Centre Releases Provisional Accounts for FY 2024–25: Revenue at ₹30.78 Lakh Crore, Expenditure at ₹46.55 Lakh Crore
The Ministry of Finance released the provisional and unaudited accounts of the Government of India for the Financial Year 2024–25 on May 30, 2025....
Interest Expenditure not Claimed in Profit and Loss Account cannot be Treated as Revenue Expense for Disallowance u/s 14A of Income Tax Act: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the interest expenditure which had not been claimed in the profit and loss account could not be treated as revenue expense for...
AO should not Resort to Adhoc Disallowance: ITAT Deletes Addition based on Adhoc Disallowance out of Staff Welfare Expenses [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition based on adhoc disallowance out of staff welfare expenses holding that the AO should not resort to adhoc disallowance....
Addition Made by Tax Authorities Was Not Sustainable as Assessee Did Not Claim Job Charges: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has dismissed an addition made by the tax authorities to the tax liability of Standard Tele Towers P. Ltd. The ITAT held that the addition...
Expenditure Incurred to Avoid Adverse Effects on Reputation and Cost of Litigation is a Valid Business Exigency Deductible u/s 37 of Income Tax Act: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the expenditure incurred to avoid adverse effect on reputation and cost of litigation was a valid business exigency deductible...
Principal Amount Received Mistakenly and Not as an Advance to be Allowed as an Expenditure u/s 37 of Income Tax act along with the Interest: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT), held that Authorities have failed to appreciate that the amount was in fact not an advance but was received mistakenly and which under a Court...
Salary Paid to Vice President of Company allowable as Expenditure u/s 37(1) of Income Tax Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi held that salary paid to vice president of company should be allowed as expenditure under Section 37(1) of Income Tax Act, 1961 Assessee, Ebony...
Documentary Evidences validates Compensation Paid to Brokerages and Settlement of Disputes out of Sale Proceeds: ITAT upholds Deletion of Rs. 3.86 crores as Expenditure [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) held that the documentary evidences validated the compensation paid to the brokerages and the settlement of disputes out of sales...
