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Deduction of Expenditure u/s 57(iii) can be for Negative or Positive Income: ITAT quashes Order of CIT(A) [Read Order]

Taxscan Team

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) has held that the deduction of expenditure u/s 57(iii) of the Income Tax Act,1961...

Disallowance u/s 143(1) cannot be in mechanical manner: ITAT directs to verify on deduction of TDS...

No Examination of Weighted Deduction claim u/s 35(2AB): ITAT confirms Revision Order [Read Order]

Krea University Eligible for Income Tax Deduction u/s 35(1): CBDT [Read Notification]

Year of substantial expansion is initial Assessment Year within 10 years for claiming Deduction u/s...

Relief to Serum Institute of India, Benefit of deduction u/s 10AA cannot be denied merely on ground that Goods not Exported outside India: ITAT [Read Order]

In the case of the Serum Institute of India, the Pune Bench of the Income Tax Appellate Tribunal (ITAT) has held that the benefit of deduction under section 10AA of the Income Tax Act,1961 cannot be...

Relief to Facebook: ITAT directs to conduct enquiry on deduction of TDS [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench directed to conduct enquiry on deduction of TDS and thereby granting Relief to Facebook India Online Services Private Limited. The...

GTD Expenses are allowable as Income Tax Deduction: ITAT upholds deletion of Disallowance [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that GTD expenses are allowable as Income Tax deduction and upheld the deletion of disallowance BY Commissioner of Income Tax (A)....

Claim for Deduction of Educational Cess not Allowable: ITAT [Read Order]

The Income Tax Appellate Tribunal “B” Bench, Mumbai, has, recently, in an appeal filed before it by the assessee, held that claim for deduction of educational cess is not allowable in view of the...

Interest Paid on Delayed TDS Payment is allowable as Deduction: ITAT [Read Order]

The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) held that the interest paid on delayed TDS payment is allowable as a deduction. ShriRamaKantaPanda, accountant member &Shri K...

Assessee entitled to 80G Deduction on Donations made towards Chief Minister KanyaKelvaniNidhi : ITAT [Read Order]

The Income Tax Appellate Tribunal “A” Bench, Ahmedabad, has recently, in an appeal filed before it, held that the assessee is entitled to 80G deduction with regard to the contributions or donations...

Relief to ICICI Bank: ITAT confirms Interest Expenses on Perpetual Bonds, allowable as Deduction u/s 36(1)(iii) [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench ruled that Interest expenses on perpetual bonds, allowable as deduction under Section 36(1)(iii) of the Income Tax Act, 1961 thereby granting...

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