![Provision for Liquidated Damages is an ascertained liability, allowable as Income Tax Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Liquidated-Damages-Income-Tax-Deduction-ITAT-taxscan.jpg "Provision for Liquidated Damages is an ascertained liability, allowable as Income Tax Deduction: ITAT [Read Order]")
Provision for Liquidated Damages is an ascertained liability, allowable as Income Tax Deduction: ITAT [Read Order]
The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT )has held that the provision for liquidated damages is an ascertained liability and...
![ITAT upholds Revisional Order on Ground of LTCG Exemption on STT Paid without Verification [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/ITAT-Revisional-Order-LTCG-STT-taxscan.jpg "ITAT upholds Revisional Order on Ground of LTCG Exemption on STT Paid without Verification [Read Order]")
![Jurisdiction u/s 263 can invoke only on Inadequacy in Enquiry: ITAT sets aside Revisional Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/Jurisdiction-enquiry-ITAT-Revisional-order-taxscan.jpeg "Jurisdiction u/s 263 can invoke only on Inadequacy in Enquiry: ITAT sets aside Revisional Order [Read Order]")
![Sales Return cannot be treated as an Asset and Liability when subsequently taken into Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Sales-return-asset-and-liability-books-of-account-ITAT-taxscan.jpeg "Sales Return cannot be treated as an Asset and Liability when subsequently taken into Books of Account: ITAT [Read Order]")
Transfer Fee Paid in Connection with Transfer of Licence is Capital Expenditure and Hence Deductible From Taxable Income: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Pune, has, in a recent appeal filed before it, held that transfer fee paid in connection with the transfer of licence is capital expenditure and hence, that...
![Transfer Fee Paid in Connection with Transfer of Licence is Capital Expenditure and Hence Deductible From Taxable Income: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Transfer-Fee-Transfer-of-Licence-Capital-Expenditure-Taxable-Income-ITAT-taxscan.jpeg "Transfer Fee Paid in Connection with Transfer of Licence is Capital Expenditure and Hence Deductible From Taxable Income: ITAT [Read Order]")
Revisional Jurisdiction cannot be invoked to correct each and every type of Mistake/Error committed by AO: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Jaipur bench has held that revisional jurisdiction under Section 263 of the Income Tax Act, 1961 cannot be invoked to correct each and every type of mistake...
![Revisional Jurisdiction cannot be invoked to correct each and every type of Mistake/Error committed by AO: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/09/Section-263-AO-ITAT-taxscan.jpg "Revisional Jurisdiction cannot be invoked to correct each and every type of Mistake/Error committed by AO: ITAT [Read Order]")
Claim for Deduction on Land vacation Compensation Charges allowed without specific enquiry: ITAT upholds Revisional Order
Claim for deduction on account of land vacation compensation charges allowed without specific enquiry by the AO, the Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) upheld the revisional...
PCIT cannot impose his own Understanding of extent of inquiry u/s 263: ITAT quashes Revisionary Order [Read Order]
The Income Tax Appellate Tribunal (ITAT), Rajkot Bench quashed the revisionary order and held that the Principal Commissioner of Income Tax (PCIT) cannot impose his own understanding of the extent of...
![PCIT cannot impose his own Understanding of extent of inquiry u/s 263: ITAT quashes Revisionary Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/09/PCIT-ITAT-revisionary-order-taxscan.jpg "PCIT cannot impose his own Understanding of extent of inquiry u/s 263: ITAT quashes Revisionary Order [Read Order]")
Set off of Loss incurred in Share Trading by Directors with the Income of Company not valid: ITAT upholds Revisional Order [Read Order]
While upholding the revisional order, the Income Tax Appellate Tribunal (ITAT) Hyderabad bench has held that the set off of loss incurred in share trading by the directors with the income of the...
![Set off of Loss incurred in Share Trading by Directors with the Income of Company not valid: ITAT upholds Revisional Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/09/share-trading-income-ITAT-Revisional-order-taxscan.jpeg "Set off of Loss incurred in Share Trading by Directors with the Income of Company not valid: ITAT upholds Revisional Order [Read Order]")
![Failure to consider Objections of Assessee: Calcutta HC quashes Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/03/Failure-Assessee-Calcutta-HC-Revision-Order-Taxscan.jpg "Failure to consider Objections of Assessee: Calcutta HC quashes Revision Order [Read Order]")
Revisional Order does not specify reason Why Assessment Order allowing 15% Exemption for Income from Govt Grants is Erroneous: ITAT Quashes Order [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT), while quashing an order passed under section 263 of the Income Tax Act, 1961 has held that the order has not stated any specific...
![Revisional Order does not specify reason Why Assessment Order allowing 15% Exemption for Income from Govt Grants is Erroneous: ITAT Quashes Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/03/Revisional-Order-15-Exemption-ITAT.jpg "Revisional Order does not specify reason Why Assessment Order allowing 15% Exemption for Income from Govt Grants is Erroneous: ITAT Quashes Order [Read Order]")