Calculation of Fair Market Value of Equity Shares based on Book Value by AO: ITAT deletes Addition of Rs. 46.52 Lakhs on Share Premium [Read Order]
The Income Tax Appellate Tribunal ( ITAT ), Kolkata Bench recently deleted the addition of Share Premium as calculation of Fair Market Value ( FMV )...
![AO fails to Implement DRP Directions while Passing Final Assessment Order: ITAT quashes Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Delhi-ITAT-Assessment-Order-Dispute-Resolution-Panel-DRP-Dispute-Resolution-Panel-guidelines-Taxscan.jpg "AO fails to Implement DRP Directions while Passing Final Assessment Order: ITAT quashes Assessment Order [Read Order]")
![No disallowance on basis of conjecture and surmises with respect to Diversion of profit from partnership firm to assessee company: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Ahmedabad-ITAT-Income-Tax-ITAT-ruling-on-profit-diversion-Partnership-firm-profit-to-company-Taxscan.jpg "No disallowance on basis of conjecture and surmises with respect to Diversion of profit from partnership firm to assessee company: ITAT [Read Order]")
![Expenses incurred for conducting clinical trials of Pharmaceuticals Companies outside organization allowable as deduction u/s 35 (2AB) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Ahmedabad-Income-Tax-Clinical-trial-expenses-Clinical-trials-taxscan.jpg "Expenses incurred for conducting clinical trials of Pharmaceuticals Companies outside organization allowable as deduction u/s 35 (2AB) of Income Tax Act: ITAT [Read Order]")
![Interest on Non-Recovery of Loans Falls within Purview of Business Activity only, Not Income from Other Sources: ITAT directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Ahmedabad-Income-Tax-Re-adjudication-taxscan.jpg "Interest on Non-Recovery of Loans Falls within Purview of Business Activity only, Not Income from Other Sources: ITAT directs Re-adjudication [Read Order]")
Income Tax Authorities Fails to Appreciate Amended Provision of S. 36(1) ( iia ) of Income Tax Act, Denies Additional Depreciation Claim:Â ITAT allows claim of Rs. 49.5 cr [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) allowed a claim of Rs. 49.5 crore after finding that the Income Tax Authorities failed to appreciate the amended provision of Section...
![Income Tax Authorities Fails to Appreciate Amended Provision of S. 36(1) ( iia ) of Income Tax Act, Denies Additional Depreciation Claim:Â ITAT allows claim of Rs. 49.5 cr [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Ahmedabad-ITAT-Income-Tax-Authorities-Income-Tax-authorities-and-depreciation-claims-Tax-deductions-and-additional-depreciation-Taxscan.jpg "Income Tax Authorities Fails to Appreciate Amended Provision of S. 36(1) ( iia ) of Income Tax Act, Denies Additional Depreciation Claim:Â ITAT allows claim of Rs. 49.5 cr [Read Order]")
ITAT upholds Transfer Pricing Adjustment made on Purchase consideration paid under Scheme of Amalgamation entered with Holding Company [Read Order]
The Mumbai bench Income Tax Appellate Tribunal ( ITAT ) upheld that transfer pricing adjustment made on purchase consideration paid under the scheme of amalgamation entered with the holding company. ...
![ITAT upholds Transfer Pricing Adjustment made on Purchase consideration paid under Scheme of Amalgamation entered with Holding Company [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Transfer-Pricing-Adjustment-Scheme-of-Amalgamation-taxscan.jpg "ITAT upholds Transfer Pricing Adjustment made on Purchase consideration paid under Scheme of Amalgamation entered with Holding Company [Read Order]")
Failure to provide proper reason with respect to Escapement of Income regarding investment in House Construction: ITAT quashes Reassessment Proceedings [Read Order]
The Delhi bench, Income Tax Appellate Tribunal (ITAT)Â while quashing the reassessment proceedings held that the Assessing officer failure to provide proper reason with respect to escapement of...
![Failure to provide proper reason with respect to Escapement of Income regarding investment in House Construction: ITAT quashes Reassessment Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Failure-Failure-to-provide-proper-reason-Escapement-of-Income-House-Construction-taxscan.jpg "Failure to provide proper reason with respect to Escapement of Income regarding investment in House Construction: ITAT quashes Reassessment Proceedings [Read Order]")
Addition u/s 68 is invalid When Creditworthiness of Money was proved by Balance Sheet showing Legitimate Fund Transfer to Company: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal( ITAT )has held that addition under section 68 is invalid when the creditworthiness of money was proved by a balance sheet showing legitimate fund...
![Addition u/s 68 is invalid When Creditworthiness of Money was proved by Balance Sheet showing Legitimate Fund Transfer to Company: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Delhi-ITAT-Income-Tax-Legitimate-fund-transfers-and-tax-implications-Balance-sheet-proof-for-Section-68-cases-Taxscan.jpg "Addition u/s 68 is invalid When Creditworthiness of Money was proved by Balance Sheet showing Legitimate Fund Transfer to Company: ITAT [Read Order]")
ITAT upholds Genuine Nature of Sunrise Asian Share Sales, allows LTCG claims under Section 10(38) of Income Tax Act [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) decision to uphold the genuine nature of Sunrise Asian share sales resulted in granting Long Term Capital Gain (LTCG) claims under Section...
![ITAT upholds Genuine Nature of Sunrise Asian Share Sales, allows LTCG claims under Section 10(38) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-upholds-Genuine-Nature-of-Sunrise-Asian-Share-Sales-Sunrise-Asian-Share-Sales-taxscan.jpg "ITAT upholds Genuine Nature of Sunrise Asian Share Sales, allows LTCG claims under Section 10(38) of Income Tax Act [Read Order]")
Chargeability of Deemed Income between Holding and Subsidiary Contradicts Intent of Section 56(2)(viib) of the Income Tax Act : ITAT [Read Order]
The two member bench of the Income Tax Appellate Tribunal ( ITAT ) Delhi, observed that chargeability of deemed income between holding and subsidiary contradicts intent of Section 56(2)(viib) of the...
![Chargeability of Deemed Income between Holding and Subsidiary Contradicts Intent of Section 56(2)(viib) of the Income Tax Act : ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Delhi-ITAT-Income-Tax-Income-Tax-Act-Deemed-Income-ITAT-ruling-on-deemed-income-Taxscan.jpeg "Chargeability of Deemed Income between Holding and Subsidiary Contradicts Intent of Section 56(2)(viib) of the Income Tax Act : ITAT [Read Order]")
Maturity LIC Amounts Exempt from Taxability u/s 10 (10D): ITAT directs AO to delete Addition of 1.43 Crore [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has directed the Assessing Officer (AO) to delete the addition of 1.43 crore on ground that maturity Life Insurance Corporation (LIC)...
![Maturity LIC Amounts Exempt from Taxability u/s 10 (10D): ITAT directs AO to delete Addition of 1.43 Crore [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Maturity-LIC-Amounts-Taxability-us-10-10D-ITAT-AO-TAXSCAN.jpg "Maturity LIC Amounts Exempt from Taxability u/s 10 (10D): ITAT directs AO to delete Addition of 1.43 Crore [Read Order]")