![ITAT Deletes Interest Disallowance u/s 36(1)(iii) for Genuine Unsecured Loans, Upholding CIT(A) Decision [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-Genuine-Unsecured-Loans-Unsecured-Loans-Income-Tax-Section-361iii-of-Income-Tax-Act-Taxscan.jpg "ITAT Deletes Interest Disallowance u/s 36(1)(iii) for Genuine Unsecured Loans, Upholding CIT(A) Decision [Read Order]")
ITAT Deletes Interest Disallowance u/s 36(1)(iii) for Genuine Unsecured Loans, Upholding CIT(A) Decision [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) deleted the disallowance of interest under Section 36(1)(iii) of the Income Tax...
![ITAT quashes Revision Order passed without showing Prejudice to Revenue or Error by AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Failure-to-prove-sufficient-cause-to-condone-delay-filing-appeal-against-revision-order-condone-delay-Income-Tax-Act-revision-order-ITAT-dismisses-appeal-ITAT-appeal-taxscan.jpg "ITAT quashes Revision Order passed without showing Prejudice to Revenue or Error by AO [Read Order]")
![Relief to ICICI: ITAT Deletes Disallowance of Dividend Income Citing S.44 Overrides S.14A in Computation of Insurance Company Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Mumbai-ICICI-Income-Tax-Income-Tax-Act-Section-14A-of-Income-Tax-Act-Taxscan.jpg "Relief to ICICI: ITAT Deletes Disallowance of Dividend Income Citing S.44 Overrides S.14A in Computation of Insurance Company Income [Read Order]")
![Disallowance of Interest Expenses: ITAT remands Matter for Fresh Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-ITAT-Ahmedabad-Income-Tax-Appellate-Tribunal-Assessing-Officer-TAXSCAN.jpg "Disallowance of Interest Expenses: ITAT remands Matter for Fresh Adjudication [Read Order]")
ITAT Upholds Legitimacy of Cash Deposits, Rejects Unexplained Classification u/s 68 of Income Tax Act [Read Order]
The Jaipur Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the legitimacy of cash deposits made during the demonetization period and rejected their classification as unexplained under Section...
![ITAT Upholds Legitimacy of Cash Deposits, Rejects Unexplained Classification u/s 68 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Jaipur-Cash-Deposit-Section-68-of-Income-Tax-Act-Income-Tax-Income-Tax-Act-Cash-deposits-in-demonetization-period-taxscan.jpg "ITAT Upholds Legitimacy of Cash Deposits, Rejects Unexplained Classification u/s 68 of Income Tax Act [Read Order]")
AO is “Prescribed Income Tax Authority” to issue Notices u/s 143(2) and 142(1): Delhi HC [Read Order]
The Delhi High Court recently dismissed a petition challenging Notices issued by the Assistant Commissioner of Income Tax under Sections 143(2) and 142(1) of the Income Tax Act, 1961, affirming the...
![AO is “Prescribed Income Tax Authority” to issue Notices u/s 143(2) and 142(1): Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-Delhi-High-Court-Delhi-HC-Income-Tax-Authority-section-1432-TAXSCAN.jpg "AO is “Prescribed Income Tax Authority” to issue Notices u/s 143(2) and 142(1): Delhi HC [Read Order]")
ITAT Rules VLCC Health Care Ltd.'s Revenue-Sharing Model Not Subject to TDS, Dismisses Revenue's Appeal [Read Order]
The Delhi Bench Of Income Tax Appellate Tribunal( ITAT )dismissed the Revenue's appeal against VLCC Health Care Ltd., ruling that the company's revenue-sharing model under its franchise agreement was...
![ITAT Rules VLCC Health Care Ltd.s Revenue-Sharing Model Not Subject to TDS, Dismisses Revenues Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Income-Tax-Appellate-Tribunal-ITAT-Rules-TAXSCAN.jpg "ITAT Rules VLCC Health Care Ltd.s Revenue-Sharing Model Not Subject to TDS, Dismisses Revenues Appeal [Read Order]")
Unsold Flats held as Stock-in-Trade should be Treated as Business Stock, Not Income from House Property: ITAT on Palm Grove's Matter [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) ruled in favor of Palm Grove Beach Hotels Pvt. Ltd. that unsold flats held as stock-in-trade should be treated as business stock, not income...
![Unsold Flats held as Stock-in-Trade should be Treated as Business Stock, Not Income from House Property: ITAT on Palm Groves Matter [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Mumbai-Stock-in-Trade-Income-from-House-Property-Unsold-flats-not-house-property-taxscan.jpeg "Unsold Flats held as Stock-in-Trade should be Treated as Business Stock, Not Income from House Property: ITAT on Palm Groves Matter [Read Order]")
Non-discharge of Onus of Proof by AO: Bombay HC quashes treatment of Purchase Expenses as Bogus [Read Order]
The Bombay High Court ( Bombay HC ) recently set aside an order by the Income Tax Appellate Tribunal ( ITAT ) and Revenue Department, ruling that the purchase expenses claimed by the petitioner could...
![Non-discharge of Onus of Proof by AO: Bombay HC quashes treatment of Purchase Expenses as Bogus [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-ITAT-Income-Tax-Appellate-Tribunal-Bombay-High-Court-Revenue-Department-TAXSCAN.jpg "Non-discharge of Onus of Proof by AO: Bombay HC quashes treatment of Purchase Expenses as Bogus [Read Order]")
Relief for Genpact India: ITAT Allows 60% Depreciation Citing Printers and Routers as Part of an Integrated System with Computers [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) granted relief to Genpact India by allowing depreciation at the rate of 60% on certain computer peripherals such as printers, routers etc.,...
![Relief for Genpact India: ITAT Allows 60% Depreciation Citing Printers and Routers as Part of an Integrated System with Computers [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Delhi-Genpact-India-Depreciation-allowance-Printers-routers-depreciation-Integrated-system-depreciation-taxscan.jpg "Relief for Genpact India: ITAT Allows 60% Depreciation Citing Printers and Routers as Part of an Integrated System with Computers [Read Order]")
ITAT invalidates Deemed Gift Addition u/s 56(2)(vii)(b)(ii) based on Allotment Letter Validity [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal ( ITAT ) invalidated the deemed gift addition made under Section 56(2)(vii)(b)(ii) of the Income Tax Act,1961, emphasizing that an allotment letter...
![ITAT invalidates Deemed Gift Addition u/s 56(2)(vii)(b)(ii) based on Allotment Letter Validity [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Income-Tax-Appellate-Tribunal-ITAT-Kolkata-Income-Tax-Act-1961-TAXSCAN.jpg "ITAT invalidates Deemed Gift Addition u/s 56(2)(vii)(b)(ii) based on Allotment Letter Validity [Read Order]")