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Factoring Charges Allowable as Deduction under Income Tax Act: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) ruled that the factoring charges could not be termed as ‘Interest’ under section 2(28A) of...

No Addition u/s 69A on ground of Denial of S. 80G Deduction: ITAT [Read Order]

House Loan paid by Company Allotted to Directors for Residential Purpose Eligible for Income Tax...

Free Samples to Doctors recognized under UCPMP Guidelines, Not Violative of MCI Rules: ITAT Allows...

Scholarship to Student Not Associated with Company for Any Commercial or Business Purpose Not...

Rental Income is Inseparably connected with Business of Cargo Handling Services: ITAT Allows Income Tax Deduction u/s. 80IA [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal ( ITAT ), Bangalore bench has held that the rental income which is inseparably connected with the business of cargo handling services shall...

Relief to Karnataka Vikas Grameena Bank: ITAT allows Deduction on Income from Co-operative Society [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT), granted relief to Karnataka Vikas Grameena Bank and allowed deduction on income from cooperative society. The assessee is Karnataka...

Furnishing Audit Report along with Income Tax Return: ITAT allows Deduction u/s 11(1)(a) [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai has allowed deduction under Section 11(1)(a) of the Income Tax Act, 1961 as there was further furnishing audit report along with the Income Tax...

Certificate from Port Authority is mandatory to avail Deduction u/s 80IA(4) Income Tax: Bombay HC [Read Order]

The Bombay High Court (HC) held that certificate from Port Authority is mandatory to avail of deduction under section 80IA(4) of the Income Tax Act,1961. Mr Suresh Kumar, Advocate appeared for the...

No Disallowance u/s 40(a)(ia) in absence of TDS Deduction on Purchase of Trade items: ITAT [Read Order]

The Lucknow bench of the Income Tax Appellate Tribunal ( ITAT ) has held that disallowance under section 40(a)(ia) of the Income Tax Act, 1961 is not allowable in the absence of TDS deduction...

Direct nexus between Manufacturing activity and Forex Gain from Export: Gujarat HC allows deduction u/s 80IC of IT Act [Read Order]

Gujarat High Court chaired by Justice Sonia Gokhani and Justice Sandeep N Bhatt allowed deduction under section 80IC of Income Tax Act, 1961 as there is direct nexus between manufacturing activity...

Income Tax Deduction to Manufacturing Unit cannot be Disallowed Even If Part of Activities are done Outside Unit: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Mumbai bench has held that the income tax deduction under section 80IB of the Income Tax Act, 1961 cannot be disallowed even if the part of manufacturing...

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