Income has to be Computed after making Disallowance and 40% Resultant Income to be Treated as Taxable Income: ITAT [Read Order]

Income - Income has to be Computed - Disallowance - Resultant Income - Taxable Income - ITAT - Income Tax - taxscan

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT), ruled that the income has to be computed after making disallowance and 40% resultant income to be treated as taxable income. The Assessing Officer, vide intimation under section 143(1) of the Income Tax Act disallowed a sum of Rs.2 crores on account of late payment…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1199 + GST for 1 year

Subscribe Now

Related Stories