![SC upholds Deduction of Gains derived by 100% Export-oriented undertaking as Assessee set up only an expansion of Old Unit and not a New Unit [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/01/Supreme-Court-Taxscan.jpg "SC upholds Deduction of Gains derived by 100% Export-oriented undertaking as Assessee set up only an expansion of Old Unit and not a New Unit [Read Order]")
SC upholds Deduction of Gains derived by 100% Export-oriented undertaking as Assessee set up only an expansion of Old Unit and not a New Unit [Read Order]
The Supreme Court has upheld the deduction of gains derived by 100% export-oriented undertaking as assessee set up only an expansion of old units and...
![Form No. 56FF to be furnished along with Income Tax Return for claiming Section 10A(1B)(b) Deduction: CBDT [Read Notification]](https://www.taxscan.in/wp-content/uploads/2021/12/Form-No.-56FF-Income-Tax-Return-Income-Tax-Deduction-CBDT-Section-10A1Bb-of-the-Income-Tax-Act-Taxscan.jpg "Form No. 56FF to be furnished along with Income Tax Return for claiming Section 10A(1B)(b) Deduction: CBDT [Read Notification]")
![Karnataka HC allows Income Tax Deduction on Construction of Housing Project as size or number of Housing Projects undertaken on Minimum Area of one acre of land not significant [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/12/Karnataka-High-Court-Income-Tax-Deduction-Construction-Of-Housing-Projects-Taxscan.jpg "Karnataka HC allows Income Tax Deduction on Construction of Housing Project as size or number of Housing Projects undertaken on Minimum Area of one acre of land not significant [Read Order]")
![Assessee entitled for Income Tax Deduction where Separate Books of Account are maintained on Export: Madras HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2021/08/deduction-books-of-account-export-Madras-High-Court-Taxscan.jpeg "Assessee entitled for Income Tax Deduction where Separate Books of Account are maintained on Export: Madras HC [Read Judgment]")
![Wrong Claim for Income Tax Deduction can’t be a reason to invoke Penalty u/s 271(1)(c): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/07/Wrong-Claim-for-Deduction-Penalty-ITAT-Taxscan.jpeg "Wrong Claim for Income Tax Deduction can’t be a reason to invoke Penalty u/s 271(1)(c): ITAT [Read Order]")
Relief to Tech Mahindra: ITAT directs AO to allow Income Tax Deduction on Foreign Exchange Gain [Read Order]
In a major relief to Tech Mahindra, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench directed the Assessing Officer to allow deduction on foreign exchange gain. The assessee, Tech Mahindra...
![Relief to Tech Mahindra: ITAT directs AO to allow Income Tax Deduction on Foreign Exchange Gain [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/07/Tech-Mahindra-ITAT-AO-deduction-on-foreign-exchange-gain-Taxscan.jpeg "Relief to Tech Mahindra: ITAT directs AO to allow Income Tax Deduction on Foreign Exchange Gain [Read Order]")
Amount relatable to Profit Component which is appropriation of Income, can’t be allowed as Deduction: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Pune Bench ruled that the amount relatable to the profit component which is the appropriation of income, can not be allowed as deduction. The assessee,...
![Amount relatable to Profit Component which is appropriation of Income, can’t be allowed as Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/05/appropriation-of-income-deduction-ITAT-Taxscan.jpg "Amount relatable to Profit Component which is appropriation of Income, can’t be allowed as Deduction: ITAT [Read Order]")
Freight Charges not includable in the Sale Price, Deduction can be claimed: Orissa High Court [Read Judgment]
The Orissa High Court held that the deduction can be claimed on Freight charges as it is not includable in the sale price. The Petitioner, M/s. Utkal Moulders is a manufacturer of cast iron goods...
![Freight Charges not includable in the Sale Price, Deduction can be claimed: Orissa High Court [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2021/04/Freight-charges-sale-price-deduction-Orissa-High-Court-Taxscan.jpg "Freight Charges not includable in the Sale Price, Deduction can be claimed: Orissa High Court [Read Judgment]")
Assessee has the option u/s 80IA to choose first year from which deduction is claimed for 10 consecutive years: Madras High Court [Read Judgment]
The Madras High court held that the assessee has the option under section 80IA to choose the first year from which deduction is claimed for 10 consecutive years. The appellant, Commissioner of...
![Assessee has the option u/s 80IA to choose first year from which deduction is claimed for 10 consecutive years: Madras High Court [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2021/04/Assessee-deduction-Madras-High-Court-Taxscan.jpg "Assessee has the option u/s 80IA to choose first year from which deduction is claimed for 10 consecutive years: Madras High Court [Read Judgment]")
![ITAT allows Deduction u/s 54F on Residential House Property purchased in the Name of Wife [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/ITAT-deduction-residential-house-property-Taxscan.jpg "ITAT allows Deduction u/s 54F on Residential House Property purchased in the Name of Wife [Read Order]")
Deduction u/s 80HHC Income Tax Act to be Computed after Reducing Deduction u/s 80IA from Profit: ITAT [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal held that deduction allowed under Sec. 80-IA of Income Tax Act had to be reduced from the profits for computing deduction under Sec. 80HHC of...
![Deduction u/s 80HHC Income Tax Act to be Computed after Reducing Deduction u/s 80IA from Profit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/04/Deduction-Income-Tax-Act-Deduction-Profit-ITAT-Taxscan.jpeg "Deduction u/s 80HHC Income Tax Act to be Computed after Reducing Deduction u/s 80IA from Profit: ITAT [Read Order]")
Supreme Court allows Section 80P Deduction to Co-op Credit Societies despite Loans to Nominal Members [Read Judgment]
The Supreme Court held that loans given by co-op credit societies to nominal members would qualify for the purpose of deduction under section 80P(2)(a)(i) of the Income Tax Act. The co-operative...
![Supreme Court allows Section 80P Deduction to Co-op Credit Societies despite Loans to Nominal Members [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2021/01/Supreme-Court-section-80P-deduction-co-op-credit-societies-despite-loans-nominal-members-Taxscan.jpeg "Supreme Court allows Section 80P Deduction to Co-op Credit Societies despite Loans to Nominal Members [Read Judgment]")