![Premium paid by Company towards Life Insurance Policy of Director in Individual Capacity Not “Business Expenditure”: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Premium-paid-Premium-Life-Insurance-Policy-Life-Insurance-Business-Expenditure-ITAT-Income-Tax-Tax-taxscan.jpg "Premium paid by Company towards Life Insurance Policy of Director in Individual Capacity Not “Business Expenditure”: ITAT [Read Order]")
Premium paid by Company towards Life Insurance Policy of Director in Individual Capacity Not “Business Expenditure”: ITAT [Read Order]
Income Tax Appellate Tribunal ( ITAT ) Pune Bench ruled that the premium paid by the company towards the Life Insurance Policy of the Director in...
![S. 50C Not Applicable to Buyer of Property: ITAT directs Re-do Addition u/s 56(2)(vii) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Buyer-of-Property-ITAT-Re-do-Addition-TAXSCAN.jpg "S. 50C Not Applicable to Buyer of Property: ITAT directs Re-do Addition u/s 56(2)(vii) [Read Order]")
![Issue Not subject to Limited Scrutiny cannot be raised in Revisionary Proceedings: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Scrutiny-Revisionary-Proceedings-ITAT-Limited-Scrutiny-taxscan.jpg "Issue Not subject to Limited Scrutiny cannot be raised in Revisionary Proceedings: ITAT [Read Order]")
![Business support services is not ‘Technical service’ as ‘make available’ clause not satisfied under DTAA: ITAT deletes addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Business-support-services-services-Business-Technical-service-DTAA-ITAT-taxscan.jpg "Business support services is not ‘Technical service’ as ‘make available’ clause not satisfied under DTAA: ITAT deletes addition [Read Order]")
![Difference b/w Sale Consideration and Stamp Duty Valuation is Less than 10%: ITAT deletes Addition u/s 50C [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Sale-Consideration-and-Stamp-Duty-Valuation-ITAT-TAXSCAN.jpg "Difference b/w Sale Consideration and Stamp Duty Valuation is Less than 10%: ITAT deletes Addition u/s 50C [Read Order]")
Income earned by Builder from letting out of Property is assessable under head of 'Income from Business' when objective in MOA is letting out of Property: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that income earned by the Builder from letting out of the property is assessable under the head of “Income from Business” when...
![Income earned by Builder from letting out of Property is assessable under head of Income from Business when objective in MOA is letting out of Property: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Income-Builder-property-Income-from-Business-MOA-letting-out-of-Property-ITAT-taxscan.jpg "Income earned by Builder from letting out of Property is assessable under head of Income from Business when objective in MOA is letting out of Property: ITAT [Read Order]")
Order passed by TPO u/s 92CA(3A) on 30 May 2014 is barred by limitation: ITAT deletes Transfer Pricing Adjustment [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the Order passed by TPO under section 92CA(3A) of the Income Tax Act,1961 on 30 May 2014 is barred by limitation and deleted...
![Order passed by TPO u/s 92CA(3A) on 30 May 2014 is barred by limitation: ITAT deletes Transfer Pricing Adjustment [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Order-TPO-ITAT-Transfer-pricing-Adjustment-taxscan.jpg "Order passed by TPO u/s 92CA(3A) on 30 May 2014 is barred by limitation: ITAT deletes Transfer Pricing Adjustment [Read Order]")
Filing of Income Tax Return within Due Date is Mandatory Not Directory to Claim Benefit u/s 10A: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that the filing of the income tax return under section 139 of the Income Tax Act, 1961 is mandatory not directory to claim the...
![Filing of Income Tax Return within Due Date is Mandatory Not Directory to Claim Benefit u/s 10A: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Filing-of-Income-Tax-Return-Income-Tax-Return-Income-Tax-Due-Date-Mandatory-Claim-Benefit-ITAT-taxscan.jpg "Filing of Income Tax Return within Due Date is Mandatory Not Directory to Claim Benefit u/s 10A: ITAT [Read Order]")
Non Supply of Material referred to as ‘Reasons to believe’: Rajasthan HC quashes Reopening of Assessment [Read Order]
“A statement of a person, which is not relatable to any incriminating document or material found during search and seizure operation cannot, by itself, trigger the assessment.” The Rajasthan High...
![Non Supply of Material referred to as ‘Reasons to believe’: Rajasthan HC quashes Reopening of Assessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Supply-of-Material-Rajasthan-Highcourt-Reopening-of-Assessment-taxscan.jpg "Non Supply of Material referred to as ‘Reasons to believe’: Rajasthan HC quashes Reopening of Assessment [Read Order]")
![Assessing Officer cannot refer matter to DVO without rejecting Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Assessing-Officer-DVO-Books-of-Account-ITAT-taxscan.jpg "Assessing Officer cannot refer matter to DVO without rejecting Books of Account: ITAT [Read Order]")
Prior period Expense can't be Added back While Computing Profit & Gain of Business and Profession: ITAT orders to Recompute Book Profit [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that prior period expense can't be added back while computing profit & gain of business and profession. Kavithalayaa...
![Prior period Expense cant be Added back While Computing Profit & Gain of Business and Profession: ITAT orders to Recompute Book Profit [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Expense-Computing-Profit-Gain-Computing-Profit-Gain-Business-Business-and-Profession-ITAT-Income-Tax-Recompute-Book-Profit-Book-Profit-Taxscan-.jpg "Prior period Expense cant be Added back While Computing Profit & Gain of Business and Profession: ITAT orders to Recompute Book Profit [Read Order]")
Leave Encashment and Employees provision for Gratuity are ascertained Liability, allowable in Book Profit Computation: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that leave encashment and employee provision for Gratuity is ascertained liability and allowable in book profit computation. ...
![Leave Encashment and Employees provision for Gratuity are ascertained Liability, allowable in Book Profit Computation: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Leave-Encashment-Employees-Employees-Gratuity-Gratuity-Book-Profit-Computation-Book-Profit-ITAT-taxscan.jpg "Leave Encashment and Employees provision for Gratuity are ascertained Liability, allowable in Book Profit Computation: ITAT [Read Order]")