![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]")
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...
![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]](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]](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]")
![No Deduction can be claimed if Bad Debt not written off: Madras High Court [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/12/Deduction-Bad-Debt-Madras-High-Court-Taxscan.jpg "No Deduction can be claimed if Bad Debt not written off: Madras High Court [Read Judgment]")
EY entitled to Deduction under Section 10AA on Voluntary Transfer Pricing Adjustment: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that the assessee is entitled to deduction under Section 10AA on voluntary transfer pricing adjustment. The assessee, EYGBS (India)...
![EY entitled to Deduction under Section 10AA on Voluntary Transfer Pricing Adjustment: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/11/EY-Deduction-Voluntary-Transfer-Pricing-Adjustment-ITAT-Taxscan.jpeg "EY entitled to Deduction under Section 10AA on Voluntary Transfer Pricing Adjustment: ITAT [Read Order]")
Deduction u/s 54 can’t be denied for non-completion of construction of new residential house within 3 years: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that the deduction under Section 54 can not be denied for non-completion of construction of a new residential house within 3 years. ...
![Deduction u/s 54 can’t be denied for non-completion of construction of new residential house within 3 years: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/11/Deduction-construction-residential-house-ITAT-Taxscan.jpg "Deduction u/s 54 can’t be denied for non-completion of construction of new residential house within 3 years: ITAT [Read Order]")
Expenditures required to be reduced from Export Turnover u/s 10A should also be reduced from Total Turnover: ITAT grants relief to TCS [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that the expenditures required to be reduced from export turnover under section 10A should also be reduced from the total turnover. The...
![Expenditures required to be reduced from Export Turnover u/s 10A should also be reduced from Total Turnover: ITAT grants relief to TCS [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/11/Tata-Consultancy-Services-Expenditures-Export-Turnover-Turnover-ITAT-TCS-Taxscan.jpg "Expenditures required to be reduced from Export Turnover u/s 10A should also be reduced from Total Turnover: ITAT grants relief to TCS [Read Order]")
Karnataka High Court quashes order directing AO to disallow the Deduction TO both Owner and Land Developer [Read Order]
The Karnataka High Court quashed the order passed by the Director of Income Tax (Exemption), Bangalore directing the Assessing Officer(AO) to disallow the deduction under Section 80IB(10) of the...
![Karnataka High Court quashes order directing AO to disallow the Deduction TO both Owner and Land Developer [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/09/Karnataka-High-Court-AO-deduction-Taxscan.jpg "Karnataka High Court quashes order directing AO to disallow the Deduction TO both Owner and Land Developer [Read Order]")