![Remand of Issue to AO for Re-adjudication by PCIT without Determining Profit Declared by Assessee is Erroneous: ITAT sets aside Revision Order u/s 263 of Income Tax Act [Supreme Court]](https://www.taxscan.in/wp-content/uploads/2023/10/Remand-of-Issue-to-AO-for-Re-adjudication-PCIT-Determining-Profit-Declared-by-Assessee-Erroneous-ITAT-Income-tax-Income-tax-act-Revision-Order-under-section-263-of-income-tax-act-TAXSCAN.jpg "Remand of Issue to AO for Re-adjudication by PCIT without Determining Profit Declared by Assessee is Erroneous: ITAT sets aside Revision Order u/s 263 of Income Tax Act [Supreme Court]")
Remand of Issue to AO for Re-adjudication by PCIT without Determining Profit Declared by Assessee is Erroneous: ITAT sets aside Revision Order u/s 263 of Income Tax Act [Supreme Court]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that that the PCIT has merely remitted the issue back to the file of the AO to redo the...
![Disallowance under Section 14A, cannot Exceed Exempt Income while Computing Income under Normal Provisions and Book Profit u/s 115JB of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Disallowance-Exempt-Income-Computing-Normal-Provisions-Income-Tax-Act-ITAT-taxscan.jpg "Disallowance under Section 14A, cannot Exceed Exempt Income while Computing Income under Normal Provisions and Book Profit u/s 115JB of Income Tax Act: ITAT [Read Order]")
![Govt Grants Received in Lieu of FRP need not be Reduced from Cost of Capital Assets: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Govt-Grants-Received-in-Lieu-of-FRP-FRP-Cost-Cost-of-Capital-Assets-ITAT-taxscan.jpg "Govt Grants Received in Lieu of FRP need not be Reduced from Cost of Capital Assets: ITAT [Read Order]")
![Govt Grants Received in Lieu of FRP need not be Reduced from Cost of Capital Assets: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Govt-Received-Lieu-FRP-Reduced-Cost-Capital-Assets-ITAT-TAXSCAN.jpg "Govt Grants Received in Lieu of FRP need not be Reduced from Cost of Capital Assets: ITAT [Read Order]")
Fringe Benefits Tax is Allowable as Deduction in Computing Book Profit as per Section 115JB of Income Tax Act: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that according to CBDT vide Circular No. 8/2005, the fringe benefit tax is an allowable deduction in computing book profit as per Section...
![Fringe Benefits Tax is Allowable as Deduction in Computing Book Profit as per Section 115JB of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Fringe-Benefits-Tax-Allowable-Deduction-Computing-Book-Profit-Income-Tax-Act-ITAT-TAXSCAN.jpg "Fringe Benefits Tax is Allowable as Deduction in Computing Book Profit as per Section 115JB of Income Tax Act: ITAT [Read Order]")
Salary Paid to Vice President of Company allowable as Expenditure u/s 37(1) of Income Tax Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi held that salary paid to vice president of company should be allowed as expenditure under Section 37(1) of Income Tax Act, 1961 Assessee, Ebony...
![Salary Paid to Vice President of Company allowable as Expenditure u/s 37(1) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Salary-Paid-Vice-President-of-Company-Expenditure-Income-Tax-Act-ITAT-taxscan.jpg "Salary Paid to Vice President of Company allowable as Expenditure u/s 37(1) of Income Tax Act: ITAT [Read Order]")
Proceeds received on Sale of Carbon Credit is a Capital Receipt and not Business Income: ITAT deletes addition on Income by AO [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the proceeds received on the sale of carbon credit is a capital receipts and not business income. The assessee is a company...
![Proceeds received on Sale of Carbon Credit is a Capital Receipt and not Business Income: ITAT deletes addition on Income by AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/ITAT-Carbon-credit-Business-income-Proceeds-received-on-Sale-of-Carbon-Credit-income-tax-act-taxscan.jpg "Proceeds received on Sale of Carbon Credit is a Capital Receipt and not Business Income: ITAT deletes addition on Income by AO [Read Order]")
Fee Paid for Late Filing of Professional Tax Return is Penal in Nature: ITAT Upholds Disallowance [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has upheld the disallowance as the fee paid for late filing of professional tax return was penal in nature. The assessee, Shriram Chits...
![Fee Paid for Late Filing of Professional Tax Return is Penal in Nature: ITAT Upholds Disallowance [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Fee-Paid-for-Late-Filing-of-Professional-Tax-Return-is-Penal-in-Nature-ITAT-Upholds-Disallowance-TAXSCAN.jpg "Fee Paid for Late Filing of Professional Tax Return is Penal in Nature: ITAT Upholds Disallowance [Read Order]")
The Term ‘Used for the Purposes of Business’ Include Asset Which Kept Ready for Use but Actually not Put to Use: ITAT Allows Depreciation u/s 32 of Income Tax Act [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has allowed depreciation claims under Section 32 of the Income Tax Act, 1961 holding that the term used for the Purpose of business would...
![The Term ‘Used for the Purposes of Business’ Include Asset Which Kept Ready for Use but Actually not Put to Use: ITAT Allows Depreciation u/s 32 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/The-Term-Used-for-the-Purposes-Business-Include-Asset-Which-Kept-Ready-for-Use-but-Actually-not-Put-Use-ITAT-Allows-Depreciation-Income-Tax-Act-TAXSCAN.jpg "The Term ‘Used for the Purposes of Business’ Include Asset Which Kept Ready for Use but Actually not Put to Use: ITAT Allows Depreciation u/s 32 of Income Tax Act [Read Order]")
Head Wise Bifurcation not Required for Computation of Insurance Company Income: ITAT Deletes Disallowance u/s 14A of Income Tax Act Against Oriental Insurance [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the disallowance under Section 14A of the Income Tax Act 1961 against oriental insurance company holding that head wise bifurcation...
![Head Wise Bifurcation not Required for Computation of Insurance Company Income: ITAT Deletes Disallowance u/s 14A of Income Tax Act Against Oriental Insurance [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Head-wise-Bifurcation-Insurance-Company-Income-ITA-disallowance-Oriental-Insurance-ITAT-TAXSCAN.jpg "Head Wise Bifurcation not Required for Computation of Insurance Company Income: ITAT Deletes Disallowance u/s 14A of Income Tax Act Against Oriental Insurance [Read Order]")
ITAT quashes Order for deleting Disallowance of Educational Cess Claim u/s 115JB of IT Act without Proper Verification [Read Order]
The Kolkata bench of Income Tax Appellate Tribunal (ITAT) quashed the order passed by the commissioner of income tax( appeals) for deleting the disallowance of education cess claim made by the...
![ITAT quashes Order for deleting Disallowance of Educational Cess Claim u/s 115JB of IT Act without Proper Verification [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/ITAT-quashes-Order-for-deleting-Disallowance-of-Educational-Cess-of-IT-Act-without-proper-verification-ITAT-TAXSCAN-1.jpg "ITAT quashes Order for deleting Disallowance of Educational Cess Claim u/s 115JB of IT Act without Proper Verification [Read Order]")