![Interest Receipt under TUFS Scheme is Capital in Nature, needs to be Excluded While Working out Book Profits u/s 115JB: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Interest-Receipt-under-TUFS-Scheme-Capital-in-Nature-needs-to-be-Excluded-While-Working-out-Book-Profits-ITAT-TAXSCAN.jpg "Interest Receipt under TUFS Scheme is Capital in Nature, needs to be Excluded While Working out Book Profits u/s 115JB: ITAT [Read Order]")
Interest Receipt under TUFS Scheme is Capital in Nature, needs to be Excluded While Working out Book Profits u/s 115JB: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, held that interest receipt under TUFS scheme is...
![Payment for Breach of Contractual Obligation Pursuant to An Arbitration Award Deductible from Business Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Payment-Breach-of-Contractual-Obligation-Contractual-Obligation-Arbitration-Award-Business-Income-ITAT-Income-Tax-taxscan-.jpg "Payment for Breach of Contractual Obligation Pursuant to An Arbitration Award Deductible from Business Income: ITAT [Read Order]")
![Relief to Infosys: ITAT directs to delete Income Tax Addition of SEZ Book Profits u/s. 115JB [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Infosys-ITAT-Income-Tax-Addition-of-SEZ-Book-Profits-Income-Tax-Addition-Income-Tax-taxscan.jpg "Relief to Infosys: ITAT directs to delete Income Tax Addition of SEZ Book Profits u/s. 115JB [Read Order]")
![Direct nexus between Manufacturing activity and Forex Gain from Export: Gujarat HC allows deduction u/s 80IC of IT Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Direct-nexus-Manufacturing-activity-Forex-Gain-Export-Gujarat-High-Court-deduction-Income-Tax-Act-Income-Tax-Tax-taxscan.jpg "Direct nexus between Manufacturing activity and Forex Gain from Export: Gujarat HC allows deduction u/s 80IC of IT Act [Read Order]")
![CSR Expenses to be Excluded while Computing Book Profit u/s 115B: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/CSR-Expenses-Book-Profit-ITAT-taxscan.jpg "CSR Expenses to be Excluded while Computing Book Profit u/s 115B: ITAT [Read Order]")
Subsidy/Incentive received are Capital Receipts, should be excluded from Book Profit u/s 115JB: ITAT grants relief to Birla Corporation [Read Order]
A Division Bench of the Income Tax Appellate Tribunal (ITAT), Kolkata Bench held that the Subsidy or incentive received are capital receipts, should be excluded from book profit under Section 115JB...
![Subsidy/Incentive received are Capital Receipts, should be excluded from Book Profit u/s 115JB: ITAT grants relief to Birla Corporation [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Subsidy-Incentive-Capital-Receipts-Book-Profit-ITAT-Birla-Corporation-taxscan.jpg "Subsidy/Incentive received are Capital Receipts, should be excluded from Book Profit u/s 115JB: ITAT grants relief to Birla Corporation [Read Order]")
Due intimation given on Amalgamation of Company: ITAT treats Assessment Order as null and void [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore treated assessment order as null as due intimation was given on amalgamation of company by the assessee, M/s. Biocon Biologics Limited. The...
![Due intimation given on Amalgamation of Company: ITAT treats Assessment Order as null and void [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Amalgamation-ITAT-Assessment-Order-void-taxscan.jpg "Due intimation given on Amalgamation of Company: ITAT treats Assessment Order as null and void [Read Order]")
Claim of Depreciation on Windmill permissible when the evidence adduced to prove usage of the same: ITAT [Read Order]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT)has held that a claim of depreciation on a windmill is permissible when evidence is adduced to prove the usage of the same. ...
![Claim of Depreciation on Windmill permissible when the evidence adduced to prove usage of the same: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Claim-Windmill-permissible-evidence-proveusage-ITAT-TAXSCAN.jpg "Claim of Depreciation on Windmill permissible when the evidence adduced to prove usage of the same: ITAT [Read Order]")
No Disallowance of Expenses can be made for Exempt Income u/s 14A r/w Rule 8D of IT Rules while Computing Book Profit: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chennai held that No disallowance of expenses can be made for exempt income u/s 14A of The Income Tax Act, 1961 and Rule 8D of Income Tax Rules,1962 while...
![No Disallowance of Expenses can be made for Exempt Income u/s 14A r/w Rule 8D of IT Rules while Computing Book Profit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/09/Disallowance-of-expenses-income-book-profit-ITAT-taxscan.jpg "No Disallowance of Expenses can be made for Exempt Income u/s 14A r/w Rule 8D of IT Rules while Computing Book Profit: ITAT [Read Order]")
MAT provisions u/s 115JB are applicable only to Domestic Companies and not to Foreign Companies: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench has held that Minimum Alternate Tax (MAT) provisions under section 115JB are applicable only to domestic companies and not to foreign companies....
![MAT provisions u/s 115JB are applicable only to Domestic Companies and not to Foreign Companies: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/MAT-provisions-Domestic-Companies-Foreign-Companies-ITAT-taxscan.jpg "MAT provisions u/s 115JB are applicable only to Domestic Companies and not to Foreign Companies: ITAT [Read Order]")
Decision taken by Authorities in Previous Year would not estop or operate as res judicata for Subsequent Year: ITAT [Read Order]
Decision taken by authorities in previous year would not estop or operate as res judicata for subsequent year, so was held by the Income Tax Appellate Tribunal (ITAT), Ahmedabad. The assessee,...
![Decision taken by Authorities in Previous Year would not estop or operate as res judicata for Subsequent Year: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/authorities-ITAT-taxscan.jpeg "Decision taken by Authorities in Previous Year would not estop or operate as res judicata for Subsequent Year: ITAT [Read Order]")