![ITAT deletes Disallowance of Trading Loss on Alleged Penny Stock Shares Due to Insufficient Evidence of Price Manipulation [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-Disallowance-Trading-Loss-Penny-Stock-Shares-Insufficient-Evidence-Price-Manipulation-taxscan.jpg "ITAT deletes Disallowance of Trading Loss on Alleged Penny Stock Shares Due to Insufficient Evidence of Price Manipulation [Read Order]")
ITAT deletes Disallowance of Trading Loss on Alleged Penny Stock Shares Due to Insufficient Evidence of Price Manipulation [Read Order]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) deleted the disallowance of trading losses claimed by the assessee on alleged penny...
![Onus on AO to Prove unreasonableness in Expenditure when invoking Section 40A(2)(b) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Onus-on-AO-Prove-unreasonableness-Expenditure-invoking-Income-Tax-Act-ITAT-taxscan.jpg "Onus on AO to Prove unreasonableness in Expenditure when invoking Section 40A(2)(b) of Income Tax Act: ITAT [Read Order]")
![AO incorrectly applied S. 37 on already disallowed Penalty: ITAT deletes Penalty to prevent Double Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/AO-incorrectly-already-disallowed-Penalty-ITAT-Penalty-prevent-Double-Addition-taxscan.jpg "AO incorrectly applied S. 37 on already disallowed Penalty: ITAT deletes Penalty to prevent Double Addition [Read Order]")
![CIT(A) Deletion of Bogus Expenditure Additions upheld: ITAT affirms need for Substantive Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Bogus-Expenditure-ITAT-Substantive-Evidence-taxscan.jpg "CIT(A) Deletion of Bogus Expenditure Additions upheld: ITAT affirms need for Substantive Evidence [Read Order]")
![Relief to IDFC: ITAT Directs AO to Limit Disallowance u/s 14A to 0.5% of Exempt Income Earned Based on Rule 8D(2)(iii) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Chennai-IDFC-AO-Disallowance-Taxscan.jpg "Relief to IDFC: ITAT Directs AO to Limit Disallowance u/s 14A to 0.5% of Exempt Income Earned Based on Rule 8D(2)(iii) [Read Order]")
ITAT Deems Labor Charges Genuine as Contractor Retracts Admission of False Payments, Quashes Disallowance [Read Order]
Recently, the Income Tax Appellate Tribunal (ITAT) of Mumbai quashed the disallowance of labor charges after determining the payments to be genuine, following a key contractor's retraction of an...
![ITAT Deems Labor Charges Genuine as Contractor Retracts Admission of False Payments, Quashes Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Income-Tax-Appellate-Tribunal-ITAT-mumbai-Disallowance-Quashes-Disallowance-Labor-Charges-TAXSCAN.webp "ITAT Deems Labor Charges Genuine as Contractor Retracts Admission of False Payments, Quashes Disallowance [Read Order]")
Karnataka HC Upholds Deletion of Disallowance of Short Term Capital Loss Citing Monetary Limit Circular [Read Order]
The court upheld the decision of the Income Tax Appellate Tribunal ( ITAT ) to delete the disallowance of short-term capital loss claimed by M/s Agnus Holdings Pvt. Ltd. and dismissed the Revenue’s...
![Karnataka HC Upholds Deletion of Disallowance of Short Term Capital Loss Citing Monetary Limit Circular [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Karnataka-High-Court-Disallowance-Short-Term-Capital-Loss-Karnataka-HC-Capital-Loss-Taxscan.jpg "Karnataka HC Upholds Deletion of Disallowance of Short Term Capital Loss Citing Monetary Limit Circular [Read Order]")
No Disallowance of CENVAT Credit for Claim as “Capital Goods” instead of “Input”: CESTAT [Read Order]
In a significant ruling, the Customs, Excise, and Service Tax Appellate Tribunal ( CESTAT ) in Ahmedabad has held that an ISO Tank used for transporting Di-Methyl Sulphate ( DMS ) is eligible for...
![No Disallowance of CENVAT Credit for Claim as “Capital Goods” instead of “Input”: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/CESTAT-CESTAT-Ahmedabad-CENVAT-Credit-Disallowance-Taxscan.jpg "No Disallowance of CENVAT Credit for Claim as “Capital Goods” instead of “Input”: CESTAT [Read Order]")
![Disallowance u/s 14 A of Income Tax Act cannot Exceed Exempt Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/Disallowance-section-14-A-Income-Tax-Act-Exempt-Income-ITAT-taxscan.jpg "Disallowance u/s 14 A of Income Tax Act cannot Exceed Exempt Income: ITAT [Read Order]")
ITAT confirms 50% Disallowance of Motor Car and Bike Expenses due to Failure to Provide Details [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) upheld the First Appellate Authority's decision by confirming a 50% disallowance of motor car and bike expenses due to the assessee's...
![ITAT confirms 50% Disallowance of Motor Car and Bike Expenses due to Failure to Provide Details [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-Disallowance-Motor-Car-expenses-Motor-Car-and-Bike-Expenses-Bike-Expenses-Disallowance-of-Motor-Car-and-Bike-Expenses-itat-news-on-Disallowance-of-Motor-Car-and-Bike-Expenses-tax-news-taxscan.jpg "ITAT confirms 50% Disallowance of Motor Car and Bike Expenses due to Failure to Provide Details [Read Order]")
TDS Applicability on Accounting Provisions made towards Unfinished Work: ITAT restores Case back to CIT (A) [Read Order]
The Delhi bench “A” of the Income Tax Appellate Authority (ITAT) recently ruled on a case involving Tax Deducted at Source (TDS) applicability on accounting provisions made towards unfinished work. ...
![TDS Applicability on Accounting Provisions made towards Unfinished Work: ITAT restores Case back to CIT (A) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Payment-TDS-Interest-Revenue-Penalty-ITAT-Payment-of-TDS-taxscan.jpg "TDS Applicability on Accounting Provisions made towards Unfinished Work: ITAT restores Case back to CIT (A) [Read Order]")
![Adhoc Disallowance made without Rejecting Books of Account is Invalid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Adhoc-Disallowance-Rejecting-Books-of-Account-ITAT-TAXSCAN.jpg "Adhoc Disallowance made without Rejecting Books of Account is Invalid: ITAT [Read Order]")