The Karnataka High Court quashed the order passed by the Director of Income Tax (Exemption), Bangalore directing the Assessing Officer(AO) to disallow the deduction under Section 80IB(10) of the Income Tax Act. The assessee, India...
The Income Tax Appellate Tribunal (ITAT), Kolkata bench has recently allowed income tax deduction towards the payment made by the company to its employees under the Voluntary Retirement Scheme (VRS). The assessee, a company engaged...
The Income Tax Appellate Tribunal (ITAT), while upholding the decision of the CIT(A) held that on computers and computer software assessee is eligible for deduction 60%. The assessee, Indiabulls Ventures Ltd. is a company engaged...
The Income Tax Appellate Tribunal (ITAT) held that the assessee can not be denied the 50% of deduction under Section 54 of the Income Tax Act, 1961 merely because the name of assessee’s son is...
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has recently allowed a deduction under section 10A of the Income Tax Act, 1961 towards the claim of Yahoo Software Development Pvt. Ltd....
The Bombay High Court while affirming the right of the assessee and held that the deduction which is not claimed earlier can be claimed during the proceeding under Section 151A. In the case of Commissioner...
In a major breakthrough in TDS Surveys conducted by the Tax Deducted at Source (TDS) wing of the Income Tax Department has unearthed default of TDS of Rs 324 crore in the case of a...
The Income Tax Appellate Tribunal (ITAT) Bangalore held that no disallowance of interest expenses on account of non- deduction of TDS under section 36(1(vii) as well as u/s36(1)(viia) of the Income Tax Act, 1961. The...
In a relief to middle-class people, the Union Finance Minister in Budget 2020 has proposed an additional deduction up to Rs. 1.5 lakhs for Interest paid on Loans taken for an affordable house extended till...
The New Delhi bench of due Income Tax Appellate Tribunal (ITAT) in the case of Abodh Borar v ITO held that delay in developer’s delivery of possession to which the assessee could not complete the construction...
The Income Tax Appellate Tribunal (ITAT) held that interest income derived by a co-operative society from its investments held with a co-operative bank would be entitled to claim of deduction under Sec.80P(2)(d) of the Act....
The Mumbai Bench of the Income Tax Appellate Tribunal in the case of ACIT v M/s Crompton Greaves Ltd. held that deduction of Scientific Research Expenditure disallowed without application of mind was allowed. With respect...
The Central Board of Direct Taxes (CBDT) has clarified today that small start-ups with turnover upto Rs. 25 crores will continue to get the promised tax holiday as specified in Section 80-IAC of the Income...
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the amount paid as professional fee for the purpose of valuation of know-how is a deduction allowable under section 37 of the...
The Income Tax Appellate Tribunal (ITAT), Pune has held that the provisions of Section 54B of the Income Tax Act cannot be denied for the reason that the entire agricultural land should be used for...
The Kerala High Court has recently dismissed the deduction claim made by Harrisons Malayalam wherein it was held that the deduction under Section 36(1)(va) of Income Tax Act cannot be granted if such payment was...
The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) in the case of Porel Dass Water and Effluent Control Pvt. Ltd, v ITO held that the assessee cannot be a denied S. 80IA(4)(i) deduction...
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) in the case of Shri Rajeshkumar Navnitlal Dani v. ITO vide its order dated April 10, 2019, held that LTC can be claimed only towards...
The Income Tax Appellate Tribunal (ITAT), Pune bench has held that the professional fee paid to the Trustees, who are qualified doctors are allowable as Deduction under the Income Tax Act, 1961. The assessee was...
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has disallowed a fake claim for deduction because it was proved that the rent paid to mother was nothing, but an afterthought to claim tax...
The Income Tax Appellate Tribunal (ITAT), Cochin has held that the assessee by letting out the industrial undertaking is not having any direct connection with the manufacture or production of an article or thing by...
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