![Loss on Forward Exchange Contracts of export business are business loss, not speculative loss u/s 43(5) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Loss-on-Forward-Exchange-Contracts-export-business-business-loss-speculative-loss-Income-Tax-Act-ITAT-taxscan.jpg "Loss on Forward Exchange Contracts of export business are business loss, not speculative loss u/s 43(5) of Income Tax Act: ITAT [Read Order]")
Loss on Forward Exchange Contracts of export business are business loss, not speculative loss u/s 43(5) of Income Tax Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai bench held that loss on forward exchange contracts of the export business are business losses not...
![No Disallowance can be made in the Absence of Interest Received on Debit: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/No-Disallowance-Absence-of-Interest-Received-on-Debit-ITAT-deletes-Addition-Interest-Received-on-Debit-Interest-Received-taxscan.jpg "No Disallowance can be made in the Absence of Interest Received on Debit: ITAT deletes Addition [Read Order]")
![Cancellation of Registration of Trust u/s 12 AB of Income Tax Act due to Failure of Assessee to Furnish Genuiness of Activities: ITAT orders Re-Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Cancellation-of-Registration-of-Trust-Income-Tax-Act-Cancellation-Failure-of-Assessee-to-Furnish-Genuiness-of-Activities-ITAT-orders-Re-Adjudication-Re-Adjudication-taxscan.jpg "Cancellation of Registration of Trust u/s 12 AB of Income Tax Act due to Failure of Assessee to Furnish Genuiness of Activities: ITAT orders Re-Adjudication [Read Order]")
![Deduction on Actual cost allowable before imposition of Tax on entire amount received from Sale of land: ITAT directs fresh Adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Deduction-on-Actual-cost-imposition-of-Tax-Deduction-amount-received-from-Sale-of-land-ITAT-directs-fresh-Adjudication-Sale-of-land-taxscan.jpg "Deduction on Actual cost allowable before imposition of Tax on entire amount received from Sale of land: ITAT directs fresh Adjudication [Read Order]")
![Disallowance u/s 40(a)(ia) of Income Tax Act shall be imposed when Assessee fails to deduct TDS on amount of Interest to NBFCs: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Disallowance-Income-Tax-Act-Income-Tax-Assessee-fails-to-deduct-TDS-TDS-amount-of-Interest-to-NBFCs-ITAT-NBFCs-taxscan.jpg "Disallowance u/s 40(a)(ia) of Income Tax Act shall be imposed when Assessee fails to deduct TDS on amount of Interest to NBFCs: ITAT [Read Order]")
Section 41 (1) of Income Tax Act shall not apply since waiver of loan does not amount to cessation of trading liability: ITAT deletes Addition [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi bench held that section 41(1) of Income Tax Act, 1961 should not be applied since waiver of loan did not amount to cessation of trading liability....
![Section 41 (1) of Income Tax Act shall not apply since waiver of loan does not amount to cessation of trading liability: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Income-Tax-Act-waiver-of-loan-cessation-of-trading-liability-ITAT-deletes-Addition-loan-trading-liability-taxscan.jpg "Section 41 (1) of Income Tax Act shall not apply since waiver of loan does not amount to cessation of trading liability: ITAT deletes Addition [Read Order]")
TDS not Applicable on Discount Allowed to Retailers by Distributors on Sale of Prepaid Sim Cards/Mobile Recharge Card: ITAT deletes Disallowance u/s 40(a)(ia) of Income Tax Act [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has deleted the disallowance under Section 40(a)(ia) of the Income Tax Act, 1961 holding that the Tax Deducted at Source (TDS) is not...
![TDS not Applicable on Discount Allowed to Retailers by Distributors on Sale of Prepaid Sim Cards/Mobile Recharge Card: ITAT deletes Disallowance u/s 40(a)(ia) of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/TDS-not-Applicable-on-Discount-Allowed-Sale-of-Prepaid-Sim-Cards-Mobile-Recharge-Card-ITAT-Deletes-Disallowance-Income-Tax-Act-Discount-Allowed-to-Retailers-Income-Tax-taxscan.jpg "TDS not Applicable on Discount Allowed to Retailers by Distributors on Sale of Prepaid Sim Cards/Mobile Recharge Card: ITAT deletes Disallowance u/s 40(a)(ia) of Income Tax Act [Read Order]")
Relief to Ultratech: Assesment Proceeding cannot be Reopened u/s 147 of Income Tax Act by AO due to Mere 'Change in Opinion' [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that the Assessing Officer (AO) has not laid his hands on any new material post original assessment, reopening of assessment is nothing...
![Relief to Ultratech: Assesment Proceeding cannot be Reopened u/s 147 of Income Tax Act by AO due to Mere Change in Opinion [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Relief-to-Ultratech-Assesment-Proceeding-cannot-be-Reopened-Ultratech-Income-Tax-Income-Tax-taxscan.jpg "Relief to Ultratech: Assesment Proceeding cannot be Reopened u/s 147 of Income Tax Act by AO due to Mere Change in Opinion [Read Order]")
Disallowances on Delay in making Payment towards PF & ESI can't be initiated when Payment is made before filling of ITR: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the disallowances on grounds of delay in making the payments towards the Provident fund (PF) and Employees state insurance (ESI)...
![Disallowances on Delay in making Payment towards PF & ESI cant be initiated when Payment is made before filling of ITR: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Disallowances-on-Delay-PF-and-ESI-Payment-filling-of-ITR-ITAT-Delay-in-making-Payment-towards-PF-and-ESI-taxscan.jpg "Disallowances on Delay in making Payment towards PF & ESI cant be initiated when Payment is made before filling of ITR: ITAT [Read Order]")
Principle of Res Judicata not Applicable to Income Tax Proceedings as Each Year is a Separate Event: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the principle of Res judicata would not be applicable to the income tax proceedings as each year is a separate event. The...
![Principle of Res Judicata not Applicable to Income Tax Proceedings as Each Year is a Separate Event: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Principle-of-Res-Judicata-Income-Tax-Proceedings-ITAT-Income-Tax-taxscan.jpg "Principle of Res Judicata not Applicable to Income Tax Proceedings as Each Year is a Separate Event: ITAT [Read Order]")
No Addition shall be made towards part of amount received from Construction Activities in Villa based on total Sale Consideration: ITAT directs Re-adjudication [Read Order]
The Income Tax Appellate Tribunal (ITAT) Hyderabad bench held that no addition should be made towards part of amount received from the construction activities in Villa based on total sale...
![No Addition shall be made towards part of amount received from Construction Activities in Villa based on total Sale Consideration: ITAT directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/amount-received-from-Construction-Activities-in-Villa-based-on-total-Sale-Consideration-amount-received-Sale-Consideration-ITAT-directs-Re-adjudication-Construction-Activities-in-Villa-taxscan.jpeg "No Addition shall be made towards part of amount received from Construction Activities in Villa based on total Sale Consideration: ITAT directs Re-adjudication [Read Order]")
Failure to prove sufficient cause to condone delay in filing appeal against revision order passed u/s 263 of Income Tax Act: ITAT dismisses appeal [Read Order]
The Income Tax Appellate Tribunal (ITAT) Jaipur Bench has recently dismissed an appeal filed against the revision order passed under Section 263 of the Income Tax Act, 1961 due to failure to prove...
![Failure to prove sufficient cause to condone delay in filing appeal against revision order passed u/s 263 of Income Tax Act: ITAT dismisses appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Failure-to-prove-sufficient-cause-to-condone-delay-filing-appeal-against-revision-order-condone-delay-Income-Tax-Act-revision-order-ITAT-dismisses-appeal-ITAT-appeal-taxscan.jpg "Failure to prove sufficient cause to condone delay in filing appeal against revision order passed u/s 263 of Income Tax Act: ITAT dismisses appeal [Read Order]")