![Deduction of Compensation paid for Breach of Contract cannot be allowed based on Bank Statement alone: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Deduction-Compensation-Bank-Statement-ITAT-taxscan.jpeg "Deduction of Compensation paid for Breach of Contract cannot be allowed based on Bank Statement alone: ITAT [Read Order]")
Deduction of Compensation paid for Breach of Contract cannot be allowed based on Bank Statement alone: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune Bench has held that deduction of compensation paid for breach of contract cannot be allowed based on...
![Profit Element of Hawala Purchase would be subjected to Tax, not the Entire Amount: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Profit-Element-Hawala-Purchase-Tax-Amount-ITAT-taxscan.jpeg "Profit Element of Hawala Purchase would be subjected to Tax, not the Entire Amount: ITAT [Read Order]")
![Mandatory Declaration of Number of Lorry u/s 194C (6) applicable prospectively from 1st June 2015 onwards: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Mandatory-Declaration-Lorry-ITAT-taxscan.jpg "Mandatory Declaration of Number of Lorry u/s 194C (6) applicable prospectively from 1st June 2015 onwards: ITAT [Read Order]")
![ITAT upholds Addition of Income from Cricket Betting as Business Income applying 1% of GP [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/ITAT-Income-Cricket-Betting-Business-Income-GP-TAXSCAN.jpeg "ITAT upholds Addition of Income from Cricket Betting as Business Income applying 1% of GP [Read Order]")
![Defective Penalty Notice: ITAT grants relief to Ecorea and Kuroda Electric India [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/penalty-notice-ITAT-Ecorea-and-Kuroda-Electric-India-taxscan.jpeg "Defective Penalty Notice: ITAT grants relief to Ecorea and Kuroda Electric India [Read Order]")
Statute Promoting Growth and Development should be Considered Liberally: Calcutta HC allows Income Tax Deduction to ITC Ltd [Read Order]
The division bench of the Calcutta High Court has held that the statute promoting growth and development should be considered liberally and upholds deduction u/s 80IC. The assessee, M/s. ITC...
![Statute Promoting Growth and Development should be Considered Liberally: Calcutta HC allows Income Tax Deduction to ITC Ltd [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/ITC-Limited-Calcutta-HC-Growth-and-Development-Liberally-Deduction-Taxscan.jpeg "Statute Promoting Growth and Development should be Considered Liberally: Calcutta HC allows Income Tax Deduction to ITC Ltd [Read Order]")
Cash Deposits not Corroborated with Business Receipts or Cash Withdrawals: ITAT upholds Addition u/s 68 [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench has held that cash deposits are not corroborated with business receipts or cash withdrawals and upholds addition under section 68 of IT Act. ...
![Cash Deposits not Corroborated with Business Receipts or Cash Withdrawals: ITAT upholds Addition u/s 68 [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Cash-Deposits-Business-Receipts-Cash-Withdrawals-ITAT-Taxscan.jpg "Cash Deposits not Corroborated with Business Receipts or Cash Withdrawals: ITAT upholds Addition u/s 68 [Read Order]")
Cash Deposits out of Business of Shroff cannot be Treated as Undisclosed Income U/S 68: ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT ) Rajkot Bench presided by Ms. Annapurna Gupta, Accountant Member And Shri TR Senthil Kumar, Judicial Member has held that the cash deposits out of business...
![Cash Deposits out of Business of Shroff cannot be Treated as Undisclosed Income U/S 68: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Cash-Deposits-Business-Shroff-Undisclosed-Income-ITAT-Taxscan.jpg "Cash Deposits out of Business of Shroff cannot be Treated as Undisclosed Income U/S 68: ITAT [Read Order]")
No Income Tax on Interest paid by PE to General Enterprises: Branch and Head Offices forms part of same Legal Entity, rules ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that branch and head office forms part of the same legal entity and can’t be taxed on interest paid by PE to General Enterprises. ...
![No Income Tax on Interest paid by PE to General Enterprises: Branch and Head Offices forms part of same Legal Entity, rules ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/No-Income-Tax-PE-General-Enterprises-Branch-Head-Offices-Legal-Entity-ITAT-taxscan.jpg "No Income Tax on Interest paid by PE to General Enterprises: Branch and Head Offices forms part of same Legal Entity, rules ITAT [Read Order]")
Rural Agricultural Land acquired by Govt for Business Activity u/s 2(13) Eligible for Exemption: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has held that rural agricultural land acquired by Government for business activity u/s 2 (13) is eligible for Exemption. The assessee,...
![Rural Agricultural Land acquired by Govt for Business Activity u/s 2(13) Eligible for Exemption: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Rural-Agricultural-Land-Government-Business-Activity-Exemption-ITAT-Taxscan.jpeg "Rural Agricultural Land acquired by Govt for Business Activity u/s 2(13) Eligible for Exemption: ITAT [Read Order]")
Benefit of set-off of brought Forward Business Losses cannot be allowed on Non-genuine Demerger: ITAT [Read Order]
The Pune Bench of Income Tax Appellate Tribunal ( ITAT ) has held that benefit of set-off of brought forward business losses cannot be allowed on the non-genuine demerger. Shri Shivraj B. Morey...
![Benefit of set-off of brought Forward Business Losses cannot be allowed on Non-genuine Demerger: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/business-losses-demerger-ITAT-taxscan.jpg "Benefit of set-off of brought Forward Business Losses cannot be allowed on Non-genuine Demerger: ITAT [Read Order]")
Proprietary Concern not required to obtain Separate PAN: ITAT upholds Deletion of Addition u/s 40(a)(ia) [Read Order]
The Income Tax Appellate Tribunal ( ITAT ) Ahmedabad Bench has held that proprietary concern is not required to obtain a separate Permanent Account Number (PAN) and upholds deletion of addition u/s...
![Proprietary Concern not required to obtain Separate PAN: ITAT upholds Deletion of Addition u/s 40(a)(ia) [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/PAN-ITAT-Deletion-Addition-taxscan.jpeg "Proprietary Concern not required to obtain Separate PAN: ITAT upholds Deletion of Addition u/s 40(a)(ia) [Read Order]")