Interest Income from Fixed Deposit of Co-operative Society made during the course of Business eligible for Deduction u/s 80P(2)(a)(i) of Income Tax Act: ITAT
The Kolkata bench of Income Tax Appellate Tribunal (ITAT) has recently held that interest income from fixed deposits of co-operative society made...
![Foreign Exchange Loss incurred for Converting Loan to Foreign Currency allowable as Business Loss: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Foreign-Exchange-Loss-Foreign-Exchange-Foreign-Exchange-Loss-incurred-for-Converting-Loan-Converting-Loan-Loan-Foreign-Currency-allowable-as-Business-Loss-Foreign-Currency-Business-Loss-ITAT-Taxscan.jpg "Foreign Exchange Loss incurred for Converting Loan to Foreign Currency allowable as Business Loss: ITAT [Read Order]")
![Forfeiture of Earnest Money is Expenditure: ITAT deletes Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Forfeiture-of-Earnest-Money-is-Expenditure-ITAT-Disallowance-TAXSCAN.jpg "Forfeiture of Earnest Money is Expenditure: ITAT deletes Disallowance [Read Order]")
![Notice u/s 148 of Income Tax Act lacks record of ‘reasons to believe’ for initiating Proceedings: ITAT quashes Re-assessment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Income-Tax-Act-reasons-to-believe-proceedings-ITAT-Re-assessment-Order-taxscan.jpg "Notice u/s 148 of Income Tax Act lacks record of ‘reasons to believe’ for initiating Proceedings: ITAT quashes Re-assessment Order [Read Order]")
![Secondary and Higher Secondary Education Cess are Part of Tax; No Deduction Available: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Secondary-and-Higher-Secondary-Education-Cess-Education-Cess-Higher-Secondary-Education-Cess-Education-Cess-are-Part-of-tax-No-Deduction-Available-ITAT-taxscan.jpg "Secondary and Higher Secondary Education Cess are Part of Tax; No Deduction Available: ITAT [Read Order]")
No Addition can be made on Undisclosed Contract Receipt from the Business of Purchase and Sale of Fish: ITAT Deletes the Addition [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has recently held that no addition can be made to an undisclosed contract receipt from the business of purchase and sale of fish...
![No Addition can be made on Undisclosed Contract Receipt from the Business of Purchase and Sale of Fish: ITAT Deletes the Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Addition-Undisclosed-Contract-Receipt-Contract-Receipt-Business-of-Purchase-and-Sale-of-Fish-Purchase-and-Sale-of-Fish-ITAT-Deletes-the-Addition-ITAT-Taxscan.jpg "No Addition can be made on Undisclosed Contract Receipt from the Business of Purchase and Sale of Fish: ITAT Deletes the Addition [Read Order]")
Computation of Income resulting in Higher Income is only Difference of Opinion: ITAT deletes Penalty [Read Order]
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has recently while deleting the penalty imposed by the assessing officer held that computation of income resulting in a higher income is...
![Computation of Income resulting in Higher Income is only Difference of Opinion: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Income-Higher-Incom-ITAT-Penalty-TAXSCAN.jpg "Computation of Income resulting in Higher Income is only Difference of Opinion: ITAT deletes Penalty [Read Order]")
No Disallowance on Assumption of getting Future Tax Free Income from Investment made by assesee : ITAT deletes Addition [Read Order]
The Kolkata bench of Income Tax Appellate Tribunal (ITAT) has recently held that disallowance made on the assumption of getting future tax free income from the investment made by the...
![No Disallowance on Assumption of getting Future Tax Free Income from Investment made by assesee : ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/ITAT-Kolkata-Disallowance-Tax-Free-Income-assesee-Commissioner-of-Income-Tax-taxscan.jpg "No Disallowance on Assumption of getting Future Tax Free Income from Investment made by assesee : ITAT deletes Addition [Read Order]")
Company Eligible for Deduction of Foreign Travel Expenses of Employee and Relative of Director: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Kolkata bench has allowed the assessee-Company deduction under section 37 of the Income Tax Act, 1961 in respect of foreign travel expenses of an employee,...
![Company Eligible for Deduction of Foreign Travel Expenses of Employee and Relative of Director: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Company-Deduction-Foreign-Travel-Expenses-Employee-Relative-of-Director-Employee-and-Relative-of-Director-ITAT-Income-Tax-taxscan.jpg "Company Eligible for Deduction of Foreign Travel Expenses of Employee and Relative of Director: ITAT [Read Order]")
Co-Operative Bank Eligible for 80P Deduction in respect of Income from Interest on Staff Welfare Fund and Staff Loans: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that a co-operative bank is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961 interest from staff...
![Co-Operative Bank Eligible for 80P Deduction in respect of Income from Interest on Staff Welfare Fund and Staff Loans: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Co-Operative-Bank-Deduction-Income-Interest-Staff-Welfare-Fund-Staff-Loans-ITAT-Income-Tax-Taxscan.jpg "Co-Operative Bank Eligible for 80P Deduction in respect of Income from Interest on Staff Welfare Fund and Staff Loans: ITAT [Read Order]")