![S.43B Disallowance not Applicable When No Deduction Claimed and Liability Reported as Current Liability: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/05/ITAT-Down-Excessive-Disallowance-Record-Dissatisfaction-taxscan.jpg "S.43B Disallowance not Applicable When No Deduction Claimed and Liability Reported as Current Liability: ITAT [Read Order]")
S.43B Disallowance not Applicable When No Deduction Claimed and Liability Reported as Current Liability: ITAT [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT)held that disallowance under Section 43B of the Income-tax Act, 1961, is not applicable...
![Addition u/s 68 of Income Tax Act Unjustified Due to Incorrect Tax Neutrality: ITAT Sets Aside CIT(A) Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Income-Tax-Income-Tax-Act-ITAT-Income-Tax-Commissioner-Tax-Neutrality-TAXSCAN-1.jpg "Addition u/s 68 of Income Tax Act Unjustified Due to Incorrect Tax Neutrality: ITAT Sets Aside CIT(A) Order [Read Order]")
![ITAT Restores Case to AO for Proper Verification of Rs. 18.5 Lakhs Unexplained Cash Additions from Opening Balance and Unsecured Loans [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Income-Tax-ITAT-AO-issues-Opening-Balance-TAXSCAN.jpg "ITAT Restores Case to AO for Proper Verification of Rs. 18.5 Lakhs Unexplained Cash Additions from Opening Balance and Unsecured Loans [Read Order]")
![No addition shall made when Commission earned from Consignment Sale of Foodgrains are reflected in P&L Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Delhi-Income-tax-Consignment-sale-Profit-and-loss-account-Food-grains-consignment-sale-taxscan.jpg "No addition shall made when Commission earned from Consignment Sale of Foodgrains are reflected in P&L Account: ITAT [Read Order]")
![Payment through PLA: CESTAT quashes Excise Duty Demand as barred by limitation [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/CESTAT-PLA-payment-Profit-and-Loss-Account-Excise-duty-demand-Excise-payment-taxscan.jpg "Payment through PLA: CESTAT quashes Excise Duty Demand as barred by limitation [Read Order]")
Disallowance of Contingent Liability shall not be Entertained as it does not form part of P&L Account: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the disallowances of contingent liability shall not be entertained as it does not form part of the profit &loss account. ...
![Disallowance of Contingent Liability shall not be Entertained as it does not form part of P&L Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Disallowance-Contingent-Liability-Entertained-as-P-L-Account-ITAT-TAXSCAN.jpg "Disallowance of Contingent Liability shall not be Entertained as it does not form part of P&L Account: ITAT [Read Order]")
Non adherence to RBI Circular Prior to Issue of Audit Report is Professional Misconduct: ICAI Reprimands CA along with Fine of Rs 1 lakh
The Institute of Chartered Accountants of India (ICAI), reprimanded a Chartered Accountant (CA), imposed a fine of Rupees one lakh and held that non-adherence to Reserve Bank of India (RBI) Circular...
No TDS u/s 194H of Income Tax Act for Expenditure claimed to have been Debited to Profit & Loss Account under head “Commission”: ITAT
The Pune Bench of the Income Tax Appellate Tribunal (ITAT), observed that no Tax Deduction at Source (TDS) deduction under Section 194H of the Income Tax Act, 1961 for expenditure claimed to have...
No GST on Amount of Creditors Balance Unclaimed/Untraceable, Written Off by Crediting P&L Account: AAR [Read Order]
The Haryana Authority for Advance Ruling (AAR), ruled that there is no GST on Amount of Creditors Balance Unclaimed/Untraceable, Written Off by Crediting Profit and Loss (P&L) Account. The...
![No GST on Amount of Creditors Balance Unclaimed/Untraceable, Written Off by Crediting P&L Account: AAR [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/GST-Creditors-Balance-Unclaimed-Written-Off-Profit-and-Loss-Account-AAR-taxscan.jpg "No GST on Amount of Creditors Balance Unclaimed/Untraceable, Written Off by Crediting P&L Account: AAR [Read Order]")
![Re-Opening Assessment based on Mere Change of Opinion is not Allowable: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Re-Opening-Assessment-Bombay-High-Court-Opinion-Assessment-Taxscan.jpg "Re-Opening Assessment based on Mere Change of Opinion is not Allowable: Bombay HC [Read Order]")
Interest in Replacement Rehabilitation and Development Fund must be Directly taken into P& L Account: Orissa HC [Read Order]
In the case of Paradeep Port Trust, the Orissa High Court (HC) held that interest in the replacement rehabilitation and development fund must be directly taken into Profit & Loss account. The...
![Interest in Replacement Rehabilitation and Development Fund must be Directly taken into P& L Account: Orissa HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Replacement-Rehabilitation-Development-Fund-Orissa-HC-TAXSCAN.jpg "Interest in Replacement Rehabilitation and Development Fund must be Directly taken into P& L Account: Orissa HC [Read Order]")