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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...

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...

Expenditure on Issue of Shares to Indian Public is not Eligible for Deduction: Bombay HC [Read...

Grant-in-Aids are ‘Capital Receipts’: ITAT Kolkata allows Deduction on interest paid for delayed...

Expenditure in respect of issue of Additional Share Capital is Capital in nature, Bombay HC disallows expenditure [Read Judgment]

Expenditure in respect of issue of Additional Share Capital is Capital in nature, says Bombay High Court. The division bench of the Bombay High Court in a recent decision, disallowed the...

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...

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...

Deduction on Account of ‘Input VAT Reverse’ is allowable u/s 43B: ITAT Kolkata [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal, in a recent decision held that the assessee is entitled to get deduction in respect of “Input Tax Reverse” under section 43B of the Income Tax...

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....

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...

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