![Amusement Tax paid before the Due Date of Filing of Income Tax Return is Eligible for Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/08/GST-Returns-Taxscan.jpg "Amusement Tax paid before the Due Date of Filing of Income Tax Return is Eligible for Deduction: ITAT [Read Order]")
Amusement Tax paid before the Due Date of Filing of Income Tax Return is Eligible for Deduction: ITAT [Read Order]
The Kolkata bench of Income Tax Appellate Tribunal recently ruled that Amusement Tax paid before the due date of filing of Income Tax Return is...
![ITAT Allows 75% Deduction on Business Promotion Expenditure comprising Credit Card Payments and Club Expenses though there was No Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/12/Deduction-Taxscan.jpg "ITAT Allows 75% Deduction on Business Promotion Expenditure comprising Credit Card Payments and Club Expenses though there was No Evidence [Read Order]")
![Export Incentives are not Includable while Computing Eligible Profits for Deduction u/s. 80IC: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/11/Export-Incentive-ITAT-Taxscan.jpg "Export Incentives are not Includable while Computing Eligible Profits for Deduction u/s. 80IC: ITAT [Read Order]")
![Interest from Loan given to Sister Concern can’t be Set Off against Interest Paid to Bank: Kerala HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/06/Kerala-High-Court-Tax-Scan.jpg "Interest from Loan given to Sister Concern can’t be Set Off against Interest Paid to Bank: Kerala HC [Read Judgment]")
Re-Assessment Only on the direction from Superiors is Invalid when AO was satisfied that Original Assessment was Proper: ITAT [Read Order]
Hyderabad bench of Income Tax Appellate Tribunal held that if the AO was satisfied with the original assessment then the re-assessment order under section 147/ 148 of the Income Tax Act passed only on...
![Re-Assessment Only on the direction from Superiors is Invalid when AO was satisfied that Original Assessment was Proper: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/ITAT-Kolkata-TaxScan.jpg "Re-Assessment Only on the direction from Superiors is Invalid when AO was satisfied that Original Assessment was Proper: ITAT [Read Order]")
Rectification is the Appropriate Remedy for Assessee when a Claim for Deduction was Omitted: Kerala HC [Read Judgment]
While dismissing a writ petition, the Kerala High Court held that when an assessee omitted to make a claim of deduction in the original return, the most appropriate remedy is to file a rectification...
![Rectification is the Appropriate Remedy for Assessee when a Claim for Deduction was Omitted: Kerala HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2017/01/Kerala-High-Court-Taxscan.jpg "Rectification is the Appropriate Remedy for Assessee when a Claim for Deduction was Omitted: Kerala HC [Read Judgment]")
Service Charge Earned on Pattern Development is eligible profit for Deduction u/s 80IA of IT Act: ITAT Ahmedabad [Read Order]
The Ahmedabad bench of the ITAT, on Wednesday allowed deduction under Section 80IA of the Income Tax Act, 1961 and held that the service charges earned by the assessee on pattern development will be...
![Service Charge Earned on Pattern Development is eligible profit for Deduction u/s 80IA of IT Act: ITAT Ahmedabad [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/10/Service-Charge-Taxscan.jpg "Service Charge Earned on Pattern Development is eligible profit for Deduction u/s 80IA of IT Act: ITAT Ahmedabad [Read Order]")
Gujarat HC Upholds Vires of Provision Denying Deduction for Payments to Eligible Project or Scheme under Sec 35AC [Read Judgment]
The Gujarat High Court upheld the vires of the sub-section (7) of Section 35AC of the Income Tax Act. The benefit of deduction under section 35AC of the Income Tax Act no more available, in respect to...
![Gujarat HC Upholds Vires of Provision Denying Deduction for Payments to Eligible Project or Scheme under Sec 35AC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2017/09/Donation-Taxscan.jpg "Gujarat HC Upholds Vires of Provision Denying Deduction for Payments to Eligible Project or Scheme under Sec 35AC [Read Judgment]")
Definition of ‘Speculative Transaction’ does not include Currency: ITAT allows Deduction on Cancellation of Forward Contracts
In M/s Essel Propack Ltd v. ACIT, a division bench of the Mumbai ITAT, while allowing the loss suffered on cancellation of forward contracts held that the same amounts to business loss. The bench...
Loss by Embezzlement being incidental to the Banking Business should be allowed as deduction in the year it is discovered: J & K HC
Justices Alok Aradhe and B. S Walia, in a significant ruling, held that under the provisions of the Income Tax Act, the loss by embezzlement, being incidental to the banking business should be allowed...
Deduction u/s 80IC cannot be denied merely on Ground of Non-Submission of Audit Report alongwith Return: ITAT Delhi [Read Order]
The Delhi Income Tax Appellate Tribunal (ITAT), on Monday ruled that submission of audit report for claiming deduction u/s 80IC of the Income Tax Act, 1961 is merely a matter of procedure and...
![Deduction u/s 80IC cannot be denied merely on Ground of Non-Submission of Audit Report alongwith Return: ITAT Delhi [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/08/Deduction-Taxscan.jpg "Deduction u/s 80IC cannot be denied merely on Ground of Non-Submission of Audit Report alongwith Return: ITAT Delhi [Read Order]")