Profit Estimation Capped at 1.5%: ITAT Recognises Assessee as Livestock Transporter [Read Order]
The bench of the Income Tax Appellate Tribunal (ITAT) Pune, observing that the assessee was engaged in the transportation of livestock on a...
![AO cannot direct to produce Profit and Loss Account to show source of Expenditure not recorded in Gross Receipt u/s 44AD: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/AO-direct-to-produce-Profit-and-Loss-Account-to-show-source-of-Expenditure-recorded-in-Gross-Receipt-ITAT-deletes-Penalty-TAXSCAN.jpg "AO cannot direct to produce Profit and Loss Account to show source of Expenditure not recorded in Gross Receipt u/s 44AD: ITAT deletes Penalty [Read Order]")
![ITAT directs to compute addition towards 2% of Profit on Sale of Gold by assessee found during Search and Seizure [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/ITAT-directs-to-compute-addition-towards-Profit-on-Sale-of-Gold-by-assessee-found-during-Search-and-Seizure-TAXSCAN.jpg "ITAT directs to compute addition towards 2% of Profit on Sale of Gold by assessee found during Search and Seizure [Read Order]")
![Provision of Gratuity after deduction of Actual Gratuity charged to Profit in P/L Account doesnt attract disallowance u/s 37: ITAT directs AO for fresh Consideration [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Provision-of-Gratuity-deduction-of-Actual-Gratuity-charged-to-Profit-in-P-L-Account-disallowance-ITAT-directs-AO-for-fresh-Consideration-TAXSCAN.jpg "Provision of Gratuity after deduction of Actual Gratuity charged to Profit in P/L Account doesnt attract disallowance u/s 37: ITAT directs AO for fresh Consideration [Read Order]")
Share of Substantial Profit earned from sale of Agricultural Land to NRDA eligible to Tax: ITAT upholds Revision Order [Read Order]
The Income Tax Appellate Tribunal (ITAT) Raipur Bench while upheld the revision order held that the share of substantial profit earned from sale of agricultural land to National Rural...
![Share of Substantial Profit earned from sale of Agricultural Land to NRDA eligible to Tax: ITAT upholds Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Share-of-Substantial-Profit-Substantial-Profit-Agricultural-Land-Profit-NRDA-NRDA-eligible-to-Tax-taxscan.jpg "Share of Substantial Profit earned from sale of Agricultural Land to NRDA eligible to Tax: ITAT upholds Revision Order [Read Order]")
![Profit from Bogus Purchases can be added to Taxable Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Profit-from-Bogus-Purchases-Taxable-Income-ITAT-Bogus-Purchases-Profit-taxscan.jpg "Profit from Bogus Purchases can be added to Taxable Income: ITAT [Read Order]")
Addition made on Account of Estimated Rate of Profit applied to Turnover does not Amount to Concealment: ITAT deletes Penalty [Read Order]
The Delhi bench of Income Tax Appellate Tribunal (ITAT) has held that addition made on account of estimated rate of profit applied to turnover did not amount to concealment. Therefore, the bench...
![Addition made on Account of Estimated Rate of Profit applied to Turnover does not Amount to Concealment: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Account-of-Estimated-Rate-of-Profit-Account-Estimated-Rate-Profit-Rate-of-Profit-Turnover-Amount-to-Concealment-Concealment-ITAT-deletes-Penalty-ITAT-Penalty-Taxscan.jpg "Addition made on Account of Estimated Rate of Profit applied to Turnover does not Amount to Concealment: ITAT deletes Penalty [Read Order]")
![No GST on Amount of Portion of Canteen Charges Recovered from Employees: AAR [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/GST-Amount-Canteen-Charges-Employees-AAR-Taxscan.jpg "No GST on Amount of Portion of Canteen Charges Recovered from Employees: AAR [Read Order]")
Profit Margin Forgone by Flipkart India while Selling Goods cannot be treated as “Expenditure in Creating Intangible or Goodwill”: ITAT [Read Order]
The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) has held that the profit margin forgone by Flipkart India while selling goods could not be treated as expenditure in creating intangible or...
![Profit Margin Forgone by Flipkart India while Selling Goods cannot be treated as “Expenditure in Creating Intangible or Goodwill”: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Profit-Flipkart-India-Flipkart-Selling-Goods-Goodwill-ITAT-Income-Tax-Tax-Taxscan-1.jpg "Profit Margin Forgone by Flipkart India while Selling Goods cannot be treated as “Expenditure in Creating Intangible or Goodwill”: ITAT [Read Order]")
LLP receiving share of Profit from other Partnership Firm eligible for Income Tax Exemption u/s 10(2A): ITAT [Read Order]
The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) has held that Limited Liability Partnership (LLP) receiving share of profit from other firms shall be eligible for income tax exemption...
![LLP receiving share of Profit from other Partnership Firm eligible for Income Tax Exemption u/s 10(2A): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/LLP-share-Profit-from-Partnership-Income-Tax-ITAT-TAXSCAN-1.jpg "LLP receiving share of Profit from other Partnership Firm eligible for Income Tax Exemption u/s 10(2A): ITAT [Read Order]")