![ITAT Deletes ₹9,640 Deduction Disallowance for LIC Premiums after AO Accepts Additional Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/itat-Deduction-Disallowance-LIC-Premiums-Additional-Evidence-income-tax-act-tax-assessment-tax-deduction-taxscan.jpg "ITAT Deletes ₹9,640 Deduction Disallowance for LIC Premiums after AO Accepts Additional Evidence [Read Order]")
ITAT Deletes ₹9,640 Deduction Disallowance for LIC Premiums after AO Accepts Additional Evidence [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT )deleted the ₹9,640 disallowance for Life Insurance Corporation of India ( LIC ) premium...
![Disallowance of TDS Credit on IMP Transfer Due to assessed in wrong AY: ITAT directs to give Credit in Relevant AY [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-ITAT-Surat-IMP-Transfer-Due-TDS-credit-Taxscan.jpg "Disallowance of TDS Credit on IMP Transfer Due to assessed in wrong AY: ITAT directs to give Credit in Relevant AY [Read Order]")
![Disallowance of Excess Loan Interest: ITAT allows Full Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/ITAT-ITAT-Ahmedabad-Disallowance-Loan-Interest-Taxscan.jpg "Disallowance of Excess Loan Interest: ITAT allows Full Deduction [Read Order]")
![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]")
![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]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) deleted the penalty disallowance after the assessing officer (AO) incorrectly applied Section 37 of the Income Tax Act, 1961 to an amount...
![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]
The Chennai Bench of Income Tax Appellate Tribunal(ITAT) upheld the deletion of bogus expenditure additions made by the Commissioner of Income Tax (Appeals) [CIT(A)]. This decision reinforced the...
![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]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) directed the assessing officer (AO) to limit the disallowance under Section 14A to 0.5% of exempt income earned by the assessee based on Rule...
![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]")