No Violation found by SEBI on Broker or Taxpayer w.r.t alleged CCM Transactions: ITAT directs AO to Delete Addition of Rs. 4.38 lakhs [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has directed the Assessing Officer ( AO ) to delete the addition of Rs. 4.38 lakhs, as...
![Relief to Tata Steel Limited: ITAT allows deduction of Interest on PNCD in Computation Book Profit u/s 115JB of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-Mumbai-ITAT-Income-tax-Income-tax-news-Tata-Steel-taxscan.jpg "Relief to Tata Steel Limited: ITAT allows deduction of Interest on PNCD in Computation Book Profit u/s 115JB of Income Tax Act [Read Order]")
![Doubtful Debt in Nature of Diminution in value of Asset, unless there is finding u/s 35(1)(vii) of Income Tax Act: ITAT upholds Addition of Book Profit u/s 115JB [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Doubtful-Debt-nature-of-diminution-Income-Tax-Act-Asset-Diminution-ITAT-upholds-Addition-of-Book-Profit-ITAT-Addition-Book-Profit-taxscan.jpg "Doubtful Debt in Nature of Diminution in value of Asset, unless there is finding u/s 35(1)(vii) of Income Tax Act: ITAT upholds Addition of Book Profit u/s 115JB [Read Order]")
![ITAT deletes Addition of Disallowance u/s 14A of Income Tax Act on Computation of Book Profit u/s 115JB [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/ITAT-deletes-Addition-of-DisallowanceIncome-Tax-Act-on-Computation-of-Book-Profit-TAXSCAN.jpg "ITAT deletes Addition of Disallowance u/s 14A of Income Tax Act on Computation of Book Profit u/s 115JB [Read Order]")
![Reopening of Assessment on Change of Opinion: ITAT quashes Penalty against Assessee who correctly Declared Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Reopening-of-Assessment-Change-of-Opinion-ITAT-Penalty-Assessee-Declared-Income-TAXSCAN.jpg "Reopening of Assessment on Change of Opinion: ITAT quashes Penalty against Assessee who correctly Declared Income [Read Order]")
Non-inclusion of Surrendered Income Book Profits u/s 115JB of Income Tax Act Not Rectifiable u/s 154 of Income Tax Act: ITAT [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the non-inclusion of surrendered income book profits under Section 115JB of the Income Tax Act 1961 is not rectifiable...
![Non-inclusion of Surrendered Income Book Profits u/s 115JB of Income Tax Act Not Rectifiable u/s 154 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Surrendered-Income-Income-Book-Profits-Profits-Income-Tax-Act-Income-Tax-ITAT-Taxscan.jpg "Non-inclusion of Surrendered Income Book Profits u/s 115JB of Income Tax Act Not Rectifiable u/s 154 of Income Tax Act: ITAT [Read Order]")
ITAT Imposes Cost of Rs. 25,000 on Jet Airways for being Delinquent during Income Tax Proceedings [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has imposed a cost of Rs.25,000 on Jet Airways for being delinquent during income tax proceedings. Â The assessee, Jet Airways (India)...
![ITAT Imposes Cost of Rs. 25,000 on Jet Airways for being Delinquent during Income Tax Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/ITAT-ITAT-Imposes-Cost-Jet-Airways-Delinquent-Income-Tax-Proceedings-Income-Tax-Taxscan.jpg "ITAT Imposes Cost of Rs. 25,000 on Jet Airways for being Delinquent during Income Tax Proceedings [Read Order]")
Amount of Provision for Bad and Doubtful Debts Reduced from Sundry Debtors Balance won't be hit by Clause (i) of Explanation to Sec 115JB:Â ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the amount of provision for bad and doubtful debts reduced from Sundry Debtors Balance won't be hit by Clause (i) of...
![Amount of Provision for Bad and Doubtful Debts Reduced from Sundry Debtors Balance wont be hit by Clause (i) of Explanation to Sec 115JB:Â ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Amount-of-Provision-Provision-Doubtful-Debt-Bad-debt-Sundry-Debtors-Sundry-Debtors-Balance-Explanation-ITAT-Taxscan.jpg "Amount of Provision for Bad and Doubtful Debts Reduced from Sundry Debtors Balance wont be hit by Clause (i) of Explanation to Sec 115JB:Â ITAT [Read Order]")
Bombay HC deletes addition on Interest Expenditure on availability of Interest-Free Surplus Fund to make Investment [Read Order]
The Bombay High Court deleted the addition made on account of interest expenditureas the assessee, Godrej & BoyceMfg. Co. Ltd, had sufficient interest-free surplus funds to make the investment. ...
![Bombay HC deletes addition on Interest Expenditure on availability of Interest-Free Surplus Fund to make Investment [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Bombay-HC-Interest-Expenditure-Interest-Free-Surplus-Fund-Investment-TAXSCAN.jpg "Bombay HC deletes addition on Interest Expenditure on availability of Interest-Free Surplus Fund to make Investment [Read Order]")
Foreign Dividend Income Which is Chargeable to Tax is outside the provision of 14 A: ITAT rules in favour of Tata Industries [Read Order]
In a significant case of Tata Industries, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that foreign dividend income which is chargeable to tax is outside the provision of 14...
![Foreign Dividend Income Which is Chargeable to Tax is outside the provision of 14 A: ITAT rules in favour of Tata Industries [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Foreign-Dividend-Income-Chargeable-to-Tax-ITAT-Tata-Industries-TAXSCAN.jpg "Foreign Dividend Income Which is Chargeable to Tax is outside the provision of 14 A: ITAT rules in favour of Tata Industries [Read Order]")