![ITAT upholds Addition Due to Inadequate Maintenance of Books of Accounts [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/ITAT-upholds-Addition-Due-Inadequate-Maintenance-of-Books-of-Accounts-TAXSCAN.jpg "ITAT upholds Addition Due to Inadequate Maintenance of Books of Accounts [Read Order]")
ITAT upholds Addition Due to Inadequate Maintenance of Books of Accounts [Read Order]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has recently upheld the addition due to inadequate maintenance of books of accounts. ...
![Cash Payment of Defaulted EMI Instalment to Financier after Cheque Bounce is “Reasonable Cause”: ITAT deletes Penalty u/s 273B [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Cash-Payment-of-Defaulted-EMI-Instalment-to-Financier-Cheque-Bounce-is-Reasonable-Cause-ITAT-deletes-Penalty-us-273B-TAXSCAN.jpg "Cash Payment of Defaulted EMI Instalment to Financier after Cheque Bounce is “Reasonable Cause”: ITAT deletes Penalty u/s 273B [Read Order]")
![ITAT treats Source for Cash Deposits found in Bank Accounts as Unexplained Money on Unsubstantiated Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/ITAT-treats-Source-for-Cash-Deposits-ITAT-Source-for-Cash-Deposits-Cash-Deposits-Bank-Accounts-as-Unexplained-Money-Bank-Accounts-Unexplained-Money-Unsubstantiated-Evidence-income-tax-taxscan.jpg "ITAT treats Source for Cash Deposits found in Bank Accounts as Unexplained Money on Unsubstantiated Evidence [Read Order]")
![Revisional Jurisdiction u/s 263 cannot be Invoked for “Inadequate Enquiry”: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Revisional-Jurisdiction-Inadequate-Enquiry-ITAT-TAXSCAN.jpg "Revisional Jurisdiction u/s 263 cannot be Invoked for “Inadequate Enquiry”: ITAT [Read Order]")
![Income from Sale of Land held as “Stock-in-Trade” by Builder Taxable as “Business Income”, Not “Capital Gain”: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Income-Stock-in-Trade-Builder-Taxable-Business-Income-Capital-Gain-ITAT-TAXSCAN.jpg "Income from Sale of Land held as “Stock-in-Trade” by Builder Taxable as “Business Income”, Not “Capital Gain”: ITAT [Read Order]")
ITAT Confirms Denial of Tax Benefit u/s.54 for Non-Deposit in Capital Gain Account Scheme: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Chennai Bench has recently, in an appeal filed before it, confirmed the denial of Tax benefit u/s.54 for non-deposit in Capital Gain Account Scheme. ...
![ITAT Confirms Denial of Tax Benefit u/s.54 for Non-Deposit in Capital Gain Account Scheme: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/ITAT-Tax-Non-Deposit-Capital-Gain-Account-Scheme-ITAT-TAXSCAN.jpg "ITAT Confirms Denial of Tax Benefit u/s.54 for Non-Deposit in Capital Gain Account Scheme: ITAT [Read Order]")
![Cash Deposits can be Accepted during Demonetization Period If Source is Explained: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Cash-Deposits-Demonetization-Demonetization-Period-Source-ITAT-Taxscan.jpg "Cash Deposits can be Accepted during Demonetization Period If Source is Explained: ITAT [Read Order]")
Replacement Expenditure cannot be treated as “Current Repairs”: ITAT denies Revenue Expenditure Claim [Read Order]
The Chennai bench of Income Tax Appellate Tribunal (ITAT) recently denied revenue expenditure claim and held that replacement expenditure could not be treated as current repairs. Assessee Tanfac...
![Replacement Expenditure cannot be treated as “Current Repairs”: ITAT denies Revenue Expenditure Claim [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Replacement-Current-Repairs-ITAT-Revenue-Expenditure-Claim-TAXSCAN.jpg "Replacement Expenditure cannot be treated as “Current Repairs”: ITAT denies Revenue Expenditure Claim [Read Order]")
Expenses Incurred as Payment to Parent Company that Issued Shares to Employees of Assessee Allowable as Deduction: ITAT [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has held that the expenses incurred as payment to parent company that issued shares to employees of assessee shall be allowed as deduction. ...
![Expenses Incurred as Payment to Parent Company that Issued Shares to Employees of Assessee Allowable as Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Expenses-Payment-Parent-Company-Shares-Shares-to-Employees-Assessee-Deduction-ITAT-Income-Tax-taxscan-.jpg "Expenses Incurred as Payment to Parent Company that Issued Shares to Employees of Assessee Allowable as Deduction: ITAT [Read Order]")
Prior period Expense can't be Added back While Computing Profit & Gain of Business and Profession: ITAT orders to Recompute Book Profit [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that prior period expense can't be added back while computing profit & gain of business and profession. Kavithalayaa...
![Prior period Expense cant be Added back While Computing Profit & Gain of Business and Profession: ITAT orders to Recompute Book Profit [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Expense-Computing-Profit-Gain-Computing-Profit-Gain-Business-Business-and-Profession-ITAT-Income-Tax-Recompute-Book-Profit-Book-Profit-Taxscan-.jpg "Prior period Expense cant be Added back While Computing Profit & Gain of Business and Profession: ITAT orders to Recompute Book Profit [Read Order]")
No Records to prove the Trust Charges Nominal Fee from Weaker Sections to claim Tax Exemption: ITAT directs Re-adjudication
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) directed for re-adjudication as there were no records to prove that the trust charges a nominal fee from the weaker sections to claim the tax...
Depositing Unutilized Capital Gain in Deposit Account Scheme: ITAT grants Capital Gain Exemption [Read Order]
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT), granted exemption under Section 54 of the Income Tax Act, 1961 (capital gain exemption) on depositing unutilized capital gain in Deposit...
![Depositing Unutilized Capital Gain in Deposit Account Scheme: ITAT grants Capital Gain Exemption [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Capital-Gain-Deposit-Scheme-ITAT-Capital-Gain-Exemption-TAXSCAN.jpg "Depositing Unutilized Capital Gain in Deposit Account Scheme: ITAT grants Capital Gain Exemption [Read Order]")