No penalty shall be levied on profit rate of 8% estimated upon Gross Receipts as per provision of S. 44AD of Income Tax Act: ITAT
The Income Tax Appellate Tribunal (ITAT) Chandigarh Bench ruled that no penalty should be levied on profit rate of 8% estimated upon gross receipts...
![ITAT directs to delete Addition made by AO on ground of Wrongful Assessment of Tax Liability [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/ITAT-Directs-Delete-Addition-AO-ground-Wrongful-Assessment-Tax-Liability-TAXSCAN.jpg "ITAT directs to delete Addition made by AO on ground of Wrongful Assessment of Tax Liability [Read Order]")
![Mismatch between contract receipts reflected in Form 26AS and Income Tax Return: ITAT directs Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Mismatch-between-contract-receipts-reflected-in-Form-26AS-and-Income-Tax-Return-Mismatch-between-contract-receipts-Income-Tax-Return-Form-26AS-ITAT-directs-Re-adjudication-taxscan.jpg "Mismatch between contract receipts reflected in Form 26AS and Income Tax Return: ITAT directs Re-adjudication [Read Order]")
![Relief to Manipal Finance Corporation Ltd: Karnataka HC dismisses Appeal of Revenue on Grounds of Monetary Limits [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Relief-to-Manipal-Finance-Corporation-Ltd-Karnataka-HC-dismisses-Appeal-of-Revenue-on-Grounds-of-Monetary-Limits-TAXSCAN.jpg "Relief to Manipal Finance Corporation Ltd: Karnataka HC dismisses Appeal of Revenue on Grounds of Monetary Limits [Read Order]")
![No cash Paid for taking Reversal of Entry as Commission through Proper Banking Channel: ITAT quashes Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/No-cash-paid-taking-reversal-entry-commission-proper-banking-channel-ITAT-revision-order-TAXSCAN.jpg "No cash Paid for taking Reversal of Entry as Commission through Proper Banking Channel: ITAT quashes Revision Order [Read Order]")
Delayed Deposit of Employees Contribution to PF/ESIC is sufficient to make Income Tax Addition: ITAT rejects Appeal [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the delayed deposit of employees contribution indicated in the Audit Report is sufficient to make income tax addition and to disallow...
![Delayed Deposit of Employees Contribution to PF/ESIC is sufficient to make Income Tax Addition: ITAT rejects Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Delayed-deposit-of-employees-contribution-employees-contribution-PF-ESIC-income-tax-addition-ITAT-rejects-appeal-appeal.jpg "Delayed Deposit of Employees Contribution to PF/ESIC is sufficient to make Income Tax Addition: ITAT rejects Appeal [Read Order]")
Claim of Deduction on Sale of Scrap and Stores in Respect of Export Turnover u/s 80HHC: ITAT Allows Appeal [Read Order]
The Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench, allowed the claim for deduction under Section 80HHC of the Income Tax Act, 1961 on the sale of scrap and parts. The assessee in this case...
![Claim of Deduction on Sale of Scrap and Stores in Respect of Export Turnover u/s 80HHC: ITAT Allows Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Claim-Deduction-Sale-Scrap-Stores-Respect-Export-Turnover-ITAT-Allows-Appeal-TAXSCAN.jpg "Claim of Deduction on Sale of Scrap and Stores in Respect of Export Turnover u/s 80HHC: ITAT Allows Appeal [Read Order]")
Interest subsidy under TUFS treated as capital receipt, for overall growth and generation of employment: ITAT [Read Order]
The Delhi bench of Income Tax Appellate Tribunal (ITAT) observed that the purpose of granting subsidy under TUFS (Technology Up-gradation Fund Scheme) by the Ministry of Textiles, Government of India...
![Interest subsidy under TUFS treated as capital receipt, for overall growth and generation of employment: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Interest-subsidy-TUFS-capital-receipt-growth-generation-employment-ITAT-TAXSCAN.jpg "Interest subsidy under TUFS treated as capital receipt, for overall growth and generation of employment: ITAT [Read Order]")
Activities of Import of Goods for Re-Export Falls Within Meaning of "Services" under SEZ Act: ITAT Allows Income Tax Deduction u/s 10AA [Read Order]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) held that the activities carried out by the assessee falls within the ambit of “services”, the expression used in Section 10AA of the...
![Activities of Import of Goods for Re-Export Falls Within Meaning of Services under SEZ Act: ITAT Allows Income Tax Deduction u/s 10AA [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Activities-Import-Goods-Re-Export-Falls-Meaning-Services-SEZ-Act-ITAT-Income-Tax-Deduction-TAXSCAN.jpg "Activities of Import of Goods for Re-Export Falls Within Meaning of Services under SEZ Act: ITAT Allows Income Tax Deduction u/s 10AA [Read Order]")
Benefit Allowed in Assessment shall not be withdrawn by exercising Power u/s 154 of Income Tax Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi Bench held that benefit allowed assessment orders should not be withdrawn by exercising power under Section 154 of Income Tax Act, 1961. The assessee...
![Benefit Allowed in Assessment shall not be withdrawn by exercising Power u/s 154 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Benefit-allowed-Assessment-withdrawn-exercising-Income-Tax-Act-ITAT-TAXSCAN.jpg "Benefit Allowed in Assessment shall not be withdrawn by exercising Power u/s 154 of Income Tax Act: ITAT [Read Order]")
No Appeal would Lie against Order in Miscellaneous Application u/s 260A of Income Tax Act: Delhi HC Disposes Appeal against L.G Electronics [Read Order]
The Delhi High Court held that no appeal would lie against the order in miscellaneous applications under section 260A of the Income Tax Act,1961. L.G. Electronics Inc. Korea, the respondent...
![No Appeal would Lie against Order in Miscellaneous Application u/s 260A of Income Tax Act: Delhi HC Disposes Appeal against L.G Electronics [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/No-Appeal-would-Lie-against-Order-in-Miscellaneous-Application-Appeal-Order-Miscellaneous-Application-Delhi-High-Court-Disposes-Appeal-against-L.G-Electronics-Delhi-High-Court-Taxscan.jpg "No Appeal would Lie against Order in Miscellaneous Application u/s 260A of Income Tax Act: Delhi HC Disposes Appeal against L.G Electronics [Read Order]")
Disallowance of Liability Towards Expenditure on Discontinuance of Seven Clinics of 'Kaya Skin': ITAT [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT), disallowed the claim of liability towards expenditure on discontinuance of seven clinics of ‘Kaya skin’ and held that mere passing of...
![Disallowance of Liability Towards Expenditure on Discontinuance of Seven Clinics of Kaya Skin: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Disallowance-of-Liability-Expenditure-Seven-Clinics-of-Kaya-Skin-ITAT-taxscan.jpg "Disallowance of Liability Towards Expenditure on Discontinuance of Seven Clinics of Kaya Skin: ITAT [Read Order]")