![Delhi HC upholds Disallowance of Business Loss in absence of Necessary Documents [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Delhi-HC-upholds-Disallowance-of-Business-Loss-in-absence-of-Necessary-Documents-TAXSCAN.jpg "Delhi HC upholds Disallowance of Business Loss in absence of Necessary Documents [Read Order]")
Delhi HC upholds Disallowance of Business Loss in absence of Necessary Documents [Read Order]
The Delhi High Court upheld the disallowance of Business Loss in the absence of necessary documents. The appellant/assessee, Samtel Glass Limited,...
![Penalty u/s 271A(1)(d) of Income Tax Act shall not be Levied, if Assessee Shows Reasonable Cause for Non compliance of Statutory Notices: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Penalty-Income-Tax-Act-non-compliance-of-statutory-notices-ITAT-Income-Tax-taxscan.jpg "Penalty u/s 271A(1)(d) of Income Tax Act shall not be Levied, if Assessee Shows Reasonable Cause for Non compliance of Statutory Notices: ITAT [Read Order]")
![No Disallowance of Business Expenses for Service Charges Collected from Tenant under the Head Income from Business:ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/No-Disallowance-of-Business-Expenses-Disallowance-Service-Charges-Collected-from-Tenant-Business-Expenses-Tenant-Service-Charges-Income-from-Business-ITAT-taxscan.jpg "No Disallowance of Business Expenses for Service Charges Collected from Tenant under the Head Income from Business:ITAT [Read Order]")
![Principal Amount Received Mistakenly and Not as an Advance to be Allowed as an Expenditure u/s 37 of Income Tax act along with the Interest: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Principal-Amount-Received-Advance-Principal-Amount-Expenditure-Income-Tax-act-Interest-ITAT-taxscan.jpg "Principal Amount Received Mistakenly and Not as an Advance to be Allowed as an Expenditure u/s 37 of Income Tax act along with the Interest: ITAT [Read Order]")
![ITAT directs readjudication for granting exemption u/s 10(23C)(iiiab) of Income Tax Act in respect of Imparting Education through Charitable Trust [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-directs-readjudication-granting-exemption-readjudication-Income-Tax-Act-exemption-Charitable-Trust-taxscan.jpg "ITAT directs readjudication for granting exemption u/s 10(23C)(iiiab) of Income Tax Act in respect of Imparting Education through Charitable Trust [Read Order]")
Partnership Firm not entitled to Tax Deduction on LTCG u/s 48(i) of Income Tax Act for Mortgaging Property as Collateral Security: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that a partnership firm is not entitled to the tax deduction on Long-term capital gain (LTCG) under Section 48(i) of the Income Tax...
![Partnership Firm not entitled to Tax Deduction on LTCG u/s 48(i) of Income Tax Act for Mortgaging Property as Collateral Security: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Partnership-Firm-not-entitled-to-Tax-Deduction-on-LTCG-Income-Tax-Act-Tax-Deduction-on-LTCG-Mortgaging-Property-Collateral-Security-ITAT-Tax-Deduction-Partnership-Firm-taxscan.jpg "Partnership Firm not entitled to Tax Deduction on LTCG u/s 48(i) of Income Tax Act for Mortgaging Property as Collateral Security: ITAT [Read Order]")
Relief to Hitachi: ITAT Deletes Addition as Activity related to Offshore Portion of Contract not Attributable to PE's in India [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has granted relief to Hitachi by deleting the addition holding that the activity related to the offshore portion of the contract was not...
![Relief to Hitachi: ITAT Deletes Addition as Activity related to Offshore Portion of Contract not Attributable to PEs in India [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Relief-to-Hitachi-ITAT-Deletes-Addition-Offshore-Portion-of-Contract-PEs-in-India-Hitachi-ITAT-taxscan.jpg "Relief to Hitachi: ITAT Deletes Addition as Activity related to Offshore Portion of Contract not Attributable to PEs in India [Read Order]")
DCB Reports are relevant Evidence in respect of Non-existence of demand on Proper Payment of CST and VAT: ITAT allows to file ITR [Read Order]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that the Demand Collection Balance (DCB) reports are relevant evidence in respect of the non-existence of demand on proper payment...
![DCB Reports are relevant Evidence in respect of Non-existence of demand on Proper Payment of CST and VAT: ITAT allows to file ITR [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/DCB-Reports-Evidence-Non-existence-of-demand-on-Proper-Payment-of-CST-VAT-CST-Proper-Payment-ITAT-allows-to-file-ITR-taxscan.jpg "DCB Reports are relevant Evidence in respect of Non-existence of demand on Proper Payment of CST and VAT: ITAT allows to file ITR [Read Order]")
No Addition u/s 68 if Identity and Genuineness of Transaction of Lender is Proved beyond Doubt: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that all the three necessary ingredients of Section 68 of the Income Tax Act, 1961 having been been proved in respect of the loan...
![No Addition u/s 68 if Identity and Genuineness of Transaction of Lender is Proved beyond Doubt: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Genuineness-of-Transaction-of-Lender-ITAT-Transaction-Lender-taxscan.jpg "No Addition u/s 68 if Identity and Genuineness of Transaction of Lender is Proved beyond Doubt: ITAT [Read Order]")
Provision of Section 69A of IT Act cannot be applied to Cash Deposits duly recorded in Books of Account: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the provisions of Section 69A of the Income Tax Act cannot be applied to the cash deposits which have been duly recorded in the...
![Provision of Section 69A of IT Act cannot be applied to Cash Deposits duly recorded in Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/IT-Act-Cash-Deposits-duly-recorded-in-Books-of-Account-ITAT-Books-of-Account-Cash-Deposits-taxscan.jpg "Provision of Section 69A of IT Act cannot be applied to Cash Deposits duly recorded in Books of Account: ITAT [Read Order]")
Tax Effect Less than Threshold Limit Fixed by CBDT: Calcutta HC Dismisses Appeal by Income Tax Department [Read Order]
The Calcutta High Court dismissed an appeal by the Income Tax Department as the tax effect was less than the threshold limit fixed by the Central Board of Direct Taxes (CBDT). The present case is...
![Tax Effect Less than Threshold Limit Fixed by CBDT: Calcutta HC Dismisses Appeal by Income Tax Department [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Tax-Effect-Less-Threshold-Limit-Fixed-by-CBDT-Calcutta-HC-Dismisses-Appeal-by-Income-Tax-Department-TAXSCAN.jpg "Tax Effect Less than Threshold Limit Fixed by CBDT: Calcutta HC Dismisses Appeal by Income Tax Department [Read Order]")
Penalty u/s 271D of Income Tax Act for Exceeding Cash Transaction Limit shall not be imposed on loan taken from through Account Payee Cheques: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Ahmedabad bench held that the penalty under Section 271D of Income Tax Act for exceeding cash transactions limit should not be imposed on loans taken...
![Penalty u/s 271D of Income Tax Act for Exceeding Cash Transaction Limit shall not be imposed on loan taken from through Account Payee Cheques: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Penalty-Income-Tax-Act-Exceeding-Cash-Transaction-imposed-on-loan-taken-loan-Account-Payee-Cheques-ITAT-taxscan.jpg "Penalty u/s 271D of Income Tax Act for Exceeding Cash Transaction Limit shall not be imposed on loan taken from through Account Payee Cheques: ITAT [Read Order]")