![Interest & Administrative Expenditures are Allowable as Deduction: ITAT Mumbai [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/Deduction-Section-37-Income-tax-Taxscan.jpg "Interest & Administrative Expenditures are Allowable as Deduction: ITAT Mumbai [Read Order]")
Interest & Administrative Expenditures are Allowable as Deduction: ITAT Mumbai [Read Order]
Recently, while allowing expenditure on account of Interest & administrative expenses incurred by the assessee in connection with their project,...
![Payment of demurrage & Penalty Charges are not Penal in nature, Deduction is Allowable: ITAT Kolkata [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/ITAT-Ahmedabad.jpg "Payment of demurrage & Penalty Charges are not Penal in nature, Deduction is Allowable: ITAT Kolkata [Read Order]")
![Expenditure on Issue of Shares to Indian Public is not Eligible for Deduction: Bombay HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/07/Shares-TaxScan.jpg "Expenditure on Issue of Shares to Indian Public is not Eligible for Deduction: Bombay HC [Read Judgment]")
![Grant-in-Aids are ‘Capital Receipts’: ITAT Kolkata allows Deduction on interest paid for delayed deposit of PF [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/ITAT-Kolkata-TaxScan.jpg "Grant-in-Aids are ‘Capital Receipts’: ITAT Kolkata allows Deduction on interest paid for delayed deposit of PF [Read Order]")
![Expenditure in respect of issue of Additional Share Capital is Capital in nature, Bombay HC disallows expenditure [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/06/Bombay-High-Court-Tax-Scan.jpg "Expenditure in respect of issue of Additional Share Capital is Capital in nature, Bombay HC disallows expenditure [Read Judgment]")
ITAT Delhi allows deduction of Foreign exchange fluctuation loss arising out of current liabilities [Read Order]
The Delhi bench of Income Tax Appellate Tribunal recently held that the deduction in respect of foreign exchange fluctuation loss arising out of current liabilities is allowable in accordance with the...
![ITAT Delhi allows deduction of Foreign exchange fluctuation loss arising out of current liabilities [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/08/Foreign-Exchange.jpg "ITAT Delhi allows deduction of Foreign exchange fluctuation loss arising out of current liabilities [Read Order]")
Functions entrusted to division bench in a Writ Appeal is adjudicate questions of Law, not facts: SC [Read Order]
The two-judge bench of the Supreme Court, has recently opined that the jurisdiction of the division bench in a Writ Appeal is limited to adjudication of questions of law. Findings of fact recorded...
A Co-operative Bank is not entitled to Deduction If none of its branches can be classified as a ‘Rural Branch’: ITAT Kochi [Read Order]
The Kochi division of the Income Tax Appellate Tribunal, in A recent decision held that a co-operative rural bank is not entitled to get deduction under section 36(1)(viia) of the Income Tax Act, 1961...
Entire expenses incurred on Non-convertible debentures are allowable as Deduction even If they are redeemable after 5 Years: ITAT Ahmedabad [Read Order]
The Ahmedabad division of Income Tax Appellate Tribunal recently allowed the entire amount of expenses in respect of Non-convertible debentures in the year in which they were incurred by the assessee....
![Entire expenses incurred on Non-convertible debentures are allowable as Deduction even If they are redeemable after 5 Years: ITAT Ahmedabad [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/08/Non-Convertible-debuntures-Tax-Scan.jpg "Entire expenses incurred on Non-convertible debentures are allowable as Deduction even If they are redeemable after 5 Years: ITAT Ahmedabad [Read Order]")
Firm of Advocates & Solicitors exporting Legal Services based on Legal data base is eligible for Deduction: ITAT Mumbai [Read Order]
The Mumbai bench of Income Tax Appellate Tribunal, in a recent ruling held that a Firm of Advocates and Solicitors engaged in the business of exporting legal services to their foreign clients, based...
![Firm of Advocates & Solicitors exporting Legal Services based on Legal data base is eligible for Deduction: ITAT Mumbai [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/08/Advocates-and-Solicitors-Taxscan.jpg "Firm of Advocates & Solicitors exporting Legal Services based on Legal data base is eligible for Deduction: ITAT Mumbai [Read Order]")
Foreign Exchange Loss is allowable as Deduction u/s 37 of the Income Tax Act: Bombay HC [Read Order]
The High Court of Bombay in a recent decision held that the foreign exchange loss is not a “notional” or “speculation” loss and is allowable as a deduction. According to the division bench, the same...