![Deemed Income u/s 11(3) cant be a Claim of Exemption: ITAT Dismisses Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Deemed-income-Trust-Trustee-ITAT-Income-Tax-Charitable-Trust-Exemptions-income-tax-taxscan.jpg "Deemed Income u/s 11(3) cant be a Claim of Exemption: ITAT Dismisses Appeal [Read Order]")
Deemed Income u/s 11(3) can't be a Claim of Exemption: ITAT Dismisses Appeal [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that Deemed Income under Section 11(3) of the Income Tax Act, 1961 can’t be...
![Money Borrowed for Business Purpose is Allowable as Business Expenditure :ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/ITAT-Money-Borrowed-for-Business-Purpose-Allowable-as-Business-Expenditure-TAXSCAN-3.jpg "Money Borrowed for Business Purpose is Allowable as Business Expenditure :ITAT [Read Order]")
![Oil Wells Eligible for Depreciation as Plant and Machinery: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Oil-Wells-Eligible-Depreciation-as-Plant-and-Machinery-ITAT-TAXSCAN.jpg "Oil Wells Eligible for Depreciation as Plant and Machinery: ITAT [Read Order]")
![Difference in Income Declaration by Assessee and AO does not Amount to Furnishing Inaccurate Particulars: ITAT deletes Penalty u/s 271(1)(c) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Difference-in-Income-Declaration-by-Assessee-and-AO-Amount-to-Furnishing-Inaccurate-Particulars-ITAT-deletes-Penalty-TAXSCAN.jpg "Difference in Income Declaration by Assessee and AO does not Amount to Furnishing Inaccurate Particulars: ITAT deletes Penalty u/s 271(1)(c) [Read Order]")
![Higher Rate of Depreciation at 50% Allowable on Commercial Vehicles Only: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Depreciation-Commercial-Vehicles-ITAT-Higher-Rate-of-Depreciation-Taxscan.jpg "Higher Rate of Depreciation at 50% Allowable on Commercial Vehicles Only: ITAT [Read Order]")
Advance to Subsidiary Company Written Off Due to Non-Repayment shall be Deductible u/s 37(1) of Income Tax Act: ITAT [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the advance to the subsidiary company which was written off due to the non-repayment should be deductible under Section...
![Advance to Subsidiary Company Written Off Due to Non-Repayment shall be Deductible u/s 37(1) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Subsidiary-Company-Written-Off-Non-Repayment-Income-Tax-Act-ITAT-Taxscan.jpg "Advance to Subsidiary Company Written Off Due to Non-Repayment shall be Deductible u/s 37(1) of Income Tax Act: ITAT [Read Order]")
![No Penalty If Income Already Offered to Tax by Different Entity: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/02/Penalty-Income-Tax-by-Different-Entity-ITAT-TAXSCAN.jpg "No Penalty If Income Already Offered to Tax by Different Entity: ITAT [Read Order]")
Secret Commission paid to Middlemen in Cheque Discounting Business Eligible for 50% Deduction: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the secret commission paid to the middlemen in cheque discounting business shall be eligible for income tax deduction under the...
![Secret Commission paid to Middlemen in Cheque Discounting Business Eligible for 50% Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Commission-Cheque-Discounting-Business-Eligible-Deduction-ITAT-TAXSCAN.jpg "Secret Commission paid to Middlemen in Cheque Discounting Business Eligible for 50% Deduction: ITAT [Read Order]")
![No Disallowance of Entire purchases when Sale of Finished product is Taxed: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/No-Disallowance-of-Entire-purchases-Finished-product-is-Taxed-ITAT-TAXSCAN.jpg "No Disallowance of Entire purchases when Sale of Finished product is Taxed: ITAT [Read Order]")
Assessee claimed Deduction under Wrong Section,Tax Department can't take advantage on the Right of Assessee: ITAT [Read Order]
The Rajkot bench of the Income Tax Appellate Tribunal(ITAT) has held that the tax Department can't take advantage of the right of assessee when claiminga deduction under the wrong section. M/s. J....
![Assessee claimed Deduction under Wrong Section,Tax Department cant take advantage on the Right of Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Assessee-claimed-Deduction-under-Wrong-Section-Tax-Department-advantage-on-the-Right-of-Assessee-ITAT-TAXSCAN.jpg "Assessee claimed Deduction under Wrong Section,Tax Department cant take advantage on the Right of Assessee: ITAT [Read Order]")
![No Claim of Expenses when amount represents Net Income of Firm: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/No-claim-of-expenses-when-amount-represents-net-income-of-firm-ITAT-TAXSCAN.jpg "No Claim of Expenses when amount represents Net Income of Firm: ITAT [Read Order]")
Payment of Interest made Towards “compromise agreement” pursuant to Court order Allowable u/s 37: ITAT [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the payment of interest made towards compromise agreement pursuant to court order would be allowable under Section 37 of the...
![Payment of Interest made Towards “compromise agreement” pursuant to Court order Allowable u/s 37: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Payment-of-Interest-compromise-agreement-ITAT-TAXSCAN.jpg "Payment of Interest made Towards “compromise agreement” pursuant to Court order Allowable u/s 37: ITAT [Read Order]")