Read all Latest Updates on and about section 57 of the Income Tax Act

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Escrow FD Interest of ₹48.08 Lakh Held Taxable, as Deduction u/s 57 Not Allowable Without Expenditure: ITAT Upholds addition [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal (ITAT) held that a deduction under Section 57 cannot be claimed against escrow FD interest of...

Fuel Expenses Cannot be Assumed or Calculated by Logic: ITAT Upholds Status Quo on Categorization of...

Deduction u/s 57 for Bank Charges allowable as it Relates to Interest Income: ITAT Allows Claim...

Co-operative Society Entitled to Claim Deduction u/s 57 for Expenditure Incurred on Interest Income...

Deduction u/s 80P(2)(d) Confined to Co-operative Bank Deposits, RRB Interest Treated Separately with...

Disallowance of Claim for Interest Expense u/s 36(1)(iii): ITAT Directs AO to Verify Business Nexus and Reassess Deduction [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer ( AO ) to verify the business nexus of the interest expense claimed under Section 36(1)(iii) and reassess...

Disallowance of ₹50.05 Lakh u/s 37(1): ITAT directs AO to verify Business Commencement [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to verify the commencement of business in the case of the assessee regarding the disallowance of ₹50.05...

Eligibility for S.80P(2)(d) Deduction on Interest Income from Cooperative Banks: ITAT Upholds CIT(A) Order [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT)upheld the Commissioner of Income Tax (Appeals)[CIT(A)]'s order allowing a deduction under Section 80P(2)(d) of Income Tax Act,1961 for...

Expenditure u/s 57 Justified with Established Income Nexus: ITAT allows to claim Deduction [Read Order]

In a recent decision, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) allowed the assessee to claim a deduction of Rs. 30.4 lakhs under Section 57 of the Income Tax Act, 1961, as...

Continuous Non-Compliance towards Notices: ITAT remands matter with ₹5k Costs [Read Order]

In a recent ruling, the Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) remanded the matter with Rs. 5000 due to non-compliance with the notices by the assessee. In this case, the...

Order must be Erroneous and Prejudicial to Revenue Interests for Invoking S.263 of Income Tax Act: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that for invoking Section 263 of the Income Tax Act,1961 an order must be both erroneous and prejudicial to the interests of the...

Taxpayer Follows Mercantile System of Accounting Consistently: ITAT allows Deduction of Rs. 34.2 lakhs u/s 57 of Income Tax Act [Read Order]

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) allowed a deduction of Rs. 34.2 lakhs under Section 57 of the Income Tax Act, noting that the taxpayer consistently followed the...