![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]")
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 Wife's name out of Bank Loan [Read Order]
In the recent case, the Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Income-tax Assessing Officer ( AO ) to allow the...
![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]](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]](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]")
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...
