![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]")
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...
![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]](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]](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]")
No Income Tax Deduction allowable for Gains from Foreign Exchange Fluctuations u/s 80HHC of the Income Tax Act: Supreme Court [Read Judgement]
A two-judge bench of the Supreme Court of India has held that no deduction under Section 80HHC of the Income Tax Act is allowable for gains from foreign exchange fluctuations. Section 80HHC allows...
![No Income Tax Deduction allowable for Gains from Foreign Exchange Fluctuations u/s 80HHC of the Income Tax Act: Supreme Court [Read Judgement]](https://www.taxscan.in/wp-content/uploads/2023/11/Income-Tax-Deduction-allowable-for-Gains-Foreign-Exchange-Fluctuations-Income-Tax-Act-Supreme-Court-taxscan.jpg "No Income Tax Deduction allowable for Gains from Foreign Exchange Fluctuations u/s 80HHC of the Income Tax Act: Supreme Court [Read Judgement]")
Disallowance of Income Tax deduction on Business Expenditure for Payment of Penalty to Clients/Customers for Breach of Contract: ITAT Remands Ex-parte Order to AO for Re-adjudication
The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) remanded the ex-parte order to the files of Assessing Officer for re-adjudication in regards to the disallowance of deduction on business...
Claim of Income Tax Deduction on Expenditure under Mistake: Delhi HC sets aside Penalty Imposed without Providing Hearing [Read Order]
In a recent case, the Delhi High Court set aside the penalty imposed under the Income Tax Act, 1961 without providing a hearing. The penalty was imposed on the act of wrongful claim of 200% income...
![Claim of Income Tax Deduction on Expenditure under Mistake: Delhi HC sets aside Penalty Imposed without Providing Hearing [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Claim-of-Income-Tax-Deduction-Expenditure-Delhi-High-Court-Penalty-imposed-taxscan.jpg "Claim of Income Tax Deduction on Expenditure under Mistake: Delhi HC sets aside Penalty Imposed without Providing Hearing [Read Order]")
CBDT releases Procedures, Format and Standards for filling application for grant of Income Tax Deduction Certificate Via App TRACES [Read Notification]
The Directorate of Income-tax (Systems) under Central Board of Direct Taxes (CBDT) Notification No.02/2023 issued on 27th September 2023 has released the procedures, format and standards for filling...
![CBDT releases Procedures, Format and Standards for filling application for grant of Income Tax Deduction Certificate Via App TRACES [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/09/CBDT-releases-Procedures-Format-Standards-filling-application-grant-Income-Tax-Deduction-Certificate-App-TRACES-taxscan.jpg "CBDT releases Procedures, Format and Standards for filling application for grant of Income Tax Deduction Certificate Via App TRACES [Read Notification]")
Income Tax Deduction U/S80P cannot be denied on ground of Delay in Submitting Audit Report by Govt Auditor: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) he that CIT(A) was unjustified in denying right to claim deduction under Section 80P of the Income Tax Act on grounds of Government...
![Income Tax Deduction U/S80P cannot be denied on ground of Delay in Submitting Audit Report by Govt Auditor: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Income-Tax-Deduction-Income-Tax-Deduction-Delay-Govt-Auditor-ITAT-taxscan.jpg "Income Tax Deduction U/S80P cannot be denied on ground of Delay in Submitting Audit Report by Govt Auditor: ITAT [Read Order]")