can be allowed as Deduction: ITAT [Read Order]")
Reopening of Assessment alleging Income Escapement even after Verification of relevant material is not valid: Gujarat HC [Read Order]
The Gujarat High Court has held that reopening of assessment alleging income escapement even after verification of relevant material is not valid. Gujarat Natural Resources Limited, the petitioner...
![Reopening of Assessment alleging Income Escapement even after Verification of relevant material is not valid: Gujarat HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Assessment-Income-Escapement-Gujarat-HC-taxscan.jpg "Reopening of Assessment alleging Income Escapement even after Verification of relevant material is not valid: Gujarat HC [Read Order]")