Economic Survey 2023 Showcases Measures for Facilitation of Trade and Ease of Doing Business [Read Report]
The Economic Survey 2023, tabled before the parliament by the Financial Minister Nirmala Sitharaman reviews the performance of the Indian economy to...
![Gifts to Business Associates and Executives are “Business Promotion Expenses”, Deductible u/s 37 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Gifts-Business-Associates-Business-Income-Tax-Act-Income-Tax-Tax-ITAT-taxscan-1.jpg "Gifts to Business Associates and Executives are “Business Promotion Expenses”, Deductible u/s 37 of Income Tax Act: ITAT [Read Order]")
![Business support services is not ‘Technical service’ as ‘make available’ clause not satisfied under DTAA: ITAT deletes addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Business-support-services-services-Business-Technical-service-DTAA-ITAT-taxscan.jpg "Business support services is not ‘Technical service’ as ‘make available’ clause not satisfied under DTAA: ITAT deletes addition [Read Order]")
![Restaurant Business Eligible to Declare Income Tax on Presumptive Basis: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Restaurant-Business-Eligible-Declare-Income-Tax-ITAT-TAXSCAN.jpg "Restaurant Business Eligible to Declare Income Tax on Presumptive Basis: ITAT [Read Order]")
Relief to Tata Industries: ITAT allows set off of brought Forward Business Losses against Foreign Dividend Income [Read Order]
As a relief to Tata Industries, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) allowed the set offof brought forward business losses against foreign dividend income. The...
![Relief to Tata Industries: ITAT allows set off of brought Forward Business Losses against Foreign Dividend Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Tata-Industries-ITAT-Business-Losses-Foreign-Dividend-Income-TAXSCAN.jpg "Relief to Tata Industries: ITAT allows set off of brought Forward Business Losses against Foreign Dividend Income [Read Order]")
Secret Commission paid to Middlemen in Cheque Discounting Business Eligible for 50% Deduction: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the secret commission paid to the middlemen in cheque discounting business shall be eligible for income tax deduction under the...
![Secret Commission paid to Middlemen in Cheque Discounting Business Eligible for 50% Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Commission-Cheque-Discounting-Business-Eligible-Deduction-ITAT-TAXSCAN.jpg "Secret Commission paid to Middlemen in Cheque Discounting Business Eligible for 50% Deduction: ITAT [Read Order]")
Disallowance u/s 36(1)(iii) not permissible on the Ground of Absence of Business-related activity: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that disallowance under section 36(1)(iii) of the Income Tax Act,1961 is not permissible on the ground of the absence of...
![Disallowance u/s 36(1)(iii) not permissible on the Ground of Absence of Business-related activity: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/business-related-activity-business-ITAT-Taxscan.jpg "Disallowance u/s 36(1)(iii) not permissible on the Ground of Absence of Business-related activity: ITAT [Read Order]")
Prior period Expense can't be Added back While Computing Profit & Gain of Business and Profession: ITAT orders to Recompute Book Profit [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that prior period expense can't be added back while computing profit & gain of business and profession. Kavithalayaa...
![Prior period Expense cant be Added back While Computing Profit & Gain of Business and Profession: ITAT orders to Recompute Book Profit [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Expense-Computing-Profit-Gain-Computing-Profit-Gain-Business-Business-and-Profession-ITAT-Income-Tax-Recompute-Book-Profit-Book-Profit-Taxscan-.jpg "Prior period Expense cant be Added back While Computing Profit & Gain of Business and Profession: ITAT orders to Recompute Book Profit [Read Order]")
Expenses towards Renovation of Business Showrooms 'Revenue' in Nature: ITAT allows Income Tax Deduction to Skoda Dealers [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the expenses incurred by the car dealers towards renovating its four business showrooms are revenue in nature for the purpose...
![Expenses towards Renovation of Business Showrooms Revenue in Nature: ITAT allows Income Tax Deduction to Skoda Dealers [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Renovation-Business-Revenue-Nature-ITAT-Income-Tax-Deduction-Skoda-Dealers-TAXSCAN.jpg "Expenses towards Renovation of Business Showrooms Revenue in Nature: ITAT allows Income Tax Deduction to Skoda Dealers [Read Order]")
Commodity Transactions carried out during Regular course of Business cannot be treated as 'Speculative Business': ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal has allowed the deduction holding that the commodity transactions carried out during the regular course of business could not be treated as...
![Commodity Transactions carried out during Regular course of Business cannot be treated as Speculative Business: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Commodity-Transactions-Business-Speculative-Business-ITAT-taxscan.jpg "Commodity Transactions carried out during Regular course of Business cannot be treated as Speculative Business: ITAT [Read Order]")
Expenditure incurred during setting up of New Business and its Commencement is allowable as a Deduction: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune Bench has held that expenditure incurred during the setting up of the new business and its commencement is allowable as a deduction. The appellant,...
![Expenditure incurred during setting up of New Business and its Commencement is allowable as a Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Expenditure-Business-Deduction-ITAT-taxscan.jpg "Expenditure incurred during setting up of New Business and its Commencement is allowable as a Deduction: ITAT [Read Order]")