![Interest Income from Business Investments by Co-operative Society Eligible for Deduction u/s 80P(2)(a): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/Interest-Income-Business-Co-operative-Society-Co-operative-ITAT-Pune-Bench-of-ITAT-ITAT-Pune-Assessment-Income-Tax-Return-ITR-Assessing-Officer-Commissioner-of-Income-Tax-Taxscan.jpg "Interest Income from Business Investments by Co-operative Society Eligible for Deduction u/s 80P(2)(a): ITAT [Read Order]")
Interest Income from Business Investments by Co-operative Society Eligible for Deduction u/s 80P(2)(a): ITAT [Read Order]
The Pune Bench of Income Tax appellate Tribunal (ITAT) held that interest income from Business investment earned by Cooperative Society is eligible...
![Agreement for transfer of operations and movable assets not a ground to deny exemption u/s 11 and 12: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/Agreement-for-transfer-movable-assets-ITAT-Ahmedabad-bench-of-ITAT-Assessing-officer-KSMC-Commissioner-of-Income-Tax-Taxscan.jpg "Agreement for transfer of operations and movable assets not a ground to deny exemption u/s 11 and 12: ITAT [Read Order]")
![Trader Sold Opening Stock at Discounted Rates Leading to Higher Sales Compared to Previous Years: ITAT deletes ₹32 Lakh Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/Trader-Trader-Sold-Opening-Stock-ITAT-Assessing-income-from-undisclosed-sources-higher-sales-opening-stock-sales-tax-returns-assessees-counsel-Pawan-International-Taxscan.jpg "Trader Sold Opening Stock at Discounted Rates Leading to Higher Sales Compared to Previous Years: ITAT deletes ₹32 Lakh Addition [Read Order]")
![No Addition Warranted on Alleged Bogus Purchases When GP Rate Exceeds Genuine Purchases: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-Mumbai-Bogus-Purchases-Genuine-Purchases-No-Addition-Warrante-GP-rate-alleged-bogus-purchases-export-transactions-reopened-assessment-Taxscan.jpg "No Addition Warranted on Alleged Bogus Purchases When GP Rate Exceeds Genuine Purchases: ITAT [Read Order]")
![ITAT confirms Tax Exemptions for Gujarat Housing Board u/s. 11&12 of the Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-Ahmedabad-Tax-Exemptions-for-Gujarat-Housing-Board-Tax-Exemptions-Income-Tax-Gujarat-Housing-Boards-commercial-business-judicial-precedents-government-backed-bodies-statutory-bodies-ITAT-Taxscan.jpg "ITAT confirms Tax Exemptions for Gujarat Housing Board u/s. 11&12 of the Income Tax Act [Read Order]")
AO Partially Disallows Property Improvement Costs; ITAT Allows Full Deduction, Accepting Architect's Valuation [Read Order]
The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) overturned the partial disallowance of property improvement costs claimed by the assessee, directing full allowance based on the...
![AO Partially Disallows Property Improvement Costs; ITAT Allows Full Deduction, Accepting Architects Valuation [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/AO-ITAT-ITAT-Allows-Full-Deduction-Architects-Valuation-Income-tax-news-Income-tax-ITAT-news-calculation-of-Long-Term-Capital-Gains-Assessing-Officer-architects-valuation-certificate-Taxscan.jpg "AO Partially Disallows Property Improvement Costs; ITAT Allows Full Deduction, Accepting Architects Valuation [Read Order]")
Discrepancy in FMV: ITAT Directs AO to Determine by Conducting Thorough Fact-Finding Process, Applying Explanation u/s 56(2)(viib)[Read Order]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to Determine the Fair Market Value (FMV) of Shares by conducting a thorough Fact-Finding Process and...
![Discrepancy in FMV: ITAT Directs AO to Determine by Conducting Thorough Fact-Finding Process, Applying Explanation u/s 56(2)(viib)[Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/Discrepancy-in-FMV-ITAT-ITAT-Directs-AO-to-Determine-Fact-Finding-Process-Chennai-Bench-of-ITAT-Fair-Market-Value-Income-tax-Income-tax-news-Commissioner-of-Income-Tax-Taxscan.jpg "Discrepancy in FMV: ITAT Directs AO to Determine by Conducting Thorough Fact-Finding Process, Applying Explanation u/s 56(2)(viib)[Read Order]")
ITAT Condones Delay Due to Bona Fide Reasons Based on Affidavit and Remands Case to CIT(A) for Fresh Hearing [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal(ITAT) condoned the delay in filing an appeal by the assessee based on bona fide reasons outlined in an affidavit including financial difficulties...
![ITAT Condones Delay Due to Bona Fide Reasons Based on Affidavit and Remands Case to CIT(A) for Fresh Hearing [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/ITAT-ITAT-Condones-Delay-Affidavit-and-Remands-Case-to-CIT-CIT-ITAT-condoned-the-delay-in-filing-an-appeal-assessment-order-Kolkata-Bench-of-ITAT-Income-tax-Income-tax-news-ITAT-news-Taxscan.jpg "ITAT Condones Delay Due to Bona Fide Reasons Based on Affidavit and Remands Case to CIT(A) for Fresh Hearing [Read Order]")
Disallowance of Sales Promotion Expense u/s 37(1): ITAT Allows Deduction Based on Evidence Provided [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal(ITAT)allowed the deduction of Rs. 4,81,477 as sales promotion expenses under section 37(1) of Income Tax Act,1961 after the assessee provided...
![Disallowance of Sales Promotion Expense u/s 37(1): ITAT Allows Deduction Based on Evidence Provided [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/Disallowance-of-Sales-Promotion-Expense-ITAT-ITAT-Allows-Deduction-business-expenditures-CIT-acquisition-agreement-promotion-expenses-under-section-37-Kolkata-Bench-of-ITAT-ITAT-news-Taxscan.jpg "Disallowance of Sales Promotion Expense u/s 37(1): ITAT Allows Deduction Based on Evidence Provided [Read Order]")
![Commission Rate on Accommodation Entries: ITAT Directs AO to Apply 0.15% Instead of 1% [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/Commission-Rate-on-Accommodation-ITAT-ITAT-Directs-AO-Saanvi-Developers-Realtors-Pvt.-Ltd-Commissioner-of-Income-Tax-CIT-Income-Tax-income-tax-news-Taxscan.jpg "Commission Rate on Accommodation Entries: ITAT Directs AO to Apply 0.15% Instead of 1% [Read Order]")
CIT(A) Ignored CBDT Relief for Delayed ITR Filing: ITAT Remands Matter Back for Order Rectification [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) remanded the matter back to CIT(A) for rectification order citing a circular of the Central Board of Direct Taxes (CBDT) which granted relief...
![CIT(A) Ignored CBDT Relief for Delayed ITR Filing: ITAT Remands Matter Back for Order Rectification [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/01/Chennai-Bench-of-Income-Tax-Appellate-Tribunal-Central-Board-of-Direct-Taxes-CIT-CBDT-Relief-for-Delayed-ITR-Filing-ITR-Filing-ITAT-Remands-Matter-CBDT-CPC-return-of-income-and-audit-report-ITR-Taxscan.jpg "CIT(A) Ignored CBDT Relief for Delayed ITR Filing: ITAT Remands Matter Back for Order Rectification [Read Order]")