Denial of Claim of Deduction u/s 80 of Income Tax Act without stating Reason: Kerala HC directs to Stay Recovery Till Finalisation of Appeal [Read Order]
The Kerala High Court directed to stay in recovery till the finalisation of the appeal against the denial of the claim of deduction under section 80...
Claim of Deduction on Freight Outward Expenses Allowable only on Submission of Actual Payment Details: ITAT [Read Order]
The Pune Bench of Income Tax Appellate Tribunal (ITAT) has held that claim of deduction on freight outward expenses would be allowable only on submission of actual payment details. The AO...
Claim of Deduction on Compensation Paid for Settlement of Encroachment on Property not allowable as Business Expenditure without Evidence: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) New Delhi held that the claim of deduction basedoncompensation paid for settlement of encroachment on the property is not allowable as business expenditure in...
'Initial Assessment Year' for Claim of Deduction need not be 'first year' of 'Commencement of Operations': ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that “Initial assessment year” for the claim of deduction need not be “first year” of the “commencement of operations”. The assessee,...
Relief to Finolex Cables: ITAT allows claim of deduction u/s 80IC in respect of Sale of Scrap [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune Bench allowed the claim of deduction under section 80IC of the Income Tax Act in respect of sale of scrap. The Assessee, M/s. Finolex Cables Limited...
Transfer of Registration of Vehicle in Assessees’ Name not mandatory for allowing Depreciation: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chennai has held that the transfer of registration in the name of the assessee is not a necessary condition for allowing the claim of depreciation under...
