![Discretionary Power vested on AO for Granting Stay under Income Tax Act shall be Exercised within Four Corners of Law: Allahabad HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/AO-Income-Tax-Act-Law-Allahabad-HC-taxscan.jpg "Discretionary Power vested on AO for Granting Stay under Income Tax Act shall be Exercised within Four Corners of Law: Allahabad HC [Read Order]")
Discretionary Power vested on AO for Granting Stay under Income Tax Act shall be Exercised within Four Corners of Law: Allahabad HC [Read Order]
The Allahabad High Court, in a recent ruling, has held that the discretionary power vested on the Assessing Officer to grant stay of demand is not...
![Cash Deposited during Demonetization period did not exceed Threshold Limit: ITAT deletes Income Tax Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Cash-Deposited-Demonetization-period-Threshold-Limit-ITAT-Income-Tax-Addition-TAXSCAN.jpeg "Cash Deposited during Demonetization period did not exceed Threshold Limit: ITAT deletes Income Tax Addition [Read Order]")
![ITAT upholds Revision Order on failure of AO to conduct Verification during Assessment Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/ITAT-Revision-Order-AO-Verification-Assessment-Proceedings-TAXSCAN.jpg "ITAT upholds Revision Order on failure of AO to conduct Verification during Assessment Proceedings [Read Order]")
![Relief to Sony Pictures: ITAT sets aside Assessment Order passed against Non-Existing entity [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Sony-Pictures-ITAT-Assessment-Order-TAXSCAN.jpg "Relief to Sony Pictures: ITAT sets aside Assessment Order passed against Non-Existing entity [Read Order]")
![Application of Valuation method of Rule 11UA upon Preferential Shares: ITAT deletes Addition of Rs 72 Lakhs [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Application-Valuation-Preferential-Shares-ITAT-Addition-TAXSCAN.jpg "Application of Valuation method of Rule 11UA upon Preferential Shares: ITAT deletes Addition of Rs 72 Lakhs [Read Order]")
Assessing Officer allowed Income Tax Deduction in the form of Amortization of Premium with due verification: ITAT sets aside Revisional Order [Read Order]
Assessing Officer allowed the Income Tax deduction in the form of amortization of premium with due verification, and the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has set aside the...
![Assessing Officer allowed Income Tax Deduction in the form of Amortization of Premium with due verification: ITAT sets aside Revisional Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Assessing-Officer-Income-Tax-Deduction-Amortization-Premium-ITAT-Revisional-Order-taxscan.jpeg "Assessing Officer allowed Income Tax Deduction in the form of Amortization of Premium with due verification: ITAT sets aside Revisional Order [Read Order]")
ITAT allows Expenses Incurred for R&D: Biotechnology R&D Expenses to be Deducted as Revenue Expenditure [Read Order]
The Income Tax Appellate Authority at Chennai has held that, the disallowance made by the Assessing Officer (AO) and as confirmed by Commissioner of Income Tax (Appeals) [CIT(A)] is not sustainable...
![ITAT allows Expenses Incurred for R&D: Biotechnology R&D Expenses to be Deducted as Revenue Expenditure [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/ITAT-Research-and-Development-Expenses-Biotechnology-RD-Expenses-Revenue-Expenditure-taxscan.jpg "ITAT allows Expenses Incurred for R&D: Biotechnology R&D Expenses to be Deducted as Revenue Expenditure [Read Order]")
![Relief to BMC Software: ITAT deletes Income Tax Addition on Lease Line Charges [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/BMC-Software-ITAT-Income-Tax-Addition-Lease-Line-Charges-TAXSCAN.jpg "Relief to BMC Software: ITAT deletes Income Tax Addition on Lease Line Charges [Read Order]")
Delay in deciding Stay Application due Non Transfer of File to New AO: Assessing Officer Apologises to Delhi HC [Read Order]
In a recent incident, an Assessing Officer apologized to the Delhi High Court for an inordinate delay in deciding the stay application due to a delay in handing over the files to the present...
![Delay in deciding Stay Application due Non Transfer of File to New AO: Assessing Officer Apologises to Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Transfer-Assessing-Officer-Delhi-HC-taxscan.jpg "Delay in deciding Stay Application due Non Transfer of File to New AO: Assessing Officer Apologises to Delhi HC [Read Order]")
Addition of Long Term Capital Gains not valid if Capital Gains on Transfer of Goodwill is Nil after Consideration of Costs Incurred for Transfer: ITAT grants relief to Univercell [Read Order]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has held that addition of long term capital gains are not valid if capital gains on transfer of goodwill is zero after consideration of...
![Addition of Long Term Capital Gains not valid if Capital Gains on Transfer of Goodwill is Nil after Consideration of Costs Incurred for Transfer: ITAT grants relief to Univercell [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Capital-Gains-Goodwill-ITAT-TAXSCAN.jpg "Addition of Long Term Capital Gains not valid if Capital Gains on Transfer of Goodwill is Nil after Consideration of Costs Incurred for Transfer: ITAT grants relief to Univercell [Read Order]")
![ITAT approves Addition on GP at 2.5% on Non-explanation regarding Closing Stock [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/ITAT-approves-GP-TAXSCAN.jpeg "ITAT approves Addition on GP at 2.5% on Non-explanation regarding Closing Stock [Read Order]")
Amortization of Expenses u/s 35 D to be Allowed Only on Satisfying the Prescribed Conditions: ITAT [Read Order]
The Income Tax Appellate Tribunal, Bench “A”, Mumbai, has, recently while allowing an appeal filed by the Revenue, held that amortization of expenses under section 35 D can be allowed only on...
![Amortization of Expenses u/s 35 D to be Allowed Only on Satisfying the Prescribed Conditions: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Amortization-Of-Expenses-Conditions-ITAT-TAXSCAN.jpg "Amortization of Expenses u/s 35 D to be Allowed Only on Satisfying the Prescribed Conditions: ITAT [Read Order]")