![Entire Expenditure on an Abandoned Project Development should be Allowed as Deduction: ITAT Kolkata [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/08/Deduction-Taxscan.jpg "Entire Expenditure on an Abandoned Project Development should be Allowed as Deduction: ITAT Kolkata [Read Order]")
Entire Expenditure on an Abandoned Project Development should be Allowed as Deduction: ITAT Kolkata [Read Order]
The ITAT Kolkata, in M/s Royal Calcutta Turf Club v. DCIT, allowed deduction on the entire expenditure on an abandoned project development treating...
![ITAT allows Deduction on Expenditure incurred on Foreign Tour of Director for Acquisition of Machinery [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/04/Travel-Abroad-Taxscan.jpg "ITAT allows Deduction on Expenditure incurred on Foreign Tour of Director for Acquisition of Machinery [Read Order]")
![No TDS when Assessee waived Deduction on Expenditure & has made suo motu disallowance u/s 40(a)(ia): Mumbai ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/Tax-dedution-at-source-TDS-Tax-Scan.jpg "No TDS when Assessee waived Deduction on Expenditure & has made suo motu disallowance u/s 40(a)(ia): Mumbai ITAT [Read Order]")
![Manufacture of Encryption Software Eligible for Deduction u/s 80-1B: Himachal HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2017/08/Himachal-Pradesh-High-Court-Taxscan.jpg "Manufacture of Encryption Software Eligible for Deduction u/s 80-1B: Himachal HC [Read Judgment]")
![Bottling of LPG amounts to ‘Production’: SC allows Deduction [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2017/08/Bottling-of-LPG-Taxscan.jpg "Bottling of LPG amounts to ‘Production’: SC allows Deduction [Read Judgment]")
Financial Co. cannot claim Deduction in respect of Interest collected with EMI after the Sale of Portfolios to Another Co.: Gujarat HC [Read Judgment]
A division bench of the Gujarat High Court in Gruh Finance Ltd v. DCIT, held that a Finance Corporation cannot claim of deduction under section 36(1)(viii) of the Income Tax Act, 1961 in respect of...
![Financial Co. cannot claim Deduction in respect of Interest collected with EMI after the Sale of Portfolios to Another Co.: Gujarat HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2017/07/Deduction-Section-36.jpg "Financial Co. cannot claim Deduction in respect of Interest collected with EMI after the Sale of Portfolios to Another Co.: Gujarat HC [Read Judgment]")
Deduction u/s. 54EC must be Allowed on the basis of Actual Consideration, S. 50C has No Application: ITAT Kolkata
In a recent ruling, the ITAT, Kolkata held that deduction under section 54EC of the Income Tax Act must be allowed on the basis of actual sale consideration received by the assessee. The bench...
Appellate Authorities can allow Additional Claims made by Assessee during the Proceedings: Madras HC [Read Judgment]
In CIT v. M/s Abhinitha Foundation Pvt Ltd, the division bench of the Madras High Court held that the appellate authorities, including the Commissioner of Income Tax (Appeals) and the appellate...
![Appellate Authorities can allow Additional Claims made by Assessee during the Proceedings: Madras HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/06/Madras-High-Court-Tax-Scan-1.jpg "Appellate Authorities can allow Additional Claims made by Assessee during the Proceedings: Madras HC [Read Judgment]")
Interest Income of a Co-Operative Society on Funds which are not required for Business Deposited in Bank is eligible for Deduction: ITAT
In a recent ruling, the ITAT, Bangalore held that the interest income earned by a co-operaive Society on funds which are not required for the business deposited in the fixed deposit in the bank is...
Expenditure Incurred on Issuance of Debentures is Revenue Expenditure: ITAT Bangalore allows Deduction [Read Order]
In Shanders Properties Pvt. Ltd v. ITO, the ITAT Bangalore directed the AO to allow the expenditure incurred in relation to issuance of debentures as it constitute revenue expenditure under the...
![Expenditure Incurred on Issuance of Debentures is Revenue Expenditure: ITAT Bangalore allows Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/05/Debuntures.jpg "Expenditure Incurred on Issuance of Debentures is Revenue Expenditure: ITAT Bangalore allows Deduction [Read Order]")
Ex-Gratia Payments to Retiring Employees are ‘Profits in Lieu of Salary’: ITAT Pune allows Deduction [Read Order]
While allowing deduction under Section 37(1) of Income Tax Act to the assessee, Prathamik Shikshak Sahakari Bank Ltd, the Pune bench of the ITAT held that ex-gratia payment made to the retiring...
![Ex-Gratia Payments to Retiring Employees are ‘Profits in Lieu of Salary’: ITAT Pune allows Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/05/Cash-Payments.jpg "Ex-Gratia Payments to Retiring Employees are ‘Profits in Lieu of Salary’: ITAT Pune allows Deduction [Read Order]")
Deduction u/s. 54/54F is available for Purchase of Residential Property in USA prior to 2014 Amendment: ITAT Mumbai [Read Order]
In ITO v. Nishant Lalit Jadhav, the Mumbai Income Tax Appellate Tribunal (ITAT) held that the provisions of Section 54/54F of Income Tax Act prior to its amendment in 2014, w.e.f. 01/04/015, does not...
![Deduction u/s. 54/54F is available for Purchase of Residential Property in USA prior to 2014 Amendment: ITAT Mumbai [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/05/Deduction-Residential-Property.jpg "Deduction u/s. 54/54F is available for Purchase of Residential Property in USA prior to 2014 Amendment: ITAT Mumbai [Read Order]")