Disallowance of Depreciation Claim on Goodwill: Suzlon Energy Ltd gets slapped with ₹260.35 Cr Income Tax Penalty
Suzlon Energy Ltd, a company dedicated to providing renewable energy solutions, faced a setback recently when it was hit with a hefty penalty of...
![No Disallowance on payments towards PF and ESI made before due date of filing Income Tax Return u/s 139(1) of Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/disallowance-payments-PF-and-ESI-Income-Tax-Return-us-1391-of-Act-ITAT-TAXSCAN.jpg "No Disallowance on payments towards PF and ESI made before due date of filing Income Tax Return u/s 139(1) of Act: ITAT [Read Order]")
![Relief to Piramal Enterprises: ITAT directs AO to Re-adjudicate Disallowance of Payment Received as Consultancy Fees and Corporate Service Charges [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Relief-to-Piramal-Enterprises-Piramal-Enterprises-ITAT-AO-Re-adjudicate-taxscan.jpg "Relief to Piramal Enterprises: ITAT directs AO to Re-adjudicate Disallowance of Payment Received as Consultancy Fees and Corporate Service Charges [Read Order]")
![No Disallowance of Interest Expenditure not claimed during Deposit of Tax in Return: ITAT directs re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Disallowance-Interest-Expenditure-Deposit-Tax-in-Return-ITAT-re-adjudication-No-Disallowance-of-Interest-Expenditure-taxscan.jpg "No Disallowance of Interest Expenditure not claimed during Deposit of Tax in Return: ITAT directs re-adjudication [Read Order]")
Disallowance u/s 40(a)(I) of the Income Tax Act is not Applicable as per DTAA between India and Japan: Delhi HC rules in Favour of Mitsubishi Corp India [Read Order]
In a ruling in favour of Mitsubishi Corporation India P Ltd, the Delhi High Court held that disallowance under section 40(a)(i) of the Income Tax Act, 1961 is not applicable in view of the provision...
![Disallowance u/s 40(a)(I) of the Income Tax Act is not Applicable as per DTAA between India and Japan: Delhi HC rules in Favour of Mitsubishi Corp India [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Disallowance-Income-Tax-Act-DTAA-Delhi-HC-Mitsubishi-Corp-India-taxscan.jpg "Disallowance u/s 40(a)(I) of the Income Tax Act is not Applicable as per DTAA between India and Japan: Delhi HC rules in Favour of Mitsubishi Corp India [Read Order]")
Assessee Entitled to claim TDS Deduction in year on which Corresponding Income offered to Tax on non claiming of Double Deduction: ITAT [Read Order]
In a major ruling the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) observed that assessee entitled to claim Tax Deducted at Source (TDS) deduction in year on which corresponding...
![Assessee Entitled to claim TDS Deduction in year on which Corresponding Income offered to Tax on non claiming of Double Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/Assessee-TDS-Deduction-Corresponding-Income-Tax-non-claiming-Double-Deduction-ITAT-taxscan.png "Assessee Entitled to claim TDS Deduction in year on which Corresponding Income offered to Tax on non claiming of Double Deduction: ITAT [Read Order]")
No justification for disallowance on Ad Hoc basis, without pointing out any deficiency in books in nature of business: ITAT [Read Order]
In a significant ruling the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) observed that no justification for disallowance on Ad Hoc basis, without pointing out any deficiency in books in...
![No justification for disallowance on Ad Hoc basis, without pointing out any deficiency in books in nature of business: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/No-justification-disallowance-Ad-Hoc-without-pointing-deficiency-books-nature-of-business-ITAT-taxscan.jpg "No justification for disallowance on Ad Hoc basis, without pointing out any deficiency in books in nature of business: ITAT [Read Order]")
Non-production of complete Bills and Vouchers: ITAT directs AO to limit Disallowance Percentages for Aggregate Expenditure, Conveyance Charges, office Maintenance, Sunday and Business Promotion Expenses
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has instructed the Assessing Officer (AO) to restrict the disallowance percentages for aggregate expenditure, conveyance charges, office...
![Unbilled Revenue cannot considered as Income once written off: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Unbilled-Revenue-Income-once-written-off-ITAT-taxscan.jpg "Unbilled Revenue cannot considered as Income once written off: ITAT deletes Addition [Read Order]")
Foreign Exchange Loss cannot be Included in Cost of Project: ITAT directs to allow a Deduction [Read Order]
In a recent case, the Income Tax Appellate Tribunal (ITAT) observed that foreign exchange loss cannot be included in the cost of the project and allowed it as a Deduction. M/s Macrotech Developers...
![Foreign Exchange Loss cannot be Included in Cost of Project: ITAT directs to allow a Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Foreign-Exchange-Loss-Cost-of-Project-ITAT-Deduction-TAXSCAN.jpg "Foreign Exchange Loss cannot be Included in Cost of Project: ITAT directs to allow a Deduction [Read Order]")
Investment in Gold and Foreign Companies Should be Excluded: ITAT upholds Order of CIT(A) [Read Order]
In a recent case, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that investment in gold and foreign companies should be excluded but while computing the disallowance under section...
![Investment in Gold and Foreign Companies Should be Excluded: ITAT upholds Order of CIT(A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/Investment-Gold-Investment-in-Gold-Foreign-Companies-ITAT-CITA-taxscan.jpg "Investment in Gold and Foreign Companies Should be Excluded: ITAT upholds Order of CIT(A) [Read Order]")