![No Claim of Expenses when amount represents Net Income of Firm: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/No-claim-of-expenses-when-amount-represents-net-income-of-firm-ITAT-TAXSCAN.jpg "No Claim of Expenses when amount represents Net Income of Firm: ITAT [Read Order]")
No Claim of Expenses when amount represents Net Income of Firm: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench held that No claim of expenses can be made when amount represents net income of firm. ...
![Investment on Gold Proved with Bills and Vouchers: ITAT deletes Income Tax Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Investment-Gold-Proved-Bills-Vouchers-ITAT-deletes-Income-Tax-Addition-TAXSCAN.jpg "Investment on Gold Proved with Bills and Vouchers: ITAT deletes Income Tax Addition [Read Order]")
![No Provision for prior period Expenses u/s 115JB(2), Addition not permissible: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/prior-period-expenses-ITAT-taxscan.jpg "No Provision for prior period Expenses u/s 115JB(2), Addition not permissible: ITAT [Read Order]")
![Replacement of Parts of Rolling Mill Rolls in Course of Working is Revenue Expenditure: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/Replacement-Rolling-Mill-Rolls-revenue-expenditure-ITAT-taxscan.jpeg "Replacement of Parts of Rolling Mill Rolls in Course of Working is Revenue Expenditure: ITAT [Read Order]")
Decision taken by Authorities in Previous Year would not estop or operate as res judicata for Subsequent Year: ITAT [Read Order]
Decision taken by authorities in previous year would not estop or operate as res judicata for subsequent year, so was held by the Income Tax Appellate Tribunal (ITAT), Ahmedabad. The assessee,...
![Decision taken by Authorities in Previous Year would not estop or operate as res judicata for Subsequent Year: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/authorities-ITAT-taxscan.jpeg "Decision taken by Authorities in Previous Year would not estop or operate as res judicata for Subsequent Year: ITAT [Read Order]")
Negligent and Casual Approach during Income Tax Assessment Proceedings: ITAT imposes Cost of Rs. 5000 on Assessee [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has imposed a cost of Rs. 5000 on the assessee considering the negligent and causal approach during the assessment proceedings under the...
![Negligent and Casual Approach during Income Tax Assessment Proceedings: ITAT imposes Cost of Rs. 5000 on Assessee [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Negligent-Casual-Approach-Income-Tax-Assessment-Proceedings-ITAT-Assessee-Taxscan.jpg "Negligent and Casual Approach during Income Tax Assessment Proceedings: ITAT imposes Cost of Rs. 5000 on Assessee [Read Order]")
![Waiver of Principal Loan Amount in Cash cannot be treated as Business Perquisite: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Principal-Loan-Amount-Cash-Business-Perquisite-ITAT-Taxscan.jpg "Waiver of Principal Loan Amount in Cash cannot be treated as Business Perquisite: ITAT [Read Order]")
ITAT directs to Follow the Principle of Consistency; Dept. Cannot Reject the Methodology Followed for the Past Years Without Change in Circumstance [Read Order]
The Ahmedabad bench of Income Tax Appellate Tribunal ( ITAT ) has directs to follow the Principle of Consistency and held that department Cannot Reject the methodology followed for the past years...
![ITAT directs to Follow the Principle of Consistency; Dept. Cannot Reject the Methodology Followed for the Past Years Without Change in Circumstance [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/03/ITAT-Principle-of-Consistency-Dept-Cannot-Reject-Methodology-Change-Circumstance-Taxscan.jpg "ITAT directs to Follow the Principle of Consistency; Dept. Cannot Reject the Methodology Followed for the Past Years Without Change in Circumstance [Read Order]")
Gift is to be treated as genuine when Assessee discharges onus of proving Identity, Creditworthiness and Relationship: ITAT deletes Addition
The Income Tax Appellate Tribunal (ITAT), Kolkata Bench while deleting the addition ruled that gift is to be treated as genuine when assessee discharges onus of proving identity, creditworthiness and...
ITAT allows Long-Term Capital Loss arising from Sale of Government Securities after applying Cost Inflation Index [Read Order]
The Income Tax Appellate Tribunal (ITAT), Kolkata Bench allowed the Long-Term Capital Loss arising from the sale of Government Securities after applying the Cost Inflation Index. The...
![ITAT allows Long-Term Capital Loss arising from Sale of Government Securities after applying Cost Inflation Index [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/03/ITAT-Long-Term-Capital-Loss-sale-of-Government-Securities-Cost-Inflation-Index-Taxscan.jpg "ITAT allows Long-Term Capital Loss arising from Sale of Government Securities after applying Cost Inflation Index [Read Order]")
Relief to Finolex Cables: ITAT allows claim of deduction u/s 80IC in respect of Sale of Scrap [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune Bench allowed the claim of deduction under section 80IC of the Income Tax Act in respect of sale of scrap. The Assessee, M/s. Finolex Cables Limited...
![Relief to Finolex Cables: ITAT allows claim of deduction u/s 80IC in respect of Sale of Scrap [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/12/Finolex-Cables-ITAT-claim-of-deduction-sale-of-scrap-Taxscan.jpg "Relief to Finolex Cables: ITAT allows claim of deduction u/s 80IC in respect of Sale of Scrap [Read Order]")