![ITAT directs AO to Disallow Asian Paints Consulting Fee to Paid for Feasibility Study Report Extent Only for Home Improvement and Decor Business Expenditure [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Asian-Paints-Furnish-Necessary-Details-Claim-of-Sundry-Balances-Written-Off-ITAT-Documents-TAXSCAN.jpg "ITAT directs AO to Disallow Asian Paints Consulting Fee to Paid for Feasibility Study Report Extent Only for Home Improvement and Decor Business Expenditure [Read Order]")
ITAT directs AO to Disallow Asian Paints' Consulting Fee to Paid for Feasibility Study Report Extent Only for Home Improvement and Decor Business Expenditure [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has directed the Assessing Officer to disallow Asian Paints' consulting fee paid for a...
![Appellant’s Bank statements Confirms Full Payment and Compliance with Section 56 (2)(x) (b) (B): ITAT deletes addition of Rs. 60.1 Lakhs [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-ITAT-Mumbai-Income-tax-Bank-statement-Bank-statements-evidence-taxscan.jpg "Appellant’s Bank statements Confirms Full Payment and Compliance with Section 56 (2)(x) (b) (B): ITAT deletes addition of Rs. 60.1 Lakhs [Read Order]")
![Relief to Bank of Nova Scotia: ITAT allows Deduction of Interest paid by Indian branch to Head office [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Bank-of-Nova-Scotia-ITAT-ITAT-allows-Deduction-of-Interest-taxscan.jpg "Relief to Bank of Nova Scotia: ITAT allows Deduction of Interest paid by Indian branch to Head office [Read Order]")
![ITAT dismisses Reassessment as AO fails to Pass Assessment Order within 4 weeks from Rejection of Taxpayers Objection [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-Reassessment-AO-Pass-Assessment-Order-Rejection-Taxpayers-Objection-TAXSCAN.jpg "ITAT dismisses Reassessment as AO fails to Pass Assessment Order within 4 weeks from Rejection of Taxpayers Objection [Read Order]")
![Relief to Toyota Financial: ITAT directs Re-Adjudication on Taxability of Interest Income from NPAs [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Bangalore-Income-Tax-Toyota-Financial-Interest-income-Interest-income-taxation-taxscan.jpg "Relief to Toyota Financial: ITAT directs Re-Adjudication on Taxability of Interest Income from NPAs [Read Order]")
Interest paid on loans borrowed for real estate and finance business is allowable as deduction: ITAT deletes Disallowance [Read Order]
The Delhi bench of Income Tax Appellate Tribunal ( ITAT ) while deleting the disallowance made by the assessing officer towards the interest expenses held that interest paid on loans borrowed for...
![Interest paid on loans borrowed for real estate and finance business is allowable as deduction: ITAT deletes Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Delhi-Income-Tax-loan-interest-Real-estate-business-tax-Tax-deductions-in-business-Tax-news-Business-loans-interest-taxscan.jpg "Interest paid on loans borrowed for real estate and finance business is allowable as deduction: ITAT deletes Disallowance [Read Order]")
![AO and CIT (A) ignores Cash Deposit Evidences: ITAT deletes addition u/s 69A [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/AO-CIT-A-ITAT-addition-AO-and-CIT-A-Ignores-Cash-Deposit-Evidences-taxscan.jpg "AO and CIT (A) ignores Cash Deposit Evidences: ITAT deletes addition u/s 69A [Read Order]")
No Evidence of Cash Payments for Demand Drafts to 34 Parties: ITAT Upholds Deletion of Additions by CIT (A) u/s 68 of Income Tax Act [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has upheld the deletion of additions made under Section 68 of the Income Tax Act, 1961 by the Commissioner of Income Tax (Appeals)...
![No Evidence of Cash Payments for Demand Drafts to 34 Parties: ITAT Upholds Deletion of Additions by CIT (A) u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Cash-Payments-No-Evidence-of-Cash-Payments-ITAT-Deletion-Additions-CIT-A-Income-Tax-Act-taxscan.jpg "No Evidence of Cash Payments for Demand Drafts to 34 Parties: ITAT Upholds Deletion of Additions by CIT (A) u/s 68 of Income Tax Act [Read Order]")
Decision of CIT (A) without Considering Merits of Case is Violative of Provisions of Section 250(6) of Income Tax Act: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that decision of Commissioner of Income Tax ( Appeals ) [ CIT (A) ] without considering merits of case was violative of...
![Decision of CIT (A) without Considering Merits of Case is Violative of Provisions of Section 250(6) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/ITAT-ITAT-Mumbai-Income-Tax-Violative-provisions-Commissioner-of-Income-Tax-TAXSCAN.jpg "Decision of CIT (A) without Considering Merits of Case is Violative of Provisions of Section 250(6) of Income Tax Act: ITAT [Read Order]")
![Profit Element in Unexplained Sales is to be treated under undisclosed Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/ITAT-ITAT-Rajkot-Income-Tax-Unexplained-Sales-TAXSCAN.jpg "Profit Element in Unexplained Sales is to be treated under undisclosed Income: ITAT [Read Order]")
Addition u/s 68 of Income Tax Act cannot be made Without Examining Source of Cash Deposit: ITAT [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) observed that addition under Section 68 of the Income Tax Act, 1961, cannot be made without examining source of cash deposit The...
![Addition u/s 68 of Income Tax Act cannot be made Without Examining Source of Cash Deposit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/us-68-of-Income-Tax-Act-examining-source-of-cash-deposit-ITAT-TAXSCAN.jpg "Addition u/s 68 of Income Tax Act cannot be made Without Examining Source of Cash Deposit: ITAT [Read Order]")
Assessee should be aware that Department have discovered escapement of income: ITAT deletes penalty u/s 271 (1) (C) of Income Tax Act [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under Section 271(1) (c) of the Income Tax Act, 1961, stating that the assessee should be aware that the...
![Assessee should be aware that Department have discovered escapement of income: ITAT deletes penalty u/s 271 (1) (C) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/Income-Tax-ITAT-ITAT-Ahmedabad-Income-tax-penalties-Escapement-of-income-taxscan.jpg "Assessee should be aware that Department have discovered escapement of income: ITAT deletes penalty u/s 271 (1) (C) of Income Tax Act [Read Order]")