The Section 80TTB of the Income Tax Act introduces valuable tax benefits for senior citizens, particularly concerning the interest income generated from deposits. Enacted through the Union Budget-2018, this provision targets to relieve the tax

A division bench of the Kerala High Court has held that an expenditure to be incurred in future in respect of a liability that accrued during the related accounting year would be eligible for a

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be imposed merely for the reason that the assessee

In a major relief to Tech Mahindra, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench directed the Assessing Officer to allow deduction on foreign exchange gain. The assessee, Tech Mahindra Business Services Ltd. has included

The Supreme Court, in B.L Passi vs. Commissioner of Income Tax, held that the supply of blueprints can be considered as technical assistance for the purpose of deduction under section 80-O of the Income Tax

The Supreme Court has upheld the deduction of gains derived by 100% export-oriented undertaking as assessee set up only an expansion of old units and not a new unit. In arriving at the conclusion that

The Pune bench Income Tax Appellate Tribunal (ITAT) has held that deduction u/s 35(2AB) can allow only for expenditure incurred R&D facility in India and upholds the order confirming the disallowance of the weighted deduction.

The Income Tax Appellate Tribunal (ITAT), Pune bench has held that the Income Tax deduction cannot be allowed to the payment of brokerage at the time of purchasing the property on the ground that the

The Madras High Court recently clarified a decade-long dispute regarding the applicability of deduction available under 80IA of the income tax act for contractor companies involved in electricity distribution and maintenance sector. The appellant, M/s.

The Income Tax Department has released the Tax Deduction at Source ( TDS ) rate chart for the Financial Year 2024-25. TDS system where tax is deducted by the payer at the time of making

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT), recently observed that the purchase of Furniture, Air Conditioner to make new house habitable is eligible for capital gain deduction. The assessee,Mayur MuljibhaiMadhvani, is a

In a recent ruling, the Kolkata bench, ITAT held that being an appellate authority, the tribunal, has the power to direct the assessing officer to admit a new claim which was not made by the

The Karnataka High Court allowed the deduction under Section 80IB (10) on construction of housing projects as the size or number of housing projects undertaken on a minimum area of one acre of land is

The Madras High Court ruled that the assessee is entitled for deduction under section 80HHC of the Income Tax Act where separate books of account are maintained with respect to export. The assessee, M/s.Ayshwarya Sea

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has asked the Assessing Officer to re-consider a claim for deduction under Section 54F of the Income Tax Act, 1961 where the anme of the wife was