Unlocking Section 37(1): Understanding allowable Deduction for Business or Profession
In India, the government provides several tax deductions to companies in order to boost business growth. However, they are applicable for a specific...
Budget 2024: Government to Lower Deficit in 2024-25 Fiscal Year on Lifting Capital Expenditure to All-Time High
The Central Government will focus to lower deficit in the 2024-25 fiscal year despite lifting capital expenditure to an all-time high and is aiming to narrow the fiscal deficit to 4.50% of GDP by the...
Mere fact that employees efficiency improves with learnings acquired through seminars cannot be treat such expenses as Capital Expenditures: Delhi HC [Read Order]
The Delhi High Court has held that the mere fact that an employee's efficiency improves with learnings acquired through seminars cannot be treated as such expenses as capital expenditures. The...
Relief to Britannia Industries: ITAT Allows claim of Deduction for Lease Premium on ground of Absence of Capital Expenditure [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) granted relief to Britannia Industries by allowing the claim of deduction for lease premium on the ground of the absence of capital...
![Relief to Britannia Industries: ITAT Allows claim of Deduction for Lease Premium on ground of Absence of Capital Expenditure [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Relief-Relief-to-Britannia-Industries-Britannia-Industries-ITAT-claim-Deduction-claim-of-Deduction-ITAT-Allows-claim-of-Deduction-Lease-Premium-Capital-Expenditure-taxscan.jpg "Relief to Britannia Industries: ITAT Allows claim of Deduction for Lease Premium on ground of Absence of Capital Expenditure [Read Order]")
![Payment of Money to Retiring Partner is Capital Expenditure : ITAT Reverses CIT(A) Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Payment-of-Money-Payment-Money-Retiring-Partner-Capital-Expenditure-Expenditure-CITA-Order-ITAT-taxscan-1.jpg "Payment of Money to Retiring Partner is Capital Expenditure : ITAT Reverses CIT(A) Order [Read Order]")
Compensation Amount Unrelated to Sale Cost Cannot be Treated as Capital Expenditure u/s 37: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that Compensation amount not having any relation with the cost towards the sale of area cannot be treated as capital expenditure under...
![Compensation Amount Unrelated to Sale Cost Cannot be Treated as Capital Expenditure u/s 37: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Compensation-Amount-Unrelated-Sale-Cost-Treated-Capital-Expenditure-ITAT-taxscan.jpg "Compensation Amount Unrelated to Sale Cost Cannot be Treated as Capital Expenditure u/s 37: ITAT [Read Order]")
Depreciation on Fixed Assets Permissible Despite Application of Income Claimed During Purchase Year; No Double Deduction Involved: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that claiming depreciation on fixed assets is permissible even if the application of income had been previously claimed during the...
![Depreciation on Fixed Assets Permissible Despite Application of Income Claimed During Purchase Year; No Double Deduction Involved: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Depreciation-Fixed-Assets-Permissible-Despite-Income-Double-Deduction-ITAT-TAXSCAN.jpg "Depreciation on Fixed Assets Permissible Despite Application of Income Claimed During Purchase Year; No Double Deduction Involved: ITAT [Read Order]")