![Carbon Credit Income Exempted from Normal Income Tax Provisions and Book Profit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Carbon-Credit-Income-Income-Tax-Provisions-Book-Profit-ITAT-taxscan.jpg "Carbon Credit Income Exempted from Normal Income Tax Provisions and Book Profit: ITAT [Read Order]")
Carbon Credit Income Exempted from Normal Income Tax Provisions and Book Profit: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) comprising Shri Challa Nagendra Prasad, Judicial Member and Shri Pradip Kumar Kedia,...
![Adjustment made by Chartered Accountant in revised Form No.29B while computing revised Book Profits u/s.115JB is in order: CESTAT direct AO to grant deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Adjustment-Chartered-Accountant-revised-Form-No.29B-Book-Profits-CESTAT-AO-deduction-Taxscan.jpg "Adjustment made by Chartered Accountant in revised Form No.29B while computing revised Book Profits u/s.115JB is in order: CESTAT direct AO to grant deduction [Read Order]")
![Excise Duty Exemption is Capital Receipt, neither chargeable to Income Tax nor categorised under Book Profit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Excise-duty-capital-receipt-Income-tax-book-profit-ITAT-taxscan.jpeg "Excise Duty Exemption is Capital Receipt, neither chargeable to Income Tax nor categorised under Book Profit: ITAT [Read Order]")
![Provisions of Book Profit not applicable to Banking Companies: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/01/Provisions-Book-Profit-Banking-Companies-ITAT-Taxscan.jpg "Provisions of Book Profit not applicable to Banking Companies: ITAT [Read Order]")
![Prior Period Items can be excluded while computing Book Profit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/10/computing-Book-Profit-ITAT-Taxscan.jpeg "Prior Period Items can be excluded while computing Book Profit: ITAT [Read Order]")
Disallowance made for Exempted Income not to be added for Computation of Book Profit: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench ruled that the disallowance made for Exempted Income not to be added for computing of Computation of book profit. The assessee, M/s. Sun...
![Disallowance made for Exempted Income not to be added for Computation of Book Profit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/05/Exempted-Income-book-profit-ITAT-Taxscan.jpg "Disallowance made for Exempted Income not to be added for Computation of Book Profit: ITAT [Read Order]")
![ITAT grants reduction of Unabsorbed Depreciation to the tune of Rs.8.48 Cr to GoAir [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/01/ITAT-Mumbai-ITAT-Reduction-Unabsorbed-Reduction-Go-Airlines-Taxscan.jpg "ITAT grants reduction of Unabsorbed Depreciation to the tune of Rs.8.48 Cr to GoAir [Read Order]")
![Warrant Expenses deductible from Book Profit: ITAT grants relief to Lenovo [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/03/Lenovo-Warrantly-Expenses-Taxscan.jpg "Warrant Expenses deductible from Book Profit: ITAT grants relief to Lenovo [Read Order]")
Expenses on Account of Interest Payment on Loans could not be added while Computing Book Profit: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad held that expenses on account of interest payment on loans could not be added while computing book profit. On verification of the balance sheet, it...
![Expenses on Account of Interest Payment on Loans could not be added while Computing Book Profit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/02/Interest-Payment-Loans-Account-Expenses-ITAT-Taxscan.jpg "Expenses on Account of Interest Payment on Loans could not be added while Computing Book Profit: ITAT [Read Order]")
Only Ascertained Liability and not Mere Provision, is eligible for Adjustment against Book Profit: ITAT [Read Order]
The Hyderabad Bench of the Income Tax Appellate Tribunal ( ITAT ) in M/s. Southern Power vs. Dy. Commissioner of Income held that Only ascertained liability and not mere provision, is eligible for...
![Only Ascertained Liability and not Mere Provision, is eligible for Adjustment against Book Profit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/06/Book-Profit-Taxscan.jpg "Only Ascertained Liability and not Mere Provision, is eligible for Adjustment against Book Profit: ITAT [Read Order]")