![Sec 10A of Income Tax Act is no longer an ‘Exemption Provision’, it is a provision for ‘Deduction’: SC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/07/Supreme-Court-of-India-Tax-Scan.jpg "Sec 10A of Income Tax Act is no longer an ‘Exemption Provision’, it is a provision for ‘Deduction’: SC [Read Judgment]")
Sec 10A of Income Tax Act is no longer an ‘Exemption Provision’, it is a provision for ‘Deduction’: SC [Read Judgment]
In a recent decision, the two-judge bench of the categorically held that section 10A of the Income Tax Act is a provision for “deduction” and not...
![Compensation paid to Buyers of Flats is Deductible as Business Expenditure of the Developer: ITAT Pune [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/10/ITAT-Ahmedabad.jpg "Compensation paid to Buyers of Flats is Deductible as Business Expenditure of the Developer: ITAT Pune [Read Order]")
![Transport, Power & Interest Subsidies received by the Industrial undertakings are Deductible u/ss 80-IB & 80IC of Income Tax Act: CBDT [Read Circular]](https://www.taxscan.in/wp-content/uploads/2016/08/Deduction-Taxscan.jpg "Transport, Power & Interest Subsidies received by the Industrial undertakings are Deductible u/ss 80-IB & 80IC of Income Tax Act: CBDT [Read Circular]")
![Interest paid, but not Deducted during the previous year can Set-Off in the next year: Delhi HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/08/Delhi-High-Court-Tax-Scan.jpg "Interest paid, but not Deducted during the previous year can Set-Off in the next year: Delhi HC [Read Judgment]")
A sub-contractor is not Entitled to Weighted Deduction provided u/s 35B of the Income Tax Act: Bombay HC [Read Judgment]
While upholding the decision of the Appellate Tribunal, the division bench of the Bombay High Court recently ruled that,a subcontractor, who did not provide any technical know how to a person outside...
![A sub-contractor is not Entitled to Weighted Deduction provided u/s 35B of the Income Tax Act: Bombay HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/06/Bombay-High-Court-Tax-Scan.jpg "A sub-contractor is not Entitled to Weighted Deduction provided u/s 35B of the Income Tax Act: Bombay HC [Read Judgment]")
Deduction under Sec 80O of the Income Tax Act is allowable on the Net Basis, Not on Gross Receipts: Bombay HC [Read Judgment]
In a recent decision, the division bench of the Bombay High Court held that the deduction under section 80O of the Income Tax Act, 1961 is allowable on net income, not on gross receipts. The Court...
![Deduction under Sec 80O of the Income Tax Act is allowable on the Net Basis, Not on Gross Receipts: Bombay HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/06/Bombay-High-Court-2-Tax-Scan.jpg "Deduction under Sec 80O of the Income Tax Act is allowable on the Net Basis, Not on Gross Receipts: Bombay HC [Read Judgment]")
Appellate Tribunal can direct the AO to accept a new Claim for Deduction: ITAT Kolkata [Read Order]
In a recent ruling, the Kolkata bench, ITAT held that being an appellate authority, the tribunal, has the power to direct the assessing officer to admit a new claim which was not made by the assessee,...
![Appellate Tribunal can direct the AO to accept a new Claim for Deduction: ITAT Kolkata [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/Assessing-officer-Tax-Scan.jpg "Appellate Tribunal can direct the AO to accept a new Claim for Deduction: ITAT Kolkata [Read Order]")
Re-Assessment cannot be made on the basis of error in law pointed out by the Audit Party: Gujarat HC [Read Judgment]
In a recent decision, the division bench of the Gujarat High Court opined that re-assessment cannot be made only on the basis of the audit party opinion on a point of law. The While quashing the...
![Re-Assessment cannot be made on the basis of error in law pointed out by the Audit Party: Gujarat HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2016/06/Gujarat-High-Court-Tax-Scan-1.jpg "Re-Assessment cannot be made on the basis of error in law pointed out by the Audit Party: Gujarat HC [Read Judgment]")
![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]")
Payment of demurrage & Penalty Charges are not Penal in nature, Deduction is Allowable: ITAT Kolkata [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal, recently ruled that the demurrage charges and penalty charges paid by a contractor to the Companies for violation of the contractual terms are...
![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]
The division bench of the Bombay High Court, in a recent decision, held that the amount spent on issue of shares to Indian public is “capital expenditure” and therefore, deduction in respect of the...
![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]")