![Failure to prove the Interest bearing Funds being used for Investments giving rise to exempt Income: ITAT directs Re-computation of Disallowance under Rule 8D(2)(iii) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Failure-prove-interest-bearing-funds-investments-rise-exempt-income-ITAT-directs-re-computation-disallowance-taxscan.jpg "Failure to prove the Interest bearing Funds being used for Investments giving rise to exempt Income: ITAT directs Re-computation of Disallowance under Rule 8D(2)(iii) [Read Order]")
Failure to prove the Interest bearing Funds being used for Investments giving rise to exempt Income: ITAT directs Re-computation of Disallowance under Rule 8D(2)(iii) [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal held that AO will re-compute the disallowance only on the investments giving rise to exempt...
![S.13(1)(c) of Income Tax Act not Applicable when Refund Money Collected from Staff Spent for Maintenance of Trust: ITAT Deletes Addition u/s 69C of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/S.131c-of-Income-Tax-Act-not-Applicable-when-Refund-Money-Collected-from-Staff-Spent-for-Maintenance-of-Trust-ITAT-Deletes-Addition-Income-Tax-Act-TAXSCAN.jpg "S.13(1)(c) of Income Tax Act not Applicable when Refund Money Collected from Staff Spent for Maintenance of Trust: ITAT Deletes Addition u/s 69C of Income Tax Act [Read Order]")
![Listed shares and Securities treated as Stock-in-Trade by Assessee is to be Treated as Business Income regardless of Period of Holding: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Listed-shares-and-Securities-treated-as-Stock-in-Trade-by-Assessee-is-to-be-Treated-Business-Income-regardless-of-Period-of-Holding-ITAT-TAXSCAN.jpg "Listed shares and Securities treated as Stock-in-Trade by Assessee is to be Treated as Business Income regardless of Period of Holding: ITAT [Read Order]")
![Initiation of Assessment Proceedings on Non-Consideration of Seized Documents by AO: ITAT Upholds Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Initiation-of-Assessment-Proceedings-Assessment-Proceedings-Non-Consideration-of-Seized-Documents-AO-taxscan.jpg "Initiation of Assessment Proceedings on Non-Consideration of Seized Documents by AO: ITAT Upholds Revision Order [Read Order]")
![Person failing to furnish Return of Income is deemed to have concealed particulars of his income: ITAT upholds Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Person-failing-to-furnish-return-of-income-return-of-income-income-ITAT-ITAT-upholds-penalty-taxscan.jpg "Person failing to furnish Return of Income is deemed to have concealed particulars of his income: ITAT upholds Penalty [Read Order]")
Extraction of Minerals from Beach sand is Manufacturing Process u/s 2(29BA) of Income Tax Act: ITAT allows Income Tax Deduction [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that extraction of minerals from beach sand involve change in non-living physical object / article into a new and distinct object /...
![Extraction of Minerals from Beach sand is Manufacturing Process u/s 2(29BA) of Income Tax Act: ITAT allows Income Tax Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Extraction-Minerals-Beach-sand-Manufacturing-Process-Income-Tax-Act-ITAT-Income-Tax-Deduction-TAXSCAN.jpg "Extraction of Minerals from Beach sand is Manufacturing Process u/s 2(29BA) of Income Tax Act: ITAT allows Income Tax Deduction [Read Order]")
Mere Non Acceptance of Claim made by assessee would not lead to Automatic Levy of Penalty u/s 270A(9)(a): ITAT deletes Addition [Read Order]
The Chennai bench of the Income Tax appellate tribunal (ITAT) held that Merely because the claim made by the assessee was not accepted would not lead to automatic levy of penalty. It is settled law...
![Mere Non Acceptance of Claim made by assessee would not lead to Automatic Levy of Penalty u/s 270A(9)(a): ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Non-Acceptance-Claim-Mere-Non-Acceptance-of-Claim-assessee-Levy-of-Penalty-taxscan.jpg "Mere Non Acceptance of Claim made by assessee would not lead to Automatic Levy of Penalty u/s 270A(9)(a): ITAT deletes Addition [Read Order]")
Excess Stock could be said to have Arisen out of Normal Activity where Undisclosed Business Income was Ploughed back into Business to Acquire further Stock: ITAT deletes Addition [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal held that undisclosed business income was ploughed back into business to acquire further stock. In such a case, the excess stock could be said...
![Excess Stock could be said to have Arisen out of Normal Activity where Undisclosed Business Income was Ploughed back into Business to Acquire further Stock: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Excess-stock-arisen-normal-business-income-business-stock-ITAT-TAXSCAN.jpg "Excess Stock could be said to have Arisen out of Normal Activity where Undisclosed Business Income was Ploughed back into Business to Acquire further Stock: ITAT deletes Addition [Read Order]")
Loss on sale of Investment could not be reduced from Book Profits u/s 115JB for Capital Profits which do not have component of Income are to be excluded while computing book profits: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that capital profits, which do not have component of income, are to be excluded while computing Book Profits under section 115JB. ...
![Loss on sale of Investment could not be reduced from Book Profits u/s 115JB for Capital Profits which do not have component of Income are to be excluded while computing book profits: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Loss-on-sale-of-Investment-Investment-sale-of-Investment-Book-Profits-Capital-Profits-computing-book-profits-ITAT-Taxscan.jpg "Loss on sale of Investment could not be reduced from Book Profits u/s 115JB for Capital Profits which do not have component of Income are to be excluded while computing book profits: ITAT [Read Order]")
No Fresh Assessment can be Directed by CIT if AO Choose not to Make Any Addition on Income Tax: ITAT Condones Delay of 319 Days [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT), condoned delay of 319days in filing the appeal and held that when once Assessing Officer (AO) took one of the possible views and chose not...
![No Fresh Assessment can be Directed by CIT if AO Choose not to Make Any Addition on Income Tax: ITAT Condones Delay of 319 Days [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Fresh-Assessment-Directed-CIT-AO-Addition-Income-Tax-ITAT-Condones-Delay-TAXSCAN.jpg "No Fresh Assessment can be Directed by CIT if AO Choose not to Make Any Addition on Income Tax: ITAT Condones Delay of 319 Days [Read Order]")
Providing Uniforms, Books and Transport Services to Students Not main Objects of Trust; Commercial in Nature: ITAT Disallows Income Tax Exemption [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that providing uniforms, books or transport services to the students by the assessee trust are not its main objects and these been...
![Providing Uniforms, Books and Transport Services to Students Not main Objects of Trust; Commercial in Nature: ITAT Disallows Income Tax Exemption [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Providing-Uniforms-Books-Transport-Service-s-Students-main-ITAT-Income-Tax-Exemption-TAXSCAN.jpg "Providing Uniforms, Books and Transport Services to Students Not main Objects of Trust; Commercial in Nature: ITAT Disallows Income Tax Exemption [Read Order]")
ITAT upholds Deletion of Addition u/s 69A of Income Tax Act by CIT(A) on Ground of Genuine Disclosure of Transactions in ROI [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) upheld the deletion of addition made under section 69A of the Income Tax Act,1961 by the Commissioner of Income Tax (Appeals) on the...
![ITAT upholds Deletion of Addition u/s 69A of Income Tax Act by CIT(A) on Ground of Genuine Disclosure of Transactions in ROI [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/ITAT-Upholds-Deletion-Income-Tax-Act-CITA-Ground-Genuine-Disclosure-Transactions-ROI-TAXSCAN.jpg "ITAT upholds Deletion of Addition u/s 69A of Income Tax Act by CIT(A) on Ground of Genuine Disclosure of Transactions in ROI [Read Order]")