![No Disallowance u/s 36(1)(iii) as Amount was Advanced during Normal Course of Business: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Disallowance-Advanced-during-Normal-Course-of-Business-Normal-Course-of-Business-Business-ITAT-Taxscan.jpg "No Disallowance u/s 36(1)(iii) as Amount was Advanced during Normal Course of Business: ITAT [Read Order]")
No Disallowance u/s 36(1)(iii) as Amount was Advanced during Normal Course of Business: ITAT [Read Order]
The Raipur Bench of Income Tax Appellate Tribunal (ITAT) has held that no disallowance could be made under Section 36(1)(iii) of the Income Tax Act,...
![Cash loan Raised and Repaid between Firm and Partner not violation of 269SS and 269T of Income Tax Act: ITAT sets aside Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Cash-loan-Raised-and-Repaid-Cash-loan-Raised-and-Repaid-between-Firm-and-Partner-Income-Tax-Act-ITAT-sets-aside-Revision-Order-ITAT-Revision-Order-Taxscan.jpg "Cash loan Raised and Repaid between Firm and Partner not violation of 269SS and 269T of Income Tax Act: ITAT sets aside Revision Order [Read Order]")
![ITAT Upholds Deletion of Additions Made on Account of Share Application/Capital Received as Unexplained Cash Credits u/s 68 Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/ITAT-Upholds-Deletion-of-Additions-ITAT-Share-Application-Capital-Share-Capital-Unexplained-Cash-Credits-Income-Tax-Act-ITAT-Upholds-Deletion-Additions-Made-on-Account-of-Share-Application-Taxscan.jpg "ITAT Upholds Deletion of Additions Made on Account of Share Application/Capital Received as Unexplained Cash Credits u/s 68 Income Tax Act [Read Order]")
![Re-Assessment based on mere Change of Opinion is not Valid: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/assessment-order-ITAT-taxscan.jpeg "Re-Assessment based on mere Change of Opinion is not Valid: ITAT [Read Order]")
![Interest-bearing Unsecured Loans are allowable as Income Tax Deduction u/s.57(iii): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Interest-unsecured-loans-deduction-ITA-ITAT-taxscan.jpg "Interest-bearing Unsecured Loans are allowable as Income Tax Deduction u/s.57(iii): ITAT [Read Order]")
Income Tax Penalty Notice does not specify under which limb of section 271(1)(c) the Penalty proceedings had been initiated: ITAT quashes Proceedings [Read Order]
The Income Tax Appellate Tribunal (ITAT), Raipur bench consisting of Ravish Sood, Judicial Member, and Rathod Kamlesh Jayantbhai, Accountant Member quashed the proceedings on the ground that Income...
![Income Tax Penalty Notice does not specify under which limb of section 271(1)(c) the Penalty proceedings had been initiated: ITAT quashes Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Income-Tax-Penalty-Notice-penalty-proceedings-ITAT-taxscan.jpeg "Income Tax Penalty Notice does not specify under which limb of section 271(1)(c) the Penalty proceedings had been initiated: ITAT quashes Proceedings [Read Order]")
Relief to Reliance: Standby Maintenance Charges received can’t be assessed as FTS, rules ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench ruled that the Standby Maintenance Charges received can not be assessed as fees for technical services (FTS) and taxable only to the extent of...
![Relief to Reliance: Standby Maintenance Charges received can’t be assessed as FTS, rules ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/06/Reliance-Globalcom-Limited-Standby-Maintenance-Charges-FTS-ITAT-Taxscan.jpg "Relief to Reliance: Standby Maintenance Charges received can’t be assessed as FTS, rules ITAT [Read Order]")
Section 80P Deduction allowable to Co-Operative Credit Society as it is not a Co-Operative Bank: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench ruled that the deduction under Section 80P of the Income Tax Act, 1961 is allowable to co-operative credit societies as it is not a co-operative...
![Section 80P Deduction allowable to Co-Operative Credit Society as it is not a Co-Operative Bank: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/06/Section-80P-deduction-co-operative-credit-society-co-operative-bank-ITAT-taxscan.jpg "Section 80P Deduction allowable to Co-Operative Credit Society as it is not a Co-Operative Bank: ITAT [Read Order]")
ITAT upholds ALP of corporate guarantee as determined 0.43% p.a, directs the AO to vacate the upward transfer pricing adjustment [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench upheld the Arm’s Length Price (ALP) of corporate guarantee as determined 0.43% per annum and directed the AO to vacate the upward transfer...
![ITAT upholds ALP of corporate guarantee as determined 0.43% p.a, directs the AO to vacate the upward transfer pricing adjustment [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/ITAT-ALP-corporate-guarantee-AO-upward-transfer-pricing-adjustment-Taxscan.jpg "ITAT upholds ALP of corporate guarantee as determined 0.43% p.a, directs the AO to vacate the upward transfer pricing adjustment [Read Order]")
ITAT allows Exemption u/s 11(1)(a) as activities undertaken by Builders Association isn’t Trade, Commerce, or Business [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench allowed the exemption under section 11(1)(a) as activities are undertaken by Builders Association are not trade, commerce, or business. The...
![ITAT allows Exemption u/s 11(1)(a) as activities undertaken by Builders Association isn’t Trade, Commerce, or Business [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/03/ITAT-exemption-Builders-Association-commerce-business-Taxscan.jpg "ITAT allows Exemption u/s 11(1)(a) as activities undertaken by Builders Association isn’t Trade, Commerce, or Business [Read Order]")
Share Application Money is ‘Capital Asset’ for the purpose of Income Tax Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that Share Application Money is ‘Capital Asset’ for the purpose of Income Tax Act. As a part of corporate restructuring undertaken by...
![Share Application Money is ‘Capital Asset’ for the purpose of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/12/ITAT-Mumbai-Share-Application-Money-Capital-Asset-Income-Tax-Act-ITAT-Taxscan-1.jpg "Share Application Money is ‘Capital Asset’ for the purpose of Income Tax Act: ITAT [Read Order]")