![Prepaid Finance Charges Deductible in Year of Payment, Amortization Not Necessary: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-Prepaid-Finance-Prepaid-Finance-Charges-Amortization-Amortization-Not-Necessary-itat-about-amortization-Finance-Finance-Charges-tax-news-taxscan.jpg "Prepaid Finance Charges Deductible in Year of Payment, Amortization Not Necessary: ITAT [Read Order]")
Prepaid Finance Charges Deductible in Year of Payment, Amortization Not Necessary: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) in a recent case ruled that prepaid finance charges made for business purposes are deductible in the year of...
![ITAT directs Fresh Adjudication on Disallowance made u/s 14 A of Income Tax Act due to Error in CIT(A)s Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-Ahmedabad-ITAT-Income-Tax-Act-Income-Tax-Appellate-Tribunal-under-section-14A-of-the-Income-Tax-Act-ITAT-Directs-Assessment-Year-ITAT-NEWS-Income-Tax-TAXSCAN.jpg "ITAT directs Fresh Adjudication on Disallowance made u/s 14 A of Income Tax Act due to Error in CIT(A)s Order [Read Order]")
![Re-Opening of Assessment by AO u/s 147 of Income Tax Act is Illegal and unjustified due to Unprocessed Original Return: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Income-Tax-Appellate-Tribunal-ITAT-Income-Tax-Act-Income-Tax-Section-147-of-Income-Tax-Act-Re-Opening-of-Assessment-ITAT-Delhi-taxscan.webp "Re-Opening of Assessment by AO u/s 147 of Income Tax Act is Illegal and unjustified due to Unprocessed Original Return: ITAT [Read Order]")
![Inaccurate Share Transaction Reporting: ITAT directs Reassessment, upholds PCITs Order u/s 263 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Income-Tax-Income-Tax-Act-ITAT-Ahmedabad-PCIT-Order-TAXSCAN.jpeg "Inaccurate Share Transaction Reporting: ITAT directs Reassessment, upholds PCITs Order u/s 263 of Income Tax Act [Read Order]")
Income from Staff Loans and Misc. Income directly related to Business is Deemed 'Business Income, not Income from other Sources: ITAT [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision to classify Rs. 129.03 lacs, including income from staff loans and...
![Income from Staff Loans and Misc. Income directly related to Business is Deemed Business Income, not Income from other Sources: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-ITAT-Ahmedabad-Income-Tax-business-income-business-income-classification-Income-from-staff-loans-TAXSCAN.jpg "Income from Staff Loans and Misc. Income directly related to Business is Deemed Business Income, not Income from other Sources: ITAT [Read Order]")
Non-Verification of Gifts from Grandmother: ITAT remands Matter for Consideration of Additional Documents [Read Order]
In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) ordered JAO to consider additional documents filed before CIT(A) due to non - verification of gifts that were...
![Non-Verification of Gifts from Grandmother: ITAT remands Matter for Consideration of Additional Documents [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-ITAT-Ahmedabad-Income-Tax-Gifts-from-Grandmother-taxation-Grandmother-gifts-tax-taxscan.jpg "Non-Verification of Gifts from Grandmother: ITAT remands Matter for Consideration of Additional Documents [Read Order]")
Treatment of S. 153D Income Tax Act as pari-materia to S. 148 mechanism by AO without Approval: ITAT remands 49 Appeals to CIT(A) [Read Order]
The Income Tax Appellate Tribunal ( ITAT ) Cochin Bench recently addressed a significant issue in a batch of 49 appeals involving various entities from the ABC Sales Corporation group for improper...
![Treatment of S. 153D Income Tax Act as pari-materia to S. 148 mechanism by AO without Approval: ITAT remands 49 Appeals to CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-ITAT-Cochin-Income-Tax-Act-ITAT-remand-ITAT-remands-49-Appeals-CITA-Section-153D-AO-TAXSCAN.webp "Treatment of S. 153D Income Tax Act as pari-materia to S. 148 mechanism by AO without Approval: ITAT remands 49 Appeals to CIT(A) [Read Order]")
ITAT Deletes AO's Excess Stock Addition based on Misinterpretation of Finished Goods Accounting System and Unsubstantiated Sales Evidence [Read Order]
The New Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the excess stock addition made by the assessing officer due to the misinterpretation of the accounting system of finished...
![ITAT Deletes AOs Excess Stock Addition based on Misinterpretation of Finished Goods Accounting System and Unsubstantiated Sales Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Excess-stock-arisen-normal-business-income-business-stock-ITAT-TAXSCAN-1536x806-1.jpg "ITAT Deletes AOs Excess Stock Addition based on Misinterpretation of Finished Goods Accounting System and Unsubstantiated Sales Evidence [Read Order]")
Relief to JN Tata Endowment: ITAT dismisses Revenue Appeal against Income Tax Act Section 11 Exemption Availment [Read Order]
In a significant ruling, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the appeal filed by the Revenue against JN Tata Endowment for the Higher Education of Indians,...
![Relief to JN Tata Endowment: ITAT dismisses Revenue Appeal against Income Tax Act Section 11 Exemption Availment [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Tata-Endowement-site-img.jpg "Relief to JN Tata Endowment: ITAT dismisses Revenue Appeal against Income Tax Act Section 11 Exemption Availment [Read Order]")
Additions on Land Purchase: ITAT grants Stay from Recovery of Rs. 45 Lakhs for Pendency of Income Tax Appeal [Read Order]
The Income Tax Appellate Tribunal ( ITAT ) Ahmedabad Bench, comprising Accountant Member Annapurna Gupta and Judicial Member Siddhartha Nautiyal, has granted a stay on the recovery of ₹45 lakhs from...
![Additions on Land Purchase: ITAT grants Stay from Recovery of Rs. 45 Lakhs for Pendency of Income Tax Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-ITAT-Ahmedabad-Land-Purchase-Additions-on-Land-Purchase-ITAT-grants-Stay-Income-Tax-Appeal-TAXSCAN.jpg "Additions on Land Purchase: ITAT grants Stay from Recovery of Rs. 45 Lakhs for Pendency of Income Tax Appeal [Read Order]")
Second Chance to Shilp Gravures Ltd: ITAT Remands Matter Back to CIT(A) for Non-Examination of Facts of Deduction Claim u/s 80IA [Read Order]
In a recent order, the Income Tax Appellate Tribunal (ITAT) Ahmedabad, has remanded the case of Shilp Gravures Ltd back to the Commissioner of Income Tax (Appeals) [CIT(A)] for further examination....
![Second Chance to Shilp Gravures Ltd: ITAT Remands Matter Back to CIT(A) for Non-Examination of Facts of Deduction Claim u/s 80IA [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/TAT-ITAT-Ahmedabad-Shilp-Gravures-Ltd-ITAT-Remands-Matter-Back-to-CITA-Non-Examination-TAXSCAN.jpg "Second Chance to Shilp Gravures Ltd: ITAT Remands Matter Back to CIT(A) for Non-Examination of Facts of Deduction Claim u/s 80IA [Read Order]")