![Sale of Shop Below Market Price amounts to Fraud with Intention to Tax Evasion: ITAT upholds Disallowance of Loss [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/SALEOF1.jpg "Sale of Shop Below Market Price amounts to Fraud with Intention to Tax Evasion: ITAT upholds Disallowance of Loss [Read Order]")
Sale of Shop Below Market Price amounts to Fraud with Intention to Tax Evasion: ITAT upholds Disallowance of Loss [Read Order]
The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the sale of shops below market price amounts to fraud to tax evasion and...
![Forfeiture of Earnest Money is Expenditure: ITAT deletes Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Forfeiture-of-Earnest-Money-is-Expenditure-ITAT-Disallowance-TAXSCAN.jpg "Forfeiture of Earnest Money is Expenditure: ITAT deletes Disallowance [Read Order]")
![Relief to Hi-Lite Builders: ITAT deletes Retrospective Disallowance by AO u/s 40(a)(ia) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Relief-to-Hi-Lite-Builders-Hi-Lite-Builders-ITAT-ITAT-deletes-Retrospective-Disallowance-Retrospective-Disallowance-Disallowance-Retrospective-Disallowance-by-AO-taxscan-.jpg "Relief to Hi-Lite Builders: ITAT deletes Retrospective Disallowance by AO u/s 40(a)(ia) [Read Order]")
![No Disallowance on Assumption of getting Future Tax Free Income from Investment made by assesee : ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/ITAT-Kolkata-Disallowance-Tax-Free-Income-assesee-Commissioner-of-Income-Tax-taxscan.jpg "No Disallowance on Assumption of getting Future Tax Free Income from Investment made by assesee : ITAT deletes Addition [Read Order]")
Loss incurred for Expenditure for an Offence not Deductible: SC upholds Disallowance of Smuggled Silver as Business Loss[Read Judgement]
The Supreme Court of India in a recent judgement held that loss incurred for expenditure for an offence is not deductible tax and upheld the disallowance of smuggled silver as business loss. The...
Partners Entitled to Interest on Their Loan Accounts with Firm at Rates as Prescribed under Income Tax Act: ITAT upholds Deletion of Addition made u/s 68
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, while upholding the deletion of addition made under section 68, held that partners are entitled to...
Lack of Enabling Provision in IT Act: ITAT quashes Disallowance of Claim u/s 143(1)(a) for Belated Filing of ITR [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chandigarh Bench, has recently, in an appeal filed before it, quashed the disallowance of claim under Section 143(1)(a) for belated filing of ITR, on the...
![Lack of Enabling Provision in IT Act: ITAT quashes Disallowance of Claim u/s 143(1)(a) for Belated Filing of ITR [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/IT-Act-ITAT-Disallowance-of-Claim-Filing-of-ITR-ITR-taxscan.jpg "Lack of Enabling Provision in IT Act: ITAT quashes Disallowance of Claim u/s 143(1)(a) for Belated Filing of ITR [Read Order]")
![No Disallowance u/s. 40(a)(ia) on Compliance with Section 194C(6): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/non-maintenance-of-book-of-accounts-ITAT-penalty-book-of-accounts-TAXSCAN.jpg "No Disallowance u/s. 40(a)(ia) on Compliance with Section 194C(6): ITAT [Read Order]")
Interest Expenditure cannot be considered for making Disallowance u/s 14A of the Act: ITAT confirms Relief of Adani Wilmar Ltd [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has recently held that interest expenditure could not be consider for making disallowance under Section 14A of the Income Tax Act, 1961...
![Interest Expenditure cannot be considered for making Disallowance u/s 14A of the Act: ITAT confirms Relief of Adani Wilmar Ltd [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Interest-Expenditure-Disallowance-ITAT-Relief-of-Adani-Wilmer-Ltd-Adani-Wilmer-Ltd-Income-Tax-Act-Income-Tax-taxscan.jpg "Interest Expenditure cannot be considered for making Disallowance u/s 14A of the Act: ITAT confirms Relief of Adani Wilmar Ltd [Read Order]")
ITAT upholds Disallowance only with respect to Godown Leased to Banas Dairy for “Non-Agricultural” Purposes [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has upheld the disallowance only with respect to the godown which was leased to Banas Diary for non-agricultural purposes. The assessee...
![ITAT upholds Disallowance only with respect to Godown Leased to Banas Dairy for “Non-Agricultural” Purposes [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/ITAT-Disallowance-Godown-Banas-Dairy-Non-Agricultural-Purposes-Taxscan.jpg "ITAT upholds Disallowance only with respect to Godown Leased to Banas Dairy for “Non-Agricultural” Purposes [Read Order]")
Income Tax Penalty u/s 270A cannot be Levied when Disallowance made on Estimate Basis: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has recently, in an appeal filed before it, held that income tax penalty under Section 270A of the Income Tax Act, 1961 cannot be levied, when...
![Income Tax Penalty u/s 270A cannot be Levied when Disallowance made on Estimate Basis: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Disallowance-Income-Tax-Penalty-Estimate-Basis-ITAT-Income-Tax-Taxscan.jpg "Income Tax Penalty u/s 270A cannot be Levied when Disallowance made on Estimate Basis: ITAT [Read Order]")