![Income Tax Deduction u/s 80IB(10) applicable to Commercial Establishments/Shops: ITAT follows SC Ruling [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Income-Tax-Deduction-Commercial-Establishments-ITAT-SC-Ruling-taxscan.jpg "Income Tax Deduction u/s 80IB(10) applicable to Commercial Establishments/Shops: ITAT follows SC Ruling [Read Order]")
Income Tax Deduction u/s 80IB(10) applicable to Commercial Establishments/Shops: ITAT follows SC Ruling [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chennai bench, while following the Apex Court ruling in the case of Sarkar Builders, held that the...
![Adjustment made by Chartered Accountant in revised Form No.29B while computing revised Book Profits u/s.115JB is in order: CESTAT direct AO to grant deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Adjustment-Chartered-Accountant-revised-Form-No.29B-Book-Profits-CESTAT-AO-deduction-Taxscan.jpg "Adjustment made by Chartered Accountant in revised Form No.29B while computing revised Book Profits u/s.115JB is in order: CESTAT direct AO to grant deduction [Read Order]")
![Consideration paid for Acquisition of Shares does not come under Revenue Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/acquisition-of-shares-revenue-deduction-ITAT-taxscan.jpeg "Consideration paid for Acquisition of Shares does not come under Revenue Deduction: ITAT [Read Order]")
![100% Deduction u/s 80IC allowable when Industry undergone Substantial Expansion after expiry of 5 years of its Incorporation: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/07/Deduction-Industry-Substantial-Expansion-Incorporation-ITAT-Taxscan.jpeg "100% Deduction u/s 80IC allowable when Industry undergone Substantial Expansion after expiry of 5 years of its Incorporation: ITAT [Read Order]")
![Social Welfare Expenses incurred at Workplace and nearby Villages are allowable Deduction u/s 37(1): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Social-Welfare-Expenses-Workplace-Villages-Deduction-ITAT-Taxscan.jpeg "Social Welfare Expenses incurred at Workplace and nearby Villages are allowable Deduction u/s 37(1): ITAT [Read Order]")
Compensation Received for Relinquishment of Right in a Property is assessable under ‘Income from Capital Gains’ and eligible for Deduction u/s 54F: ITAT [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) presided by Mr. I G. Manjunatha, Accountant Member, and Mr. Anikesh Banerjee, Judicial Member has held that compensation received for...
![Compensation Received for Relinquishment of Right in a Property is assessable under ‘Income from Capital Gains’ and eligible for Deduction u/s 54F: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Relinquishment-Property-Income-Capital-Gains-Deduction-ITAT-Taxscan.jpg "Compensation Received for Relinquishment of Right in a Property is assessable under ‘Income from Capital Gains’ and eligible for Deduction u/s 54F: ITAT [Read Order]")
Relief to Fenner India: Royalty Income not relatable to Export Business excludable from Business Profit u/s 80HHC, rules Madras HC [Read Order]
The division bench of Madras High Court presided by Mr. Justice R. Mahadevan and Mr. Justice J. Sathya Narayana Prasad has upheld the exclusion of royalty income from business profits for calculation...
![Relief to Fenner India: Royalty Income not relatable to Export Business excludable from Business Profit u/s 80HHC, rules Madras HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Export-Business-Madras-HC-Royalty-Income-Business-Profits-Deduction-Taxscan.jpeg "Relief to Fenner India: Royalty Income not relatable to Export Business excludable from Business Profit u/s 80HHC, rules Madras HC [Read Order]")
Section 80A(5) cannot be invoked for denying Deduction u/s 80P even if ITR is not filed: ITAT [Read Order]
The Section 80A (5) cannot be invoked for denying deduction under Section 80P even if Income Tax Return was not filed, so was held by the Income Tax Appellate Tribunal (ITAT), Bangalore. The...
![Section 80A(5) cannot be invoked for denying Deduction u/s 80P even if ITR is not filed: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/deduction-ITR-ITAT-taxscan.jpeg "Section 80A(5) cannot be invoked for denying Deduction u/s 80P even if ITR is not filed: ITAT [Read Order]")
No Deduction of Actual Expenditure incurred on House Property besides 30% Statutory Deduction on Income from House Property: ITAT [Read Order]
The Chennai bench of Income Tax Appellate Tribunal ( ITAT ) has held that no deduction of actual expenditure incurred on house property besides 30% statutory deduction on Income from House Property. ...
![No Deduction of Actual Expenditure incurred on House Property besides 30% Statutory Deduction on Income from House Property: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Deduction-Income-from-House-Property-ITAT-taxscan.jpg "No Deduction of Actual Expenditure incurred on House Property besides 30% Statutory Deduction on Income from House Property: ITAT [Read Order]")
Residential House Properties are shown as Stock in Trade in Books of Account: ITAT upholds allowing Deduction u/s 54F for Purchased New House Property [Read Order]
The Income Tax Appellate Tribunal, Jaipur Bench has upholds allowing deduction u/s 54F for purchased new house property since residential house properties are shown as stock in trade in books of...
![Residential House Properties are shown as Stock in Trade in Books of Account: ITAT upholds allowing Deduction u/s 54F for Purchased New House Property [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Residential-House-Properties-Stock-Books-of-Account-ITAT-Deduction-House-Property-taxscan.jpg "Residential House Properties are shown as Stock in Trade in Books of Account: ITAT upholds allowing Deduction u/s 54F for Purchased New House Property [Read Order]")
Income Tax Penalty cannot be levied for Bonafide and Inadvertent Mistake resulted in Excess Claim of Deduction: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune bench has held that a bonafide and inadvertent mistake ultimately caused an excessive claim of deduction would not attract penalty under section...
![Income Tax Penalty cannot be levied for Bonafide and Inadvertent Mistake resulted in Excess Claim of Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/IncomeTax-Penalty-Bonafide-Claim-Deduction-ITAT-taxscan.jpeg "Income Tax Penalty cannot be levied for Bonafide and Inadvertent Mistake resulted in Excess Claim of Deduction: ITAT [Read Order]")
Deduction u/s 80IB can be disallowed for Sale of Scrap generated during manufacturing process: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) comprising Shri Prashant Maharishi, AM and Shri Pavan Kumar Gadale, JM has held that deduction u/s 80IB can be disallowed for the sale of...
![Deduction u/s 80IB can be disallowed for Sale of Scrap generated during manufacturing process: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Deduction-sale-scrap-manufacturing-process-ITAT-taxscan.jpg "Deduction u/s 80IB can be disallowed for Sale of Scrap generated during manufacturing process: ITAT [Read Order]")