No Separate ITR Filing needed by Successor Companies for Business Reorganization ensued between between 2016 & 2022 : CBDT
CBDT issued an Order dated March 13, 2024, under section 119 of the Income-tax Act, 1961, providing relief to successor companies involved in...
![Unexplained Expenditure justified as Business Promotion Expenses with Relevant Bank Statements: ITAT deletes Addition u/s 69C [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Delhi-Income-Tax-Unexplained-Expenditure-TAXSCAN.jpg "Unexplained Expenditure justified as Business Promotion Expenses with Relevant Bank Statements: ITAT deletes Addition u/s 69C [Read Order]")
![IIT does not falls in status of Central Government for Invoking of Rule 3 and Section 17(2) of Income Tax: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/IIT-Central-Government-Invoking-Rule-3-and-Section-172-of-Income-Tax-ITAT-TAXSCAN.jpg "IIT does not falls in status of Central Government for Invoking of Rule 3 and Section 17(2) of Income Tax: ITAT [Read Order]")
![Revenue recognition Methodology accepted by Revenue must remain unchanged across years until and unless modified in Initial year: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Ahmedabad-Revenue-Recognition-Methodology-Income-Tax-taxscan.jpg "Revenue recognition Methodology accepted by Revenue must remain unchanged across years until and unless modified in Initial year: ITAT [Read Order]")
![719g Jewellery found in locker declared Stri Dhan from Parents: ITAT deletes Addition u/s 69 [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/719g-Jewellery-found-locker-Stri-Dhan-from-Parents-ITAT-taxscan.jpg "719g Jewellery found in locker declared Stri Dhan from Parents: ITAT deletes Addition u/s 69 [Read Order]")
Goods kept in Factory not liable to Confiscation in absence of evidence to show attempt to remove Clandestinely without Payment: CESTAT [Read Order]
The Ahmedabad bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that goods kept in a factory are not liable for confiscation in the absence of evidence to show an...
![Goods kept in Factory not liable to Confiscation in absence of evidence to show attempt to remove Clandestinely without Payment: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Goods-kept-in-Factory-Confiscation-Evidence-to-Show-Attempt-to-Remove-Clandestinely-Payment-CESTAT-TAXSCAN.jpg "Goods kept in Factory not liable to Confiscation in absence of evidence to show attempt to remove Clandestinely without Payment: CESTAT [Read Order]")
CBDT approves Income Tax Deduction to IIT Kharagpur and other two Institutions for Scientific Research u/s 35(1) of Income Tax Act [Read Order]
The Central Board of Direct Taxes ( CBDT ) has granted income tax deductions under Section 35 of the Income Tax Act, 1961, to specific institutions including IIT, Kharagpur engaged in scientific...
![CBDT approves Income Tax Deduction to IIT Kharagpur and other two Institutions for Scientific Research u/s 35(1) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/CBDT-IIT-Kharagpur-Income-Tax-Act-CBDT-Deduction-Approval-Scientific-Research-IIT-Kharagpur-Tax-Deduction-Research-Taxscan-1.jpg "CBDT approves Income Tax Deduction to IIT Kharagpur and other two Institutions for Scientific Research u/s 35(1) of Income Tax Act [Read Order]")
ITAT allows Deduction claimed u/s 80IA of Act on Account of Profit derived as per Agreement with DIAL [Read Order]
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) allowed deduction claimed under Section 80IA of the Income Tax Act, 1961 on account of profit derived as per the agreement with Delhi...
![ITAT allows Deduction claimed u/s 80IA of Act on Account of Profit derived as per Agreement with DIAL [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-Delhi-ITAT-Income-Tax-Delhi-International-Airport-Limited-80IA-Deduction-DIAL-Agreement-Taxscan.jpg "ITAT allows Deduction claimed u/s 80IA of Act on Account of Profit derived as per Agreement with DIAL [Read Order]")
Rejection of Application of Exemption claimed u/s 80G of Income Tax Act on account of failure to produce Documentary Evidence: ITAT directs Readjudication [Read Order]
The Income Tax Appellate Tribunal ( ITAT ) of Pune bench while observing the rejection of the application of exemption claimed under Section 80G of the Income Tax Act, 1961 on account of failure to...
![Rejection of Application of Exemption claimed u/s 80G of Income Tax Act on account of failure to produce Documentary Evidence: ITAT directs Readjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Pune-Income-Tax-Documentary-evidence-taxscan.jpg "Rejection of Application of Exemption claimed u/s 80G of Income Tax Act on account of failure to produce Documentary Evidence: ITAT directs Readjudication [Read Order]")
ITAT allows Deduction of ESOP expenses claimed within the time limit prescribed u/s 139(5) of Income Tax Act [Read Order]
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) allowed deduction of Employees Stock Option Plan ( ESOP ) claimed within the time limit prescribed under Section 139(5) of the Income Tax...
![ITAT allows Deduction of ESOP expenses claimed within the time limit prescribed u/s 139(5) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Delhi-Income-Tax-Deduction-ESOP-TAXSCAN.jpg "ITAT allows Deduction of ESOP expenses claimed within the time limit prescribed u/s 139(5) of Income Tax Act [Read Order]")
TDS interest paid on Account of Expenses on repair and maintenance of Aircrafts not allowable: ITAT [Read Order]
The Delhi bench of Income Tax Appellate Tribunal (ITAT) ruled that interest paid on account of expenses on repair and maintenance of aircrafts are not allowable expenditure. The Assessee, India...
![TDS interest paid on Account of Expenses on repair and maintenance of Aircrafts not allowable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/TDS-interest-paid-account-of-expenses-repair-and-Maintenance-of-Aircrafts-ITAT-TAXSCAN.jpg "TDS interest paid on Account of Expenses on repair and maintenance of Aircrafts not allowable: ITAT [Read Order]")
No disallowance towards business loss incurred Erection and Testing Services of Hindustan Thermal: ITAT [Read Order]
The two member bench of Delhi Income Tax Appellate Tribunal ( ITAT ) held that no disallowance should be made towards the business loss incurred on erection and testing services of Hindustan Thermal....
![No disallowance towards business loss incurred Erection and Testing Services of Hindustan Thermal: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Delhi-Income-Tax-Hindustan-Thermal-Business-Loss-Hindustan-Thermal-Testing-Services-taxscan.jpg "No disallowance towards business loss incurred Erection and Testing Services of Hindustan Thermal: ITAT [Read Order]")