![ITAT directs Matter to CIT(E) citing Form No.10AB Application should be Construed u/s 12A(1)(ac)(i) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Kolkata-ITAT-Income-Tax-Income-tax-news-Commissioner-of-Income-Tax-taxscan.jpg "ITAT directs Matter to CIT(E) citing Form No.10AB Application should be Construed u/s 12A(1)(ac)(i) of Income Tax Act [Read Order]")
ITAT directs Matter to CIT(E) citing Form No.10AB Application should be Construed u/s 12A(1)(ac)(i) of Income Tax Act [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) directed the matter to Commissioner of Income Tax (Exemption), emphasizing that the...
![Relief to Tata Steel Limited: ITAT rules Perpetual Non-convertible Debenture is an allowable Expenditure u/s 36 (1) (iii) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Income-tax-Income-tax-news-Tata-Steel-taxscan.jpg "Relief to Tata Steel Limited: ITAT rules Perpetual Non-convertible Debenture is an allowable Expenditure u/s 36 (1) (iii) of Income Tax Act [Read Order]")
![ITAT allows Bad Debts claimed u/s 36(1)(vii) in respect of Identified Debts [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Bad-Debts-Identified-Debts-ITAT-allows-Bad-Debts-claimed-itat-delhi-taxscan.jpg "ITAT allows Bad Debts claimed u/s 36(1)(vii) in respect of Identified Debts [Read Order]")
![AO fails to Record Dissatisfaction mandated u/s 14A: ITAT allows Expenditure Claim u/s 14A Incurred in relation to Earning Exempt Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/assessing-officer-ITAT-under-section-14-A-Expenditure-Claim-Exempt-Income-taxscan.jpg "AO fails to Record Dissatisfaction mandated u/s 14A: ITAT allows Expenditure Claim u/s 14A Incurred in relation to Earning Exempt Income [Read Order]")
![ITAT allows Capital Gain Deduction for Additional Compensation Paid to Vendors for Land Acquisition Costs, Finding no grounds for doubt [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Delhi-Income-tax-Income-tax-news-Capital-gain-taxscan.jpg "ITAT allows Capital Gain Deduction for Additional Compensation Paid to Vendors for Land Acquisition Costs, Finding no grounds for doubt [Read Order]")
Management Fees for Sale of Securities is allowable Expenditure u/s 48 of Income Tax Act: ITAT [Read Order]
The two member bench of the Income Tax Appellate Tribunal ( ITAT ), Mumbai, ruled that management fees for sale of securities is allowable expenditure under Section 48 of the Income Tax Act, 1961 ...
![Management Fees for Sale of Securities is allowable Expenditure u/s 48 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Management-fees-Sale-of-securities-Tax-deductible-expenses-taxscan.jpg "Management Fees for Sale of Securities is allowable Expenditure u/s 48 of Income Tax Act: ITAT [Read Order]")
Purchase and Sale of Shares Transactions cannot be considered bogus when Documentary Evidence Genuinely Established : ITAT [Read Order]
The Mumbai bench of Income Tax Appellate Tribunal (ITAT)  recently ruled that purchase and sale of shares transactions could not be considered bogus when documentary evidence genuinely...
![Purchase and Sale of Shares Transactions cannot be considered bogus when Documentary Evidence Genuinely Established : ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Purchase-Purchase-and-Sale-of-Shares-Transactions-bogus-Documentary-Evidence-taxscan.jpg "Purchase and Sale of Shares Transactions cannot be considered bogus when Documentary Evidence Genuinely Established : ITAT [Read Order]")
Relief to Tata Steel Limited: ITAT allows deduction of Interest on PNCD in Computation Book Profit u/s 115JB of Income Tax Act [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) grants relief to Tata Steel Limited by allowing deduction of interest on Perpetual Non-Convertible Debentures ( PNCD ) in the...
![Relief to Tata Steel Limited: ITAT allows deduction of Interest on PNCD in Computation Book Profit u/s 115JB of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Mumbai-ITAT-Income-tax-Income-tax-news-Tata-Steel-taxscan.jpg "Relief to Tata Steel Limited: ITAT allows deduction of Interest on PNCD in Computation Book Profit u/s 115JB of Income Tax Act [Read Order]")
![Compensation Afforestation Fund Contributed by TATA Steel is an allowable Expenditure: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Income-tax-Income-tax-news-Compensation-Afforestation-Fund-TATA-Steel-taxscan.jpg "Compensation Afforestation Fund Contributed by TATA Steel is an allowable Expenditure: ITAT [Read Order]")
Filing Audit Report in Form 10CCB before filing ITR is only directory Not Mandatory: ITAT allows S.80IA Deduction [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) allowed Section 80IA deduction as it considered filing the Audit Report in Form 10CCB before filing the Income Tax Return as merely...
![Filing Audit Report in Form 10CCB before filing ITR is only directory Not Mandatory: ITAT allows S.80IA Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Filing-Audit-Report-Form-10CCB-ITR-ITAT-S.80IA-Deduction-taxscan.jpg "Filing Audit Report in Form 10CCB before filing ITR is only directory Not Mandatory: ITAT allows S.80IA Deduction [Read Order]")
Direct Tax Code under works, set to Replace Income Tax Act and Revamp Capital Gains, TDS Provisions
Official sources have indicated that if re-elected, the Narendra Modi government plans to prioritize the implementation of the long-pending Direct Taxes Code ( DTC ). Discussions are already underway...
NFAC cannot Invoke Section 144B of Income Tax Act based on Failure to Lodge claim within Time Stipulated: Delhi HC [Read Order]
In a recent decision the Delhi High Court ruled that the National Faceless Assessment Centre ( NFAC ) cannot invoke Section 144B of the Income Tax Act, 1961 based on failure to lodge claim within...
![NFAC cannot Invoke Section 144B of Income Tax Act based on Failure to Lodge claim within Time Stipulated: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/NFAC-Invoke-Income-Tax-Act-Failure-to-Lodge-claim-Time-Stipulated-Delhi-HC-taxscann.jpg "NFAC cannot Invoke Section 144B of Income Tax Act based on Failure to Lodge claim within Time Stipulated: Delhi HC [Read Order]")