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Income Tax Deduction

Re-assessment based on error committed by AO not permissible when Income Tax deduction allowed after verification: Delhi HC [Read Order]

Taxscan Team

The Delhi High Court has held that re-assessment based on an error committed by the Assessing Officer( AO) is not permissible when Income Tax...

Expenses incurred for Business allowable as a Income Tax Deduction until the Liquidation of Firm:...

Provision for Liquidated Damages is an ascertained liability, allowable as Income Tax Deduction:...

Gratuity Entitled for Income Tax Deduction u/s 36 (1)(va): ITAT [Read Order]

Expenditure towards Issue of ESOP at Discounted Rate Allowable as Income Tax Deduction: ITAT [Read...

GTD Expenses are allowable as Income Tax Deduction: ITAT upholds deletion of Disallowance [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that GTD expenses are allowable as Income Tax deduction and upheld the deletion of disallowance BY Commissioner of Income Tax (A)....

Assessing Officer allowed Income Tax Deduction in the form of Amortization of Premium with due verification: ITAT sets aside Revisional Order [Read Order]

Assessing Officer allowed the Income Tax deduction in the form of amortization of premium with due verification, and the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has set aside the...

Generation of Electricity is Manufacture, eligible for Income Tax Deduction u/s 32AC: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi Bench held that generation of electricity is manufacture, eligible for deduction under Section 32AC of the Income Tax Act, 1961. The assessee...

Activities of Society for Benefit of Investors and Potential Investors forming part of General Public, eligible for Income Tax Deduction: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that activities of society for benefit of investors and potential investors forming part of general public, eligible for deduction under...

Income Tax Deduction Not Available for Delayed Deposit of Contributions towards EPF/ESI Funds: Supreme Court [Read Judgment]

In a significant ruling, the Supreme Court held that income tax deduction under section 36(1)(va) and section 43B of the Income Tax Act, 1961shall not be available to the late deposit of...

Income Tax Deduction under Sec 80 IB allowable even If Goods were not manufactured by own plant and machinery: ITAT [Read Order]

The Surat bench of the Income Tax Appellate Tribunal (ITAT) has held that the income tax deduction under section 80 IB of the Income Tax Act,1961 is allowable even if the goods were not manufactured...

Interest paid on Delayed Payment of TDS is Not Business Expenditure: ITAT disallows Income Tax Deduction Claim [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that income tax deduction cannot be available for the interest paid on the delayed payment of TDS under section 201(1A) of the...

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