![CBDT grants Income Tax Exemption to Tamil Nadu Electricity Regulatory Commission u/s 10(46) [Read Notification]](https://www.taxscan.in/wp-content/uploads/2024/05/CBDT-Central-Board-of-Direct-Taxes-Income-Tax-Exemption-Tamil-Nadu-Electricity-Regulatory-Commission-taxscan.jpg "CBDT grants Income Tax Exemption to Tamil Nadu Electricity Regulatory Commission u/s 10(46) [Read Notification]")
CBDT grants Income Tax Exemption to Tamil Nadu Electricity Regulatory Commission u/s 10(46) [Read Notification]
The Central Board of Direct Taxes ( CBDT ) has granted the Income tax exemption to Tamil Nadu Electricity Regulatory Commission under Section 10(46)...
![Asian Paints fails to Furnish Necessary Details for Supporting Deduction Claim of Sundry Balances Written Off: ITAT directs to File Necessary Documents [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Asian-Paints-Furnish-Necessary-Details-Claim-of-Sundry-Balances-Written-Off-ITAT-Documents-TAXSCAN.jpg "Asian Paints fails to Furnish Necessary Details for Supporting Deduction Claim of Sundry Balances Written Off: ITAT directs to File Necessary Documents [Read Order]")
![ITAT directs Re adjudication with respect to liability of Property Tax paid on behalf of Collector [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-Re-adjudication-liability-of-Property-Tax-paid-behalf-of-Collector-taxscan.jpg "ITAT directs Re adjudication with respect to liability of Property Tax paid on behalf of Collector [Read Order]")
![Reopening of Income Tax Assessment on Change of Opinion Invalid when barred by Limitation: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Reopening-Income-Tax-Assessment-Change-of-Opinion-Invalid-barred-by-Limitation-Bombay-HC-taxscan.jpg "Reopening of Income Tax Assessment on Change of Opinion Invalid when barred by Limitation: Bombay HC [Read Order]")
![Relief to NABARD: ITAT allows Interest Expenditure incurred from Government set up fund of RIDF and STCRCF allowable as deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-ITAT-Mumbai-NABARD-Government-funds-deduction-NABARD-Interest-expenditure-taxscan.jpg "Relief to NABARD: ITAT allows Interest Expenditure incurred from Government set up fund of RIDF and STCRCF allowable as deduction [Read Order]")
ITAT Grants Deductions for Notice Pay, Scrap Sales and Miscellaneous Income u/s 80 IC of Income Tax Act [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) granted deductions for notice pay, scrap sales and miscellaneous income under Section 80 IC of the Income Tax Act, 1961 The...
![ITAT Grants Deductions for Notice Pay, Scrap Sales and Miscellaneous Income u/s 80 IC of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-Deductions-for-Notice-Pay-Scrap-Sales-Miscellaneous-Income-of-Income-Tax-Act-taxscan.jpg "ITAT Grants Deductions for Notice Pay, Scrap Sales and Miscellaneous Income u/s 80 IC of Income Tax Act [Read Order]")
Deduction u/s 36(1)(xii) of Income Tax Act can only claim with respect to expenditure incurred on Promotional Activities “notified entities”: ITAT directs re adjudication [Read Order]
The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) after observing the deduction under Section 36(1)(xii) of Income Tax Act, 1961 can only claim with respect to expenditure incurred on...
![Deduction u/s 36(1)(xii) of Income Tax Act can only claim with respect to expenditure incurred on Promotional Activities “notified entities”: ITAT directs re adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/TAT-Mumbai-Income-tax-Income-tax-news-Promotional-activities-expenditure-Notified-entities-TAXSCAN.jpg "Deduction u/s 36(1)(xii) of Income Tax Act can only claim with respect to expenditure incurred on Promotional Activities “notified entities”: ITAT directs re adjudication [Read Order]")
Taxation and other Laws (Relaxation and Amendment of certain provisions) Act, 2020 not applicable for FY 2014-15: Bombay HC [Read Order]
A Division bench of the Bombay High Court has held that the Taxation and Other Laws (Relaxation and Amendment of certain provisions) Act, 2020 is not applicable for FY 2014-15. The petitioner is...
![Taxation and other Laws (Relaxation and Amendment of certain provisions) Act, 2020 not applicable for FY 2014-15: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Taxation-Laws-Relaxation-and-Amendment-certain-provisions-Act-2020-applicable-FY-2015-16-Bombay-HC-taxscan.jpg "Taxation and other Laws (Relaxation and Amendment of certain provisions) Act, 2020 not applicable for FY 2014-15: Bombay HC [Read Order]")
ITAT upholds TNMM Method Over CUP for Benchmarking Export Transactions under Manufacturing Segment [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) upheld Transactional Net Margin Method ( TNMM ) over Central Processing Unit ( CPU ) benchmarking export transactions under...
![ITAT upholds TNMM Method Over CUP for Benchmarking Export Transactions under Manufacturing Segment [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-TNMM-Over-CUP-Benchmarking-Export-Transactions-Manufacturing-Segment-taxscan.jpg "ITAT upholds TNMM Method Over CUP for Benchmarking Export Transactions under Manufacturing Segment [Read Order]")
ITAT allows deduction u/s 54 of Income Tax Act w.r.t respect of New Residential House Property Purchased in Name of Wife [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) allowed deduction under Section 54 of the Income Tax Act with respect to the new residential house property purchased in the name of the...
![ITAT allows deduction u/s 54 of Income Tax Act w.r.t respect of New Residential House Property Purchased in Name of Wife [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-deduction-Income-Tax-Act-New-Residential-House-Property-Purchased-Name-of-Wife-taxscan.webp "ITAT allows deduction u/s 54 of Income Tax Act w.r.t respect of New Residential House Property Purchased in Name of Wife [Read Order]")
ITAT directs readjudication regarding Prior Period Expenses after find out year of Crystallization [Read Order]
The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) directed readjudication regarding the prior period expenses after finding out the year of crystallization. The Assessee National Bank for...
![ITAT directs readjudication regarding Prior Period Expenses after find out year of Crystallization [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-ITAT-Mumbai-Income-Tax-Income-tax-news-Prior-period-expenses-taxscan.jpg "ITAT directs readjudication regarding Prior Period Expenses after find out year of Crystallization [Read Order]")
ITAT upholds disallowance of Expenditure incurred out of Interest Income pertaining to various funds held by NABARD on behalf of GOI [Read Order]
The Mumbai bench of Income Tax Appellate Tribunal ( ITAT ) upheld the disallowance of expenditure incurred out of interest income pertaining to various funds held by the National Bank for Agriculture...
![ITAT upholds disallowance of Expenditure incurred out of Interest Income pertaining to various funds held by NABARD on behalf of GOI [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Income-tax-news-NABARD-Indian-government-Disallowance-of-expenditure-TAXSCAN.jpg "ITAT upholds disallowance of Expenditure incurred out of Interest Income pertaining to various funds held by NABARD on behalf of GOI [Read Order]")