Budget 2024-25: No Income Tax Deduction u/s 37 for Settlement Amount if Paid for any Violation of Law [Read Bill]
According to Section 37 of Income Tax Act any business expenditure, excluding the capital expenditure and the individuals personal expenses, that is...
![Beneficial provision of S.54 F should be given a Liberal Construction to the Maximum Extent Possible: ITAT upholds Full Deduction for Purchase of Property in Wifes name out of Bank Loan [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Income-Tax-ITAT-ITAT-Chennai-Income-Tax-Appellate-Tribunal-Income-Tax-Officer-TAXSCAN.jpg "Beneficial provision of S.54 F should be given a Liberal Construction to the Maximum Extent Possible: ITAT upholds Full Deduction for Purchase of Property in Wifes name out of Bank Loan [Read Order]")
![Allegation of Bogus Donation: ITAT Allows Income Tax Deduction u/s 35 (1)(ii) in Absence of Material Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/ITAT-Income-Tax-Appellate-Tribunal-ITAT-Mumbai-Income-Tax-Deduction-section-35-1-ii-of-the-Income-Tax-taxscan.webp "Allegation of Bogus Donation: ITAT Allows Income Tax Deduction u/s 35 (1)(ii) in Absence of Material Evidence [Read Order]")
Income Tax Deduction not Available on Expenditure Incurred for Overseeing Project of Holding Company: Telangana HC [Read Order]
In a significant case, the Telangana High Court has held that income tax deductions cannot be availed on expenditures incurred for overseeing the project of holding a company. The bench noted that...
![Income Tax Deduction not Available on Expenditure Incurred for Overseeing Project of Holding Company: Telangana HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Income-Tax-Income-Tax-Deduction-Telangana-HC-Holding-Company-Overseeing-Project-Income-tax-updates-taxscan.jpg "Income Tax Deduction not Available on Expenditure Incurred for Overseeing Project of Holding Company: Telangana HC [Read Order]")
Calcutta HC allows Income Tax Deduction u/s 80-IC(2)(a)(i) for the Manufacture of Mouth Freshener (Pan Masala Without Tobacco) [Read Order]
In a recent case, the Calcutta High Court allowed the deduction under section 80-ic(2)(a)(i) of the Income Tax Act for the manufacture of Mouth Freshener ( Pan Masala Without Tobacco ) Unicorn...
![Calcutta HC allows Income Tax Deduction u/s 80-IC(2)(a)(i) for the Manufacture of Mouth Freshener (Pan Masala Without Tobacco) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Calcutta-High-Court-Calcutta-HC-Income-Tax-Mouth-Freshener-Mouth-freshener-Without-Tobacco-taxscan-1.jpg "Calcutta HC allows Income Tax Deduction u/s 80-IC(2)(a)(i) for the Manufacture of Mouth Freshener (Pan Masala Without Tobacco) [Read Order]")
ITAT allows Income Tax Sec.80P Deduction to Co-operative Society on Interest Earned from Co-operative Bank [Read Order]
In a matter related to Income Tax deduction, the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the deduction under Section 80P(2)(d) of the Income Tax Act, is...
![ITAT allows Income Tax Sec.80P Deduction to Co-operative Society on Interest Earned from Co-operative Bank [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/07/Income-Tax-ITAT-co-operative-banks-Co-operative-Society-Income-Tax-Appellate-TAXSCAN.jpg "ITAT allows Income Tax Sec.80P Deduction to Co-operative Society on Interest Earned from Co-operative Bank [Read Order]")
Loss out born from Sale of Govt Securities by Bank is Business Loss: ITAT allows Income Tax Deduction [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that loss out born from sale of govt securities by bank is business loss and allowed the income tax deduction is allowable under...
![Loss out born from Sale of Govt Securities by Bank is Business Loss: ITAT allows Income Tax Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Loss-Sale-of-Govt-Securities-Bank-Business-Loss-ITAT-Income-Tax-Deduction-taxscan.jpg "Loss out born from Sale of Govt Securities by Bank is Business Loss: ITAT allows Income Tax Deduction [Read Order]")
CA Misconduct: NFRA imposes Rs. 50 Lakh Penalty on Quess Corp Ltd Auditor for Lack of Due Diligence in Certification of Form 10 DA
The National Financial Reporting Authority (NFRA) has imposed a substantial penalty of Rs 50 lakhs, on a chartered accountant for professional misconduct. This misconduct facilitated business...
Income Tax Deduction Claim of Charitable Trust Denied on Ground of Limitation: Kerala HC Allows to File Fresh Application within 10 Days [Read Order]
The Kerala High Court allowed the petitioner to file the fresh application within 10 days against the Income Tax deduction claim of a charitable trust that was denied on the grounds of limitation. ...
![Income Tax Deduction Claim of Charitable Trust Denied on Ground of Limitation: Kerala HC Allows to File Fresh Application within 10 Days [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/File-Fresh-Application-Income-Tax-Income-Tax-Deduction-Claim-Charitable-Trust-Kerala-high-court-taxscan.jpg "Income Tax Deduction Claim of Charitable Trust Denied on Ground of Limitation: Kerala HC Allows to File Fresh Application within 10 Days [Read Order]")