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ITAT disallows Fake Claim for Deduction as Rent paid to Mother was an afterthought [Read Order]

Taxscan Team

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has disallowed a fake claim for deduction because it was proved that the rent paid to...

Rent from Letting Out Industrial Undertaking not eligible for Deduction: ITAT [Read Order]

ITAT confirms Additions against Magician Gopinath Muthukad [Read Order]

Wife added as Co-Owner of Property due to Vastu Reasons: ITAT asks AO to re-consider Deduction Claim...

Amendment to 80A (5) does not bar the Assessee from Revising the Computation for Deduction made...

80% growth in Tax Base: Number of Returns Filed increased from 3.79 crore to 6.85 Crore

The Government has reduced tax rates, more for the common man and middle class, and made the interface with the tax department much simpler and largely faceless. Due to this, the tax collections...

EOU can claim Deduction of Interest Earned on Fixed Deposits u/s 10A: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench has held that an Export Oriented Unit ( EOU ) is eligible to claim the deduction under Section 10A of the Income Tax Act in respect of interest...

Company Eligible to Claim Deduction of Educational Expenses of Director: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the education expenses incurred by a company for its Director are eligible for deduction under the Income Tax Act, 1961. The...

Penalty not leviable If Assessee’s Claim for Deduction gets Rejected: Madras HC [Read Judgment]

The Madras High Court recently held that the penalty under section 271(1)(C) of the Income Tax Act can be levied if the department rejects the claim for deduction made by the assessee. The Court...

Deduction available on Loss on Account of Compensation on Enforcement of Security Paid to Subsidiary Companies: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the deduction is allowable on the loss on account of compensation on enforcement of security paid by the Company to its...

Sec 80P Deduction not available to a Co-operative Society having an Area of Operation in more than One Taluk: ITAT [Read Order]

The Cochin bench of the Income Tax Appellate Tribunal ( ITAT ) has held that deduction under Section 80P of the Income Tax Act not available to a Co-operative society having an area of operation in...

Date of Obtaining absolute Legal Ownership of the Asset not relevant for granting Deduction under Sec 54: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) in the case of Ramesh A. Radhakrishnan v. ACIT held that the date of obtaining absolute legal ownership of the asset is not relevant for...

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