![ITAT upholds TNMM Method Over CUP for Benchmarking Export Transactions under Manufacturing Segment [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-TNMM-Over-CUP-Benchmarking-Export-Transactions-Manufacturing-Segment-taxscan.jpg "ITAT upholds TNMM Method Over CUP for Benchmarking Export Transactions under Manufacturing Segment [Read Order]")
ITAT upholds TNMM Method Over CUP for Benchmarking Export Transactions under Manufacturing Segment [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) upheld Transactional Net Margin Method ( TNMM ) over Central Processing Unit ( CPU )...
![STCL Off settable Against STCG across Assets Regardless of Tax Rate Disparity u/s 70 (2) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Income-tax-Tax-rate-disparity-Short-term-capital-loss-Short-term-capital-gain-taxscan.jpg "STCL Off settable Against STCG across Assets Regardless of Tax Rate Disparity u/s 70 (2) of Income Tax Act: ITAT [Read Order]")
![Compensation Afforestation Fund Contributed by TATA Steel is an allowable Expenditure: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Mumbai-Income-tax-Income-tax-news-Compensation-Afforestation-Fund-TATA-Steel-taxscan.jpg "Compensation Afforestation Fund Contributed by TATA Steel is an allowable Expenditure: ITAT [Read Order]")
![AO fails to Implement DRP Directions while Passing Final Assessment Order: ITAT quashes Assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Delhi-ITAT-Assessment-Order-Dispute-Resolution-Panel-DRP-Dispute-Resolution-Panel-guidelines-Taxscan.jpg "AO fails to Implement DRP Directions while Passing Final Assessment Order: ITAT quashes Assessment Order [Read Order]")
![Assessment Order issued beyond Time-Limit u/s 144C(13) of Income Tax Act is Unsustainable: Madras HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Madras-High-Court-Assessment-Order-Income-Tax-Income-tax-news-taxscan.jpg "Assessment Order issued beyond Time-Limit u/s 144C(13) of Income Tax Act is Unsustainable: Madras HC [Read Order]")
![Depreciation Must be Removed While Calculating Net Margin: ITAT Remands Matter [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-Kolkata-ITAT-Income-Tax-ITAT-Decision-on-Depreciation-Removal-ITAT-Net-Margin-Calculation-Guidelines-Taxscan.jpg "Depreciation Must be Removed While Calculating Net Margin: ITAT Remands Matter [Read Order]")
Expenditure incurred on Shelved Projects are Revenue Expenditure: ITAT deletes Disallowance [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) recently held that expenditure incurred on sheleed projects are revenue expenditure and deleted the disallowance made by the assessing...
![Expenditure incurred on Shelved Projects are Revenue Expenditure: ITAT deletes Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-Mumbai-ITAT-Income-Tax-Revenue-Expenditure-Revenue-Expenditure-on-Shelved-Projects-ITAT-Decision-on-Project-Expenditure-Taxscan.jpg "Expenditure incurred on Shelved Projects are Revenue Expenditure: ITAT deletes Disallowance [Read Order]")
Expenses excluded from Export Turnover to be excluded from Total Turnover while computing Deduction u/s 10A of Act: ITAT [Read Order]
The Income Tax Appellate Tribunal ( ITAT ) of Mumbai bench held that expenses excluded from the export turnover are to be excluded from the total turnover while computing the deduction under Section...
![Expenses excluded from Export Turnover to be excluded from Total Turnover while computing Deduction u/s 10A of Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Mumbai-Income-Tax-Section-10A-of-Income-tax-act-Export-turnover-Tax-deduction-taxscan.jpg "Expenses excluded from Export Turnover to be excluded from Total Turnover while computing Deduction u/s 10A of Act: ITAT [Read Order]")
Non reply to Section 133(6) of the Income Tax Act, Notice cannot necessarily lead to Disallowance of Petty Expenses: ITAT [Read Order]
In a significant ruling the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) observed that non reply to Section 133(6) of the Income Tax Act, 1961, notice cannot necessarily lead to...
![Non reply to Section 133(6) of the Income Tax Act, Notice cannot necessarily lead to Disallowance of Petty Expenses: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/Income-Tax-Act-Notice-necessarily-lead-Disallowance-Petty-Expenses-ITAT-taxscan.jpg "Non reply to Section 133(6) of the Income Tax Act, Notice cannot necessarily lead to Disallowance of Petty Expenses: ITAT [Read Order]")
Goodwill is an Intangible asset, Depreciation Allowable u/s 32(1) of Income Tax Act: ITAT [Read Order]
The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) observed that goodwill was an intangible asset, depreciation allowable under Section 32(1) of the Income Tax Act, 1961 The assesse...
![Goodwill is an Intangible asset, Depreciation Allowable u/s 32(1) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/Income-Tax-ITAT-ITAT-Hyderabad-Goodwill-Intangible-asset-Taxation-on-depreciation-taxscan.jpg "Goodwill is an Intangible asset, Depreciation Allowable u/s 32(1) of Income Tax Act: ITAT [Read Order]")
No objection to draft assessment order filed by assessing authority is palpably wrong:Â Kerala HC sets aside assessment order [Read Order]
The Kerala High Court set aside the assessment order as it deemed the assessing authority's failure to file objections to the draft assessment order palpably wrong. The Petitioner was a...
ITAT directs AO to allow cost of Improvement with Indexation and Re-Compute Capital Gains u/s 48 of Income Tax Act [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer ( AO ) to allow the cost of improvement with indexation and to re-compute capital gains under Section 48...
![ITAT directs AO to allow cost of Improvement with Indexation and Re-Compute Capital Gains u/s 48 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/ITAT-delhi-Income-tax-Capital-Gains-Assessing-Officer-taxscan.jpg "ITAT directs AO to allow cost of Improvement with Indexation and Re-Compute Capital Gains u/s 48 of Income Tax Act [Read Order]")