![Acquisition of Capital Asset isn’t for extension of Existing Business: ITAT deletes disallowance of Interest [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/Acquisition-of-capital-asset-business-ITAT-disallowance-of-interest-Taxscan.jpg "Acquisition of Capital Asset isn’t for extension of Existing Business: ITAT deletes disallowance of Interest [Read Order]")
Acquisition of Capital Asset isn’t for extension of Existing Business: ITAT deletes disallowance of Interest [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench while deleting the disallowance of interest held that the acquisition of the capital asset...
![ITAT deletes addition, since Loan Transaction was suspected without pointing any defect in Bank Transfer, Bank Statement of Money Lender [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/bank-transfer-1.jpg "ITAT deletes addition, since Loan Transaction was suspected without pointing any defect in Bank Transfer, Bank Statement of Money Lender [Read Order]")
![Genuineness of Transactions cant be doubted since All Payments were made through Banking Channel: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/Genuineness-of-Transactions-All-Payments-Banking-Channel-ITAT-Taxscan.jpeg "Genuineness of Transactions cant be doubted since All Payments were made through Banking Channel: ITAT deletes Addition [Read Order]")
![ITAT deletes addition made on account of Cash Gift received from Relatives [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/ITAT-account-of-cash-gift-Taxscan.jpg "ITAT deletes addition made on account of Cash Gift received from Relatives [Read Order]")
![ITAT deletes Addition as Joint Family can possess 850 gms Jewellery, says No Violation of CBDT Instruction [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/ITAT-Jewellery-Violation-of-CBDT-Instruction-Taxscan.jpg "ITAT deletes Addition as Joint Family can possess 850 gms Jewellery, says No Violation of CBDT Instruction [Read Order]")
Interest received on delayed Compensation for Compulsory Land Acquisition exempted from Income Tax: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai, has ruled that interest received by the assessee towards delayed payment of compensation for compulsory acquisition of land is akin to compensation...
![Interest received on delayed Compensation for Compulsory Land Acquisition exempted from Income Tax: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/Compensation-Compulsory-Land-Acquisition-exempted-from-Income-Tax-ITAT-Taxscan.jpg "Interest received on delayed Compensation for Compulsory Land Acquisition exempted from Income Tax: ITAT [Read Order]")
Lower Tax Authorities can’t sustain addition without any cogent material on record: Delhi High Court [Read Judgment]
The Delhi High court held that the lower tax authorities cannot sustain addition without any cogent material on record. The Respondent-Assessee is an individual who has derived income from...
![Lower Tax Authorities can’t sustain addition without any cogent material on record: Delhi High Court [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2021/02/Lower-Tax-Authorities-cogent-material-on-record-Delhi-High-Court-Taxscan-1.jpg "Lower Tax Authorities can’t sustain addition without any cogent material on record: Delhi High Court [Read Judgment]")
ITAT allows Deduction on Share of Freehold Conversion Charges, Stamp Duty etc. for converting property into freehold [Read Order]
The Income Tax Appellate Tribunal (ITAT), Allahabad Bench allowed the deduction on share of freehold conversion charges, stamp duty etc. for converting property into freehold. The assessee claimed...
![ITAT allows Deduction on Share of Freehold Conversion Charges, Stamp Duty etc. for converting property into freehold [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/ITAT-deduction-on-share-of-freehold-conversion-charges-stamp-duty-converting-property-into-freehold-Taxscan.jpeg "ITAT allows Deduction on Share of Freehold Conversion Charges, Stamp Duty etc. for converting property into freehold [Read Order]")
![Delhi High Court deletes addition of alleged Bogus LTCG on Penny Stocks [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2021/01/Delhi-High-Court-alleged-bogus-LTCG-penny-stocks-Taxscan.jpeg "Delhi High Court deletes addition of alleged Bogus LTCG on Penny Stocks [Read Judgment]")
Mere low declaration of Income by Creditors is no ground to make the addition in respect of Unexplained Cash Credit: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that mere low declaration of Income by creditors is no ground to make the addition in respect of Unexplained cash credit. The assessee...
![Mere low declaration of Income by Creditors is no ground to make the addition in respect of Unexplained Cash Credit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/01/Mere-low-declaration-Income-by-creditors-Unexplained-cash-credit-ITAT-Taxscan.jpg "Mere low declaration of Income by Creditors is no ground to make the addition in respect of Unexplained Cash Credit: ITAT [Read Order]")
![ITAT allows 60% Depreciation on Xerox Machine [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/01/ITAT-depreciation-on-xerox-machine-Taxscan.jpg "ITAT allows 60% Depreciation on Xerox Machine [Read Order]")
Partial Relief to Kingfisher Airlines: ITAT remits issue of disallowance of helicopter expenses back to AO’s file [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore in a partial relief to Kingfisher Airlines remitted the issue of disallowance of helicopter expenses back to AO’s file. The assessee...
![Partial Relief to Kingfisher Airlines: ITAT remits issue of disallowance of helicopter expenses back to AO’s file [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/01/Kingfisher-Airlines-ITAT-disallowance-of-helicopter-expenses-AO-Taxscan.jpg "Partial Relief to Kingfisher Airlines: ITAT remits issue of disallowance of helicopter expenses back to AO’s file [Read Order]")