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Income Tax Deduction

Income Tax Deduction u/s 80JJAA cannot be denied due to Delay in filing Audit Report Form 10DA: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune Bench, has ruled that a delay in filing an audit report in Form 10DA is not a ground to deny an...

Amalgamated Company Cannot Claim Income Tax Deductions u/s 80 After Business Transfer Through...

Income Tax Deduction allowed but Exempts Legal Entitlements from Compensation: Orissa HC Modifies...

ITAT Condones 63 Day-Delayed Appeal due to Hospitalization, Remands ₹67L Income Tax Deduction Claim...

Is Your Donation Eligible for Income Tax Deduction u/s 80G? Income Tax Dept issues New FAQs

Bad Debt Income Tax Deduction for Rural Branch Advances to be Computed on Aggregate Average of Monthly Outstanding Balances: Madras HC [Read Order]

The Madras High Court has dismissed two appeals filed by the Income Tax Department, holding that the deduction for provision for bad and doubtful debts under Section 36(1)(viia) of the Income Tax...

Income Tax Deductions u/s 80IA and 80HHC can be Claimed Together Subject to 100% Profit Cap: Madras HC

In a recent ruling, the Madras High Court held that deductions under Sections 80IA and 80HHC of the Income Tax Act, 1961 can be claimed together, subject to the condition that the total deduction...

Income tax Deduction u/s 36(1)(viii) Limited to Profits ‘Derived From’ Long-Term Finance: Supreme Court says ‘No Deduction’ to Incidental or Ancillary income [Read Judgement]

The Supreme Court has ruled that the income-tax deduction under Section 36(1)(viii) of Income Tax Act, 1961 is available only on profits that are directly and strictly derived from the business of...

Meals, Transport & Courier Expenses not Part of “Transfer of House Property”: ITAT Rejects NRI’s Income Tax Deduction Claims [Read Order]

The Bengaluru Bench of the Income Tax Appellate Tribunal (ITAT) recently affirmed that expenses for air tickets, meals, local transport, boarding charges and courier as claimed by a non-resident...

Permanent Fixtures become Part and Parcel of Building: ITAT Allows ₹20L Income Tax deductions to Senior Citizen on Total Improvement Cost [Read Order]

The Bengaluru Bench of the Income Tax Appellate Tribunal (ITAT) recently held that expenditures incurred on permanent fixtures embedded into the structure of a residential property constitute part...

Civil, Plumbing & Electrical Charges Paid by Senior Citizen to Builder are Genuine Cost of Acquisition: ITAT Allows ₹11.35L Income Tax Deduction

The Bengaluru Bench of the Income Tax Appellate Tribunal (ITAT) recently held that civil, plumbing and electrical charges paid directly to the builder form part of the genuine cost of acquisition...

Relief to Zydus Head Diabetologist: ITAT quashes Revision u/s 263 on Income Tax Deduction for Political Donation, says AO Conducted Due Enquiry [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad Bench, has quashed the revisionary order passed by the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income Tax Act,...