![Interest Income from Co-operative Bank qualifies as Business Income: ITAT allows Co-operative Society to claim Deduction u/s 80P [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/Interest-Income-Co-operative-Bank-Business-Income-ITAT-Co-operative-Society-Deduction-taxscan.jpg "Interest Income from Co-operative Bank qualifies as Business Income: ITAT allows Co-operative Society to claim Deduction u/s 80P [Read Order]")
Interest Income from Co-operative Bank qualifies as Business Income: ITAT allows Co-operative Society to claim Deduction u/s 80P [Read Order]
The Nagpur bench of the Income Tax Appellate Tribunal ( ITAT ) held that interest income from a co-operative Bank qualifies as business income and...
![ITAT distinguishes b/w Total Business Turnover & Business Income, quashes Ex-Parte Additions u/s 69 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-ITAT-Nagpur-ITAT-distinguishes-Total-Business-Turnover-Business-Income-quashes-Ex-Parte-Section-69-of-the-Income-Tax-Act-TAXSCAN.jpg "ITAT distinguishes b/w Total Business Turnover & Business Income, quashes Ex-Parte Additions u/s 69 of Income Tax Act [Read Order]")
![Acceptance of Explanation of Cash Investment: ITAT Upholds CIT (A) Decision to Delete Cash Deposit Additions u/s 69A of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Acceptance-of-Explanation-of-Cash-Investment-Cash-Investment-Cash-ITAT-CIT-A-Cash-Deposit-Income-Tax-Act-taxscan.jpg "Acceptance of Explanation of Cash Investment: ITAT Upholds CIT (A) Decision to Delete Cash Deposit Additions u/s 69A of Income Tax Act [Read Order]")
![Forex loss used for Working Capital Purpose of Assessee is a Revenue Expenditure and shall be allowed as Deduction u/s 37(1): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/ITAT-Capital-Purpose-Expenditure-Forex-loss-TAXSCAN.jpg "Forex loss used for Working Capital Purpose of Assessee is a Revenue Expenditure and shall be allowed as Deduction u/s 37(1): ITAT [Read Order]")
![No Addition on Account for Sales Suppression shall be made Solely based on Abstract Data issued by Ministry of Textiles: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/No-Addition-Account-Sales-Suppression-Solely-Abstract-Data-Ministry-of-Textiles-ITAT-TAXSCAN.jpg "No Addition on Account for Sales Suppression shall be made Solely based on Abstract Data issued by Ministry of Textiles: ITAT [Read Order]")
Advance Received by Assessee Constitutes a "Gift" and therefore Exempt from Penalty u/s 271D of the Income Tax Act: ITAT Dismisses Appeal [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that the donor has amply expressed the intention that the advances were given merely as gifts since the inception thus upheld the order...
![Advance Received by Assessee Constitutes a Gift and therefore Exempt from Penalty u/s 271D of the Income Tax Act: ITAT Dismisses Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Advance-Received-by-Assessee-Gift-Exempt-from-Penalty-Income-Tax-Act-ITAT-Dismisses-Appeal-taxscan-1.jpg "Advance Received by Assessee Constitutes a Gift and therefore Exempt from Penalty u/s 271D of the Income Tax Act: ITAT Dismisses Appeal [Read Order]")
Payment made to a Non-resident doesn't amount to Deduction in Tax u/s 195 of Income Tax Act: ITAT dismisses Appeal [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that the payment made to the non-resident doesn’t amount to deduction in tax under Section 195 of the Income Tax Act, 1961. The...
![Payment made to a Non-resident doesnt amount to Deduction in Tax u/s 195 of Income Tax Act: ITAT dismisses Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Payment-made-to-a-Non-resident-Payment-Deduction-Income-Tax-Act-Income-Tax-ITAT-dismisses-Appeal-taxscan.jpg "Payment made to a Non-resident doesnt amount to Deduction in Tax u/s 195 of Income Tax Act: ITAT dismisses Appeal [Read Order]")
ITAT allows Deduction in Respect of written off Irrevocable Advances on Inextricable Link between Advances to Business and Company
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has allowed deduction in respect of written off irrevocable advances based on the inextricable link between advances to business and company....
Appeal cannot be Dismissed on Ground of assessee filing against VSVS : ITAT set-aside Order [Read Order]
The Chennai bench of Income Tax Appellate Tribunal (ITAT) has recently held that appeal could not be dismissed on ground of assessee filing against Vivad se viswas .Therefore the bench set aside the...
![Appeal cannot be Dismissed on Ground of assessee filing against VSVS : ITAT set-aside Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Appeal-cannot-be-Dismissed-on-Ground-VSVS-ITAT-TAXSCAN.jpg "Appeal cannot be Dismissed on Ground of assessee filing against VSVS : ITAT set-aside Order [Read Order]")
No Violation of Section 13(1)(c) in respect of Civil Contract awarded to a Firm in which Managing Trustee of Trust is Proprietor, Exemption u/s 11 allowable: ITAT [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has held that exemption under section 11 is allowable when there is no violation of section 13(1)(c) of the Income Tax Act since the civil...
![No Violation of Section 13(1)(c) in respect of Civil Contract awarded to a Firm in which Managing Trustee of Trust is Proprietor, Exemption u/s 11 allowable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Civil-Contract-Trustee-of-Trust-Proprietor-ITAT-taxscan.jpg "No Violation of Section 13(1)(c) in respect of Civil Contract awarded to a Firm in which Managing Trustee of Trust is Proprietor, Exemption u/s 11 allowable: ITAT [Read Order]")
![Nature of Capital Gain to be determined based on Agreement/Allotment Date: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Nature-of-Capital-Gain-to-be-determined-based-on-Agreement-Allotment-Date-ITAT-TAXSCAN.jpg "Nature of Capital Gain to be determined based on Agreement/Allotment Date: ITAT [Read Order]")
![S.40A(2)of Income Tax Act not Applicable to Trade Discount given in Sales Invoice: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Income-Tax-Act-Trade-Discount-Sales-Invoice-ITAT-taxscan.jpg "S.40A(2)of Income Tax Act not Applicable to Trade Discount given in Sales Invoice: ITAT [Read Order]")