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Income Tax Deduction

Expenses towards Development of Abandoned Software Eligible for Income Tax Deduction: Bombay HC [Read Order]

A division bench of the Bombay High Court has held that the expenses incurred in respect of the development of an abandoned software would be...

ITAT allows Income Tax Deduction of Expenditure on Goods Carriages taken on Hire [Read Order]

Manufacturer of ‘Polyurethane Foam’ Used for Making Car Seats Eligible for Income Tax Deduction u/s...

Sale Proceeds of Car Parking Spaces being an Integral Part of Housing Project eligible for Income...

Re-assessment based on error committed by AO not permissible when Income Tax deduction allowed after...

Expenses incurred for Business allowable as a Income Tax Deduction until the Liquidation of Firm: ITAT [Read Order]

In a recent ruling, the Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT )has held that expenses incurred for business are allowable as a deduction until the actual liquidation of firm. ...

Provision for Liquidated Damages is an ascertained liability, allowable as Income Tax Deduction: ITAT [Read Order]

The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT )has held that the provision for liquidated damages is an ascertained liability and is allowable as a deduction from Income. SKF...

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

The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has recently in an appeal filed before it, held that gratuity is entitled for deduction under section 36(1) (va) of the Income tax Act. The...

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

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has allowed income tax deduction in respect of the expenditure towards the issue of ESOP to the employees at discount rates. The...

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...

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