Income Tax issues Relating to Taxation of Assets
INTRODUCTION A separate asset regime of general application is supplementary to the operation of the inclusion and deduction provisions in the...
![Revision Application u/s 58 of UP VAT Act, Benefit of Exemption /Deduction must be Decide by Following Stricter Approach: Allahabad HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Revision-Application-UP-VAT-Act-Exemption-Deduction-Stricter-Approach-Allahabad-HC-TAXSCAN.jpg "Revision Application u/s 58 of UP VAT Act, Benefit of Exemption /Deduction must be Decide by Following Stricter Approach: Allahabad HC [Read Order]")
![Deduction u/s 115JB shall be allowed when Farmer and Trade Advances are actually Written off in Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Deduction-Farmer-Farmer-and-Trade-Farmer-and-Trade-Advances-Written-off-taxscan.jpg "Deduction u/s 115JB shall be allowed when Farmer and Trade Advances are actually Written off in Books of Account: ITAT [Read Order]")
![Finance cost should be Allowed as a Deduction u/s 36(1)(iii) of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Finance-cost-Deduction-Income-Tax-Act-ITAT-income-tax-news-tax-news-taxscan.jpg "Finance cost should be Allowed as a Deduction u/s 36(1)(iii) of Income Tax Act: ITAT [Read Order]")
![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]](https://www.taxscan.in/wp-content/uploads/2023/11/Payment-Professionals-towards-due-Diligence-Fees-for-Rendering-Assistance-to-Acquiring-Company-is-Revenue-Expenditure-Income-Tax-Act-ITAT-allows-Deduction-TAXSCAN.jpg "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]")
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...
![Relief to SIL Investments: Delhi HC upholds Deletion of Disallowance u/s 80M of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Relief-to-SIL-Investments-Delhi-HC-Deletion-Disallowance-80M-Income-Tax-Act-TAXSCAN.jpg "Relief to SIL Investments: Delhi HC upholds Deletion of Disallowance u/s 80M of Income Tax Act [Read Order]")
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...
![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]](https://www.taxscan.in/wp-content/uploads/2023/10/Deduction-account-Bad-Debts-Deduction-on-account-of-Bad-Debts-are-allowable-Written-Off-irrecoverable-taxscan.jpg "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]")
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)...
![Supreme Court allows 80P Deduction Benefit under Income Tax Act to Kerala State Cooperative Agricultural and Rural Development Bank [Read Judgement]](https://www.taxscan.in/wp-content/uploads/2023/10/Supreme-Court-Deduction-Benefit-under-Income-Tax-Act-Income-Tax-Deduction-Benefit-Deduction-Kerala-State-Cooperative-Agricultural-and-Rural-Devt-Bank-taxscan.jpg "Supreme Court allows 80P Deduction Benefit under Income Tax Act to Kerala State Cooperative Agricultural and Rural Development Bank [Read Judgement]")
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...
![Payment of Interest u/s 234B not Necessary when Certain Income Qualified for Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Payment-of-Interest-Income-Qualified-for-Deduction-Interest-Payment-ITAT-taxscan.jpg "Payment of Interest u/s 234B not Necessary when Certain Income Qualified for Deduction: ITAT [Read Order]")
Entry and Variable Annual Licence Fees Paid to Telecom Department is Capital in Nature, Amortisation Permitted u/s 35ABB of Income Tax Act: Supreme Court [Read Order]
In a significant Supreme Court ruling, the bench of Justice B. V. Nagarathna and Justice Ujjal Bhuyan declared that the entry and variable annual licence fees paid to the Department of Telecom (DoT)...
![Entry and Variable Annual Licence Fees Paid to Telecom Department is Capital in Nature, Amortisation Permitted u/s 35ABB of Income Tax Act: Supreme Court [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Entry-Variable-Annual-Licence-Fees-Paid-Telecom-Department-Capital-in-Nature-Amortisation-Permitted-Income-Tax-Act-Supreme-Court-TAXSCAN.jpg "Entry and Variable Annual Licence Fees Paid to Telecom Department is Capital in Nature, Amortisation Permitted u/s 35ABB of Income Tax Act: Supreme Court [Read Order]")
Deduction u/s 80IB(10) of Income Tax Act Applies to Undertaking Developing and Building Housing Projects, not to Mere Partner in a Joint Partnership Firm: ITAT [Read Order]
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) held that the deduction under Section 80IB(10) of the Income Tax Act,1961 can be claimed by the joint venture and not by the assessee who...
![Deduction u/s 80IB(10) of Income Tax Act Applies to Undertaking Developing and Building Housing Projects, not to Mere Partner in a Joint Partnership Firm: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Deduction-Income-Tax-Act-Income-Tax-Building-Housing-Projects-Partnership-Firm-Firm-ITAT-taxscan.jpg "Deduction u/s 80IB(10) of Income Tax Act Applies to Undertaking Developing and Building Housing Projects, not to Mere Partner in a Joint Partnership Firm: ITAT [Read Order]")
ALP of ESOP Expenses cannot be taken as ‘Nil’ for determining Transfer pricing: ITAT grants relief to Booking.com [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai bench held that the Arm's Length Price of the Employee Stock Option Plan (ESOP) expenses could not be taken as "NIL" for determining transfer pricing. ...
![ALP of ESOP Expenses cannot be taken as ‘Nil’ for determining Transfer pricing: ITAT grants relief to Booking.com [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ALP-of-ESOP-cannot-be-taken-determining-Transfer-pricing-ITAT-grants-Booking.com-TAXSCAN.jpg "ALP of ESOP Expenses cannot be taken as ‘Nil’ for determining Transfer pricing: ITAT grants relief to Booking.com [Read Order]")