![Rough Estimation done by Partner as On Money cannot be considered under Unexplained Cash Credit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/partner-money-cash-credit-ITAT-taxscan.jpg "Rough Estimation done by Partner as On Money cannot be considered under Unexplained Cash Credit: ITAT [Read Order]")
Rough Estimation done by Partner as 'On Money' cannot be considered under Unexplained Cash Credit: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Surat has held that rough estimation about charts of business booking by the partner as “on money” cannot...
![Loss on Trading in Derivatives of Securities can be Adjusted against Business Income: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Trading-Securities-Business-Income-Bombay-High-Court-Taxscan.jpeg "Loss on Trading in Derivatives of Securities can be Adjusted against Business Income: Bombay HC [Read Order]")
![Third Party Shareholders Renouncing Rights Shares in Favour of the Assessee is Liable to Tax u/s 56(2): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Third-Party-Shareholders-Rights-Shares-Assesse-Liable-to-Tax-ITAT-Taxscan.jpeg "Third Party Shareholders Renouncing Rights Shares in Favour of the Assessee is Liable to Tax u/s 56(2): ITAT [Read Order]")
![Loan from Close Relatives & Friends cannot be treated as Unexplained to invoke S. 68: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Loan-Close-Relatives-Friends-ITAT-taxscan.jpg "Loan from Close Relatives & Friends cannot be treated as Unexplained to invoke S. 68: ITAT [Read Order]")
![Income Tax Penalty not leviable in the Absence of Specific Charge against Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Income-Tax-Penalty-leviable-Assessee-ITAT-taxscan.jpeg "Income Tax Penalty not leviable in the Absence of Specific Charge against Assessee: ITAT [Read Order]")
Reply to Notice couldn’t file due to Glitches on Income Tax Portal: Calcutta HC orders for Fresh Assessment [Read Order]
In an assessee-friendly ruling, the Calcutta High Court has asked the Assessing Officer to conduct fresh assessment proceedings since the assessee could not file the reply to notice due to technical...
![Reply to Notice couldn’t file due to Glitches on Income Tax Portal: Calcutta HC orders for Fresh Assessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Notice-Glitches-Income-Tax-Portal-Calcutta-High-Court-Fresh-Assessment-Taxscan.jpeg "Reply to Notice couldn’t file due to Glitches on Income Tax Portal: Calcutta HC orders for Fresh Assessment [Read Order]")
![CAM Charges included in Rent allowable as Income Tax Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/CAM-Rent-allowable-Deduction-ITAT-taxscan.jpeg "CAM Charges included in Rent allowable as Income Tax Deduction: ITAT [Read Order]")
Denial of Corpus Donation without giving Assessee reasonable opportunity of being heard is unjust: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Ahmedabad bench consisting of P.M. Jagtap, Vice-President, and T.R. Senthil Kumar, Judicial Member held that denial of corpus donation without giving the...
![Denial of Corpus Donation without giving Assessee reasonable opportunity of being heard is unjust: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/corpus-donation-assessee-ITAT-taxscan.jpg "Denial of Corpus Donation without giving Assessee reasonable opportunity of being heard is unjust: ITAT [Read Order]")
Rental Income from Building cannot be treated as Business Income since Assessee is not Involved in Business of Leasing: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Vishakhapatnam bench has held that the rental income received from the building cannot be treated as business income of the assessee who is not involved in...
![Rental Income from Building cannot be treated as Business Income since Assessee is not Involved in Business of Leasing: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/ITAT-Vishakapattanam-Rental-Income-Business-Income-Assessee-Business-of-Leasing-ITAT-taxscan.jpeg "Rental Income from Building cannot be treated as Business Income since Assessee is not Involved in Business of Leasing: ITAT [Read Order]")
![Depreciation allowable on Goodwill: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Depreciation-Goodwill-ITAT-taxscan.jpeg "Depreciation allowable on Goodwill: ITAT [Read Order]")
Drawings made for Non-Business purposes are not allowable as Income Tax Deduction: ITAT [Read Order]
The Visakhapatnam bench of the Income Tax Appellate Tribunal (ITAT) has held that drawings made for non-business purposes are not allowable as a deduction under section 36(1)(iii) of the Income Tax...
![Drawings made for Non-Business purposes are not allowable as Income Tax Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Drawings-non-business-Deduction-ITAT-Taxscan.jpeg "Drawings made for Non-Business purposes are not allowable as Income Tax Deduction: ITAT [Read Order]")
Dept shall exercise Power to Grant Stay Order Judiciously by Balancing Convenience and Irreparable Injury: Delhi HC [Read Order]
The Delhi High Court consisting of Justice Manmohan and Justice Dinesh Kumar Sharma has held that the income tax department shall exercise the power to grant a stay order judicially by considering...
![Dept shall exercise Power to Grant Stay Order Judiciously by Balancing Convenience and Irreparable Injury: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Department-stay-order-judicially-Delhi-High-Court-Irreparable-Injury-Taxscan.jpeg "Dept shall exercise Power to Grant Stay Order Judiciously by Balancing Convenience and Irreparable Injury: Delhi HC [Read Order]")