![Bank Interest not Claimed as Deduction in P & L Account and Showing as Pre-Operative Expenses, No Disallowance u/s 43B: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Bank-Interest-Deduction-P-L-Account-Pre-Operative-Expenses-Disallowance-ITAT-taxscan.jpg "Bank Interest not Claimed as Deduction in P & L Account and Showing as Pre-Operative Expenses, No Disallowance u/s 43B: ITAT [Read Order]")
Bank Interest not Claimed as Deduction in P & L Account and Showing as Pre-Operative Expenses, No Disallowance u/s 43B: ITAT [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal has held that no disallowance u/s 43B, since bank interest not claimed as deduction in profit and...
![An Unlawful Claim for Deduction would not amount to ‘Concealment of Income’: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Claim-Deduction-Concealment-of-Income-ITAT-Penalty-taxscan.jpg "An Unlawful Claim for Deduction would not amount to ‘Concealment of Income’: ITAT deletes Penalty [Read Order]")
![Assessee engaged in Generation and Selling of Power can claim Deduction u/s801 of ITA: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Assessee-selling-of-power-claim-deduction-ITA-ITAT-taxscan.jpeg "Assessee engaged in Generation and Selling of Power can claim Deduction u/s801 of ITA: ITAT [Read Order]")
![Deduction u/s 35 (2AB) can invoke only for expenditure incurred R&D facility inside India: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Deduction-expenditure-RD-facility-inside-India-ITAT-Taxscan.jpeg "Deduction u/s 35 (2AB) can invoke only for expenditure incurred R&D facility inside India: ITAT [Read Order]")
![Deduction u/s 801A claimed in Revised Income Tax Return shall be allowed: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Deduction-Return-ITAT-taxscan.jpeg "Deduction u/s 801A claimed in Revised Income Tax Return shall be allowed: ITAT [Read Order]")
Interest paid on Borrowed Funds utilized for Acquiring Machinery for Business allowable as Deduction: ITAT
Income Tax Appellate Tribunal (ITAT), Raipur bench consisting of Ravish Sood, Judicial Member and Jamlappa D Battull, Accountant Member held that interest expenditure incurred by assessee qua the...
![Insurance Subsidy received from Government Eligible for Deduction u/s 80IC: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Insurance-subsidy-Government-Eligible-deduction-ITAT-taxscan-.jpeg "Insurance Subsidy received from Government Eligible for Deduction u/s 80IC: ITAT [Read Order]")
Govt Securities are classifiable under the AFS category: ITAT confirms Deduction allowed for Loss of Government Securities
The Income Tax Appellate Tribunal (ITAT), Vishakhapatnam bench has held that Government Securities are classifiable under the “Available For Sale”(AFS)category and confirms the order of deduction...
![CAM Charges included in Rent allowable as Income Tax Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/CAM-Rent-allowable-Deduction-ITAT-taxscan.jpeg "CAM Charges included in Rent allowable as Income Tax Deduction: ITAT [Read Order]")
Drawings made for Non-Business purposes are not allowable as Income Tax Deduction: ITAT [Read Order]
The Visakhapatnam bench of the Income Tax Appellate Tribunal (ITAT) has held that drawings made for non-business purposes are not allowable as a deduction under section 36(1)(iii) of the Income Tax...
![Drawings made for Non-Business purposes are not allowable as Income Tax Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Drawings-non-business-Deduction-ITAT-Taxscan.jpeg "Drawings made for Non-Business purposes are not allowable as Income Tax Deduction: ITAT [Read Order]")
No Deduction of Profits and Gains from Industrial undertakings u/s 80IA (4) without Notification issued by the Competent Authority: ITAT [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal has held that no deduction of profits and gains from industrial undertakings u/s 80IA(4) without notification issued by the competent authority. ...
![No Deduction of Profits and Gains from Industrial undertakings u/s 80IA (4) without Notification issued by the Competent Authority: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Deduction-Profits-and-Gains-Competent-Authority-taxscan.jpeg "No Deduction of Profits and Gains from Industrial undertakings u/s 80IA (4) without Notification issued by the Competent Authority: ITAT [Read Order]")
![Gujarat HC Strikes Down Portion of GST Notification mandating 1/3rd Deduction of Land [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Gujarat-HC-Down-Portion-GST-Notification-Deduction-of-Land-Taxscan.jpeg "Gujarat HC Strikes Down Portion of GST Notification mandating 1/3rd Deduction of Land [Read Order]")