![Profit from Sale of Carbon Credit is “Capital Receipt”, Not Taxable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Profit-Carbon-Credit-Capital-Receipt-Taxable-ITAT-Income-Tax-Tax-Credit-taxscan.jpg "Profit from Sale of Carbon Credit is “Capital Receipt”, Not Taxable: ITAT [Read Order]")
Profit from Sale of Carbon Credit is “Capital Receipt”, Not Taxable: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) observed that profit from the sale of Carbon Credit is “Capital Receipt” and held...
![Downfall in Gross Profit Ratio cannot be Sole basis for Addition: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Downfall-in-Gross-Profit-Ratio-Sole-Addition-ITAT-TAXSCAN.jpg "Downfall in Gross Profit Ratio cannot be Sole basis for Addition: ITAT [Read Order]")
![An Amount Paid Based on a Percentage of Turnover or Profit is Revenue in Nature: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Amount-Turnover-Profit-ITAT-taxscan.jpg "An Amount Paid Based on a Percentage of Turnover or Profit is Revenue in Nature: ITAT [Read Order]")
![Surplus returned from Common Fund contributed by persons together doesnt amount to profit, No need to be taxed: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Surplus-returned-profit-ITAT-taxscan.jpeg "Surplus returned from Common Fund contributed by persons together doesnt amount to profit, No need to be taxed: ITAT [Read Order]")
![Extraordinary Profit cannot be a criterion for Adjustment in Transfer Price: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Extraordinary-Profit-Transfer-Price-ITAT-taxscan.jpg "Extraordinary Profit cannot be a criterion for Adjustment in Transfer Price: ITAT [Read Order]")
Exemption u/s 10(2A) applicable to Legitimate Share of Profit earned based on LLP Agreement: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that exemption u/s 10(2A) applies to a Legitimate share of profit earned based on LLP agreement. The assessee is an...
![Exemption u/s 10(2A) applicable to Legitimate Share of Profit earned based on LLP Agreement: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Exemption-profit-LLP-agreement-ITAT-taxscan.jpg "Exemption u/s 10(2A) applicable to Legitimate Share of Profit earned based on LLP Agreement: ITAT [Read Order]")
ITAT directs to adopt Peak Calculation Method to Compute Profit from Unaccounted Cash Sales and Remand matter back to AO [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal has directs to adopt peak calculation method to compute profit from unaccounted cash sales and remand matter back to AO The appellant, Himanshu...
![ITAT directs to adopt Peak Calculation Method to Compute Profit from Unaccounted Cash Sales and Remand matter back to AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/ITAT-Peak-Calculation-Method-Profit-Cash-Sales-AO-taxscan.jpg "ITAT directs to adopt Peak Calculation Method to Compute Profit from Unaccounted Cash Sales and Remand matter back to AO [Read Order]")
Mismatch in BoA and Form 26AS: ITAT restricts Addition only on Embedded Portion of Profit [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi has held that the addition due to mismatch between the Books of Accounts and Form 26AS can be made only on the embedded portion of the profit. The...
![Mismatch in BoA and Form 26AS: ITAT restricts Addition only on Embedded Portion of Profit [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/04/Boa-Form-26AS-ITAT-Profit-taxscan.jpeg "Mismatch in BoA and Form 26AS: ITAT restricts Addition only on Embedded Portion of Profit [Read Order]")
Profit Attribution not required since Indian AE is remunerated at Arm's Length Price: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that when the Indian A.E. is remunerated at arm's length price no further profit attribution is required under the provisions of the...
![Profit Attribution not required since Indian AE is remunerated at Arms Length Price: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/03/Profit-Indian-AE-Arms-Length-Price-ITAT-taxscan.jpeg "Profit Attribution not required since Indian AE is remunerated at Arms Length Price: ITAT [Read Order]")
Difference between Assigning Share in Profit in Partnership Firm and Constituting Sub-Partnership: Gujarat HC quashes Provisional Attachment of Land [Read Judgment]
The Gujarat High Court while quashing the provisional attachment of land held that there is a difference Between Assigning Share in Profit in Partnership Firm and Constituting Sub-Partnership. ...
![Difference between Assigning Share in Profit in Partnership Firm and Constituting Sub-Partnership: Gujarat HC quashes Provisional Attachment of Land [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2022/02/Assigning-Share-In-Profit-Partnership-Firm-Sub-Partnership-Gujarat-HC-land-taxscan.jpg "Difference between Assigning Share in Profit in Partnership Firm and Constituting Sub-Partnership: Gujarat HC quashes Provisional Attachment of Land [Read Judgment]")
ITAT allows Assessee’s Claim to Write Back Credit to Profit and Loss Account for Bad Debt made in earlier years [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench allowed the assessee’s claim to write back credit to profit and loss account for bad debt made in earlier years. The assessee company,...
![ITAT allows Assessee’s Claim to Write Back Credit to Profit and Loss Account for Bad Debt made in earlier years [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/06/ITAT-profit-loss-bad-debt-Taxscan.jpg "ITAT allows Assessee’s Claim to Write Back Credit to Profit and Loss Account for Bad Debt made in earlier years [Read Order]")
Deduction u/s 80HHC Income Tax Act to be Computed after Reducing Deduction u/s 80IA from Profit: ITAT [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal held that deduction allowed under Sec. 80-IA of Income Tax Act had to be reduced from the profits for computing deduction under Sec. 80HHC of...
![Deduction u/s 80HHC Income Tax Act to be Computed after Reducing Deduction u/s 80IA from Profit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/Deduction-Income-Tax-Act-Deduction-Profit-ITAT-Taxscan.jpeg "Deduction u/s 80HHC Income Tax Act to be Computed after Reducing Deduction u/s 80IA from Profit: ITAT [Read Order]")