Source for cash deposit in Saving Bank Account is made out of Sale Proceeds of Flat: ITAT deletes Addition
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) while deleting the addition made by the assessing officer held that source for cash deposit...
![Management Service Fees paid to Non Resident AEs eligible for Deduction u/s 37(1) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Delhi-Income-Tax-Fees-Deduction-Management-Service-Fees-taxscan.jpg "Management Service Fees paid to Non Resident AEs eligible for Deduction u/s 37(1) of Income Tax Act: ITAT [Read Order]")
![AO blindly relied Investigation Wing report for Reopening Assessment, No application of mind: ITAT quashes Reassessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/AO-blindly-investigation-Wing-Reopening-Assessment-Application-of-Mind-ITAT-quashes-Reassessment-taxscan.jpg "AO blindly relied Investigation Wing report for Reopening Assessment, No application of mind: ITAT quashes Reassessment Order [Read Order]")
![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]")
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]")
Interest earned on deposits kept for Business cannot be taxed as Income from other Sources: ITAT [Read Order]
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) ruled that interest earned on deposits kept for the purpose of business could not be taxed under income from other sources. The Appeal was...
![Interest earned on deposits kept for Business cannot be taxed as Income from other Sources: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Interest-earned-deposits-Business-Income-from-other-Sources-ITAT-taxscan.jpg "Interest earned on deposits kept for Business cannot be taxed as Income from other Sources: ITAT [Read Order]")
Deferred Revenue expenditure incurred on account of leased Aircraft Engine Improvement: ITAT directs re adjudication [Read Order]
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) directed readjudication with respect to deferred revenue expenditure incurred on account of leased aircraft engine improvement. The...
![Deferred Revenue expenditure incurred on account of leased Aircraft Engine Improvement: ITAT directs re adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Delhi-Income-Tax-Aircraft-Engine-Aircraft-Engine-Improvement-taxscan.jpg "Deferred Revenue expenditure incurred on account of leased Aircraft Engine Improvement: ITAT directs re adjudication [Read Order]")
Product Development Expenses shall be treated as Revenue Expenditure, eligible for Deduction: ITAT [Read Order]
In a significant decision, the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that product development expenses should be classified as revenue expenditure and are eligible for...
![Product Development Expenses shall be treated as Revenue Expenditure, eligible for Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Delhi-Income-Tax-Product-Development-TAXSCAN.jpg "Product Development Expenses shall be treated as Revenue Expenditure, eligible for Deduction: ITAT [Read Order]")
Amounts Advanced for Business Transactions between shareholding entities not Deemed Dividend u/s 2(22)(e) of IT Act: ITAT deletes Addition [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) amount advanced for business transactions between shareholding entities are not deemed dividend under Section 2(22)(e) of the Income Tax...
![Amounts Advanced for Business Transactions between shareholding entities not Deemed Dividend u/s 2(22)(e) of IT Act: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Delhi-Income-Tax-Business-Transactions-Shareholding-Entities-Income-Tax-Appellate-Tribunal-taxscan.jpg "Amounts Advanced for Business Transactions between shareholding entities not Deemed Dividend u/s 2(22)(e) of IT Act: ITAT deletes Addition [Read Order]")