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Deduction u/s 57 shall be allowed on Cost of Funds and Proportionate Administrative Expenses for Earning Interest Income: ITAT [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) held that the deduction under Section 57 of the Income Tax Act, 1961 shall be allowed...

ITAT directs to allow Deduction on claim of Guarantee provided by trust to lending institution [Read...

Relief to Jindal Steel - Supreme Court dismisses Revenue Appeal - upholds computation of Market Value of Electricity for Deduction - TAXSCAN

[BREAKING] Relief to Jindal Steel: Supreme Court dismisses Revenue Appeal, upholds computation of...

Income Tax Issues - Taxation of Assets - income Tax - Taxation - Tax - TAXSCAN

Income Tax issues Relating to Taxation of Assets

Revision Application u/s 58 of UP VAT Act, Benefit of Exemption /Deduction must be Decide by...

Deduction u/s 115JB shall be allowed when Farmer and Trade Advances are actually Written off in Books of Account: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the deduction under Section 115JB of the Income Tax Act, 1961 shall be allowed when the farmer and trade advances are actually...

Finance cost should be Allowed as a Deduction u/s 36(1)(iii) of Income Tax Act: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the finance cost should be allowed as a deduction under section 36(1)(iii) of the Income Tax Act,1961. DAM Capital...

Payment made to Professionals towards due Diligence Fees for Rendering Assistance to Acquiring Company is Revenue Expenditure u/s 37(1) of Income Tax Act: ITAT allows Deduction [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench held that the payment made to professionals towards due diligence fees for rendering assistance to acquiring company is revenue expenditure....

Relief to SIL Investments: Delhi HC upholds Deletion of Disallowance u/s 80M of Income Tax Act [Read Order]

The Delhi High Court upheld the deletion of disallowance under Section 80M of the Income Tax Act, 1961 thereby granting relief to SIL Investments Ltd. The respondent/assessee filed its Return of...

Deduction on account of Bad Debts are allowable, if bad debt is Written Off as irrecoverable in books of accounts: ITAT quashes Revision Order [Read Order]

The Income Tax Appellate Tribunal (ITAT), Surat bench held that deduction on account of bad debts is allowable if bad debt is written off as irrevocable in the books of accounts. Therefore, the bench...

Supreme Court allows 80P Deduction Benefit under Income Tax Act to Kerala State Cooperative Agricultural and Rural Development Bank [Read Judgement]

In a landmark ruling, the Supreme Court bench, composed of Justice B.V. Nagarathna and Justice Ujjal Bhuyan, has granted the Kerala State Cooperative Agricultural and Rural Development Bank (KSCARDB)...

Payment of Interest u/s 234B not Necessary when Certain Income Qualified for Deduction: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the payment of interest under Section 234B of the Income Tax Act 1961 was not necessary when certain income qualified for...

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