Central Govt amends Information Technology Rules for Better Identification of Fake News and Regulation of Online Gaming [Read Notification]
The Central Government has recently amended the Information Technology Rules, 2021 by a Gazette Notification, to better equip the authorities in...
![“Reasonable Cause” u/s 269SS of Income Tax Act shall be related to Meet Exigency of Business: ITAT deletes Penalty u/s 271D [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Reasonable-Cause-Income-Tax-Act-Income-Tax-Tax-Business-ITAT-Penalty-Taxscan.jpg "“Reasonable Cause” u/s 269SS of Income Tax Act shall be related to Meet Exigency of Business: ITAT deletes Penalty u/s 271D [Read Order]")
![Firm comprising of Individual Partners cannot be treated as AOP: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Firm-comprising-of-Individual-Partners-AOP-ITAT-Taxscan.jpeg "Firm comprising of Individual Partners cannot be treated as AOP: ITAT [Read Order]")
![Interest Paid on Borrowing by Assessee carrying out Business in Investing in Shares Allowable as Business Expenditure: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Interest-Paid-Interest-Borrowing-Business-Investing-in-Shares-Business-Expenditure-ITAT-Income-Tax-Tax-Taxscan.jpg "Interest Paid on Borrowing by Assessee carrying out Business in Investing in Shares Allowable as Business Expenditure: ITAT [Read Order]")
Ceremonial Expenses performed as part of Tradition shall be Allowable as Business Expenditure: ITAT [Read Order]
The Pune Bench of Income Tax Appellate Tribunal (ITAT) has held that ceremonial expenses performed as part of tradition would be allowable as business expenditure. The assessee Bhimashankar...
![Ceremonial Expenses performed as part of Tradition shall be Allowable as Business Expenditure: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Ceremonial-Expenses-Tradition-Allowable-Business-Expenditure-Business-Expenditure-ITAT-Taxscan.jpg "Ceremonial Expenses performed as part of Tradition shall be Allowable as Business Expenditure: ITAT [Read Order]")
Business Profits of Current Year accrue only at the Year End: ITAT deletes Addition u/s 2(22)(e) [Read Order]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the business profits of a financial year gets accrued only at the end of the year, deleting the addition under...
![Business Profits of Current Year accrue only at the Year End: ITAT deletes Addition u/s 2(22)(e) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Business-Profits-ITAT-Addition-TAXSCAN.jpg "Business Profits of Current Year accrue only at the Year End: ITAT deletes Addition u/s 2(22)(e) [Read Order]")
‘Market to Market Loss’ in Forex Business is Not Notional Loss, Allowable as Expenditure: ITAT [Read Order]
The Mumbai Income Tax Appellate Tribunal (ITAT) recently held that market to market loss in forex business has no notional loss which was allowable as expenditure. Assesse JBF Industries Ltd...
![‘Market to Market Loss’ in Forex Business is Not Notional Loss, Allowable as Expenditure: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Market-to-Market-Loss-Forex-Business-Notional-Loss-Expenditure-ITAT-TAXSCAN.jpg "‘Market to Market Loss’ in Forex Business is Not Notional Loss, Allowable as Expenditure: ITAT [Read Order]")
Mere Mistake in Declaring Fund Transfer between Proprietorship Business and Proprietor does not Warrant Addition: ITAT [Read Order]
The Amritsar Bench of Income Tax Appellate Tribunal ( ITAT ) has held a mere mistake in declaring fund transfer between proprietorship business and proprietor would not warrant addition. During...
![Mere Mistake in Declaring Fund Transfer between Proprietorship Business and Proprietor does not Warrant Addition: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Fund-Transfer-Business-Warrant-ITAT-Income-Tax-Taxscan.jpg "Mere Mistake in Declaring Fund Transfer between Proprietorship Business and Proprietor does not Warrant Addition: ITAT [Read Order]")
Bank Fraud: CBI Court Convicts Nine Accused Including Then Assistant General Manager, IDBI Bank & Others for Causing Loss Of Rs.99.21 Lakh
The Special Judge, CBI Cases, Visakhapatnam has convicted 9 accused including then AGM, Assistant Manager, both of IDBI Bank, 5 private persons & 2 private firms. The Court sentenced Sri...
Deduction u/s 80P(4) allowable to Cooperative Society involved in the Business of Banking: Orissa HC [Read Order]
While considering a writ petition, the Orissa High Court (HC) has held that deduction under section 80P(4) of the Income Tax Act, 1961 is allowable to Cooperative Societies involved in the business...
