![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]")
Wrong Claim for Income Tax Deduction can’t be a reason to invoke Penalty u/s 271(1)(c): ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the penalty under section 271(1)(c) of the Income Tax Act, 1961...
![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]](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]](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]")
Budget 2019: Additional Deduction of up to Rs.1.5 lakh for Interest Paid on Loans for Purchase of Affordable House
The effective tax rates for the higher income group individuals having taxable income from Rs. 2 crore to Rs. 5 crore and Rs. 5 crore and above is proposed to be increased by around 3 percent and 7...
Remuneration to Director in proportion to his Experience which has no bearing on his shareholding is not Dividend: ITAT [Read Order]
The Delhi ITAT, in a significant ruling, held that the remuneration paid to Director of company in commensuration with his experience which has no bearing on his shareholding, cannot be construed as...
![Remuneration to Director in proportion to his Experience which has no bearing on his shareholding is not Dividend: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/05/Company-Director-Taxscan.jpg "Remuneration to Director in proportion to his Experience which has no bearing on his shareholding is not Dividend: ITAT [Read Order]")
![Purchase of Land before Sale of Capital Asset ineligible for Income Tax Deduction: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2019/05/Capital-Asset-ITAT-Taxscan.jpg "Purchase of Land before Sale of Capital Asset ineligible for Income Tax Deduction: ITAT [Read Order]")
![Manufacture of Herbal Products eligible for Income Tax Deduction: Madras HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2019/03/Deduction-Income-Tax-Calvin-Care-Taxscan.jpg "Manufacture of Herbal Products eligible for Income Tax Deduction: Madras HC [Read Judgment]")