![ITAT allows Income Tax Deduction on Profits and Gains of Certain Undertaking [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/08/ITAT-Deduction-Profits-Gains-Taxscan.jpg "ITAT allows Income Tax Deduction on Profits and Gains of Certain Undertaking [Read Order]")
ITAT allows Income Tax Deduction on Profits and Gains of Certain Undertaking [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) allowed the deduction in respect of Profits and Gains of Certain Undertaking. The assessee...
![Income Tax Deduction not claimed in Original Assessment Proceedings can’t be claimed during Re-assessment: Karnataka High Court [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2021/07/Deduction-assessment-proceedings-re-assessment-Karnataka-High-Court-Taxscan.jpg "Income Tax Deduction not claimed in Original Assessment Proceedings can’t be claimed during Re-assessment: Karnataka High Court [Read Judgment]")
![Income Tax Deduction not allowable to Professional and Consultancy Charges paid for Acquisition of Companies: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/07/Income-Tax-Deduction-Professional-Charges-Consultancy-Charges-Acquisition-of-Companies-ITAT-Taxscan.jpg "Income Tax Deduction not allowable to Professional and Consultancy Charges paid for Acquisition of Companies: ITAT [Read Order]")
![Income Tax Deduction benefit for Developers can’t be denied merely because of Delegation of some formalities to another Entity: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/07/Income-Tax-Deduction-Benefit-Taxscan.jpg "Income Tax Deduction benefit for Developers can’t be denied merely because of Delegation of some formalities to another Entity: ITAT [Read Order]")
![Wrong Claim for Income Tax Deduction can’t be a reason to invoke Penalty u/s 271(1)(c): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/07/Wrong-Claim-for-Deduction-Penalty-ITAT-Taxscan.jpeg "Wrong Claim for Income Tax Deduction can’t be a reason to invoke Penalty u/s 271(1)(c): ITAT [Read Order]")
Relief to Tech Mahindra: ITAT directs AO to allow Income Tax Deduction on Foreign Exchange Gain [Read Order]
In a major relief to Tech Mahindra, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench directed the Assessing Officer to allow deduction on foreign exchange gain. The assessee, Tech Mahindra...
![Relief to Tech Mahindra: ITAT directs AO to allow Income Tax Deduction on Foreign Exchange Gain [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/07/Tech-Mahindra-ITAT-AO-deduction-on-foreign-exchange-gain-Taxscan.jpeg "Relief to Tech Mahindra: ITAT directs AO to allow Income Tax Deduction on Foreign Exchange Gain [Read Order]")
![Income Tax Deduction allowable on Sum Received as ‘On-Money’ on Flat Bookings: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/07/On-Money-flat-bookings-ITAT-Taxscan.jpg "Income Tax Deduction allowable on Sum Received as ‘On-Money’ on Flat Bookings: ITAT [Read Order]")
Karnataka Judicial Officers Credit Co-operative Society entitled for Income Tax Deduction on Proportionate Cost, Administrative, Other Expenses: ITAT remits matter to AO [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench while remitting the matter back to the Assessing Officer (AO) ruled that the Karnataka Judicial Officers Credit Co-operative Society entitled...
![Karnataka Judicial Officers Credit Co-operative Society entitled for Income Tax Deduction on Proportionate Cost, Administrative, Other Expenses: ITAT remits matter to AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/06/Karnataka-Judicial-Officers-Credit-Co-operative-Society-Income-Tax-Deduction-proportionate-cost-ITAT-AO-Taxscan.jpg "Karnataka Judicial Officers Credit Co-operative Society entitled for Income Tax Deduction on Proportionate Cost, Administrative, Other Expenses: ITAT remits matter to AO [Read Order]")
Bonus to Co-operative Societies by KMF is 'Dividend', Eligible for Income Tax Deduction: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the nature of the bonus paid by the Karnataka Milk Federation (KMF) is a dividend for the purpose of allowing deduction under...
![Bonus to Co-operative Societies by KMF is Dividend, Eligible for Income Tax Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/08/bonus-Income-Tax-Deduction-KMF-ITAT-Taxscan.jpg "Bonus to Co-operative Societies by KMF is Dividend, Eligible for Income Tax Deduction: ITAT [Read Order]")
Freebies to Doctors: Income Tax Deduction to Pharma Companies can’t be denied invoking CBDT Circulars, says ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the income tax department cannot deny Income Tax Deduction to Pharma companies on expenses incurred on providing freebies to...
![Freebies to Doctors: Income Tax Deduction to Pharma Companies can’t be denied invoking CBDT Circulars, says ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/08/ITAT-Income-Tax-Deduction-DoctorsPharma-Companies-Freebies-Doctors-Taxscan.jpg "Freebies to Doctors: Income Tax Deduction to Pharma Companies can’t be denied invoking CBDT Circulars, says ITAT [Read Order]")
CBDT notifies Donations to ‘Shri Ram Janmbhoomi Teerth Kshetra’ eligible for Income Tax Deduction [Read Notification]
The Central Board of Direct Taxes (CBDT) on Friday notified that the donations made to ‘Shri Ram Janmbhoomi Teerth Kshetra’ are eligible for deduction under Section 80G of Income Tax Act, 1961. The...
![CBDT notifies Donations to ‘Shri Ram Janmbhoomi Teerth Kshetra’ eligible for Income Tax Deduction [Read Notification]](https://www.taxscan.in/wp-content/uploads/2020/05/Ram-Janmbhoomi-CBDT-Taxscan.jpg "CBDT notifies Donations to ‘Shri Ram Janmbhoomi Teerth Kshetra’ eligible for Income Tax Deduction [Read Notification]")
Kerala High Court upholds IT Deduction to Future Expenses in respect of a Liability that accrued during the related Accounting Year [Read Judgment]
A division bench of the Kerala High Court has held that an expenditure to be incurred in future in respect of a liability that accrued during the related accounting year would be eligible for a...
![Kerala High Court upholds IT Deduction to Future Expenses in respect of a Liability that accrued during the related Accounting Year [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2018/09/KVAT-Arrears-Kerala-High-Court-Taxscan.jpg "Kerala High Court upholds IT Deduction to Future Expenses in respect of a Liability that accrued during the related Accounting Year [Read Judgment]")