30 January 2023


Search Results for Tag : Deduction

International Cases

Tribunal has no jurisdiction to interpret agreement, it can only amend statutory statement to ensure that, it corresponds with agreement(04.06.2017)

Claimant in present claim complained that, he had suffered an unlawful deduction from wages arising out of Respondent discontinuing its practice, afte.....

Tags : Wages, Deduction, Jurisdiction

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Notifications & Circulars

Clarification in respect of option under Section 115BAC of the Income-tax Act, 1961(13.04.2020)

1. Section 115BAC of the Income-tax Act, 1961 (the Act), inserted by the Finance Act, 2020 wef the assessment year 2021-22, inter alia, provides that .....

Tags : Clarification, Filing return, Tax deduction

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Clarification of 'initial assessment year' in Section 80IA (5) of the IT Act(15.02.2016)

The Central Board of Direct Taxes issued a clarification to the ‘initial assessment year’ for the purposes of Section 80IA(5) of the Income Tax Act, 1.....

Tags : Income tax, initial assessment year, deduction claim

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TDS Surveys by Income Tax Department unearths huge defaults in deduction and deposit(04.03.2020)

In a major breakthrough, the Tax Deducted at Source (TDS) wing of the Income Tax Department has unearthed default of TDS of Rs. 324 crore in the case .....

Tags : TDS Surveys, Defaults, Deduction, Deposit

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Income Tax Amendment Rules(27.06.2016)

The Central Board of Direct Taxes notified the 18th and 19th amendments to the Income Tax Rules 1962, introducing provisions for “foreign tax credit” .....

Tags : foreign tax credit, deduction

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News

SC Stays Madras HC Judgment on TDS Liability of Christian Nuns & Missionaries(10.05.2019)

Supreme Court has stayed Madras HC judgment which had ruled that salaries received by missionaries and nuns of Catholic Church are liable to be subjec.....

Tags : Supreme Court, Tax Deduction at Source, IT Act, 1961, Section 192

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CBDT Notifies Scrapping of Certain Forms for Income Tax Deductions(05.04.2021)

Central Board of Direct Taxes (CBDT) has notified that Form 10G, 56, 3CF-I, 3CF-II and 3CF-III under the Income Tax Act, 1961 ceased to be effective o.....

Tags : Central Board of Direct Taxes, Forms for Income Tax Deductions

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ITAT, Jaipur Allows Deduction u/s 54F on Residential House Property Purchased in Name of Wife(07.04.2021)

Income Tax Appellate Tribunal (ITAT), Jaipur has allowed the deduction under section 54F of the Income Tax Act, 1961 in respect of residential house p.....

Tags : Income Tax Appellate Tribunal, Deduction u/s 54F on Residential House Property

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Madras HC: Assessee Has Option to Choose First Year From Which Deduction is Claimed(08.04.2021)

Madras High court held that the assessee has the option under section 80IA of the Income Tax Act, 1961 to choose the first year from which deduction i.....

Tags : Madras High Court, Claiming Deduction

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Kerala High Court: No Deduction in Respect of Delayed Payment of Employee Provident Fund(25.06.2019)

Kerala High Court has rejected the deduction claim made by Harrisons Malayalam wherein it was held that the deduction under Section 36(1)(va) of Incom.....

Tags : Kerala High Court, Deduction

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ITAT, Hyderabad: Deduction Granted in First Year Cannot be Denied in Subsequent Years(11.05.2021)

Income Tax Appellate Tribunal (ITAT), Hyderabad has ruled that the deduction under section 80IA(4) of the Income Tax Act, 1961 granted in first year c.....

Tags : Income Tax Appellate Tribunal, Deduction Granted in First Year

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SC: Deduction Under Section 80-IA Income Tax Act Not Restricted to 'Business Income' Only(29.04.2021)

Supreme Court has held that the scope of sub-section (5) of Section 80- IA of the Income Tax Act, 1961 is limited to determination of quantum of deduc.....

Tags : Supreme Court, Deduction Under Section 80-IA Income Tax Act

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Supreme Court Directs Rajasthan Private Schools to Give Deduction in Annual School Fees(04.05.2021)

Supreme Court has permitted the private unaided schools in Rajasthan to collect annual school fees from their students as fixed under the Rajasthan Sc.....

Tags : Supreme Court, Deduction in Annual School Fees

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Bombay High Court Accepts Deduction for Container Freight Station Run(18.06.2019)

Bombay High Court has accepted Deduction under Section 80IA of the Income Tax Act, 1961 for Container Freight Station run by Logistic Park.

Tags : Bombay High Court, Deduction

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Calcutta HC: University Cannot Deduct Portion of Salary Without Obtaining Consent(29.07.2021)

Calcutta High Court has opined that a University cannot deduct a portion of the salary of its employees, as donation, without obtaining their consent .....

Tags : Calcutta High Court, Deduction of Salary

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Kerala HC: Forced Deduction from Pension to CM's Relief Fund Not Permissible(14.07.2021)

Kerala High Court has held that KSEB shall not deduct any amount from the pension granted to its retired employees towards the Chief Minister's Relief.....

Tags : Kerala High Court, Forced Deduction from Pension

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Bombay High Court: No TDS on Payments made for Providing SMS Services(09.08.2017)

Bombay High Court has held that there is no Tax Deduction at Source (TDS) liability on payment for providing SMS services under Section 194J of the In.....

Tags : Bombay High Court, Tax Deduction at Source

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ITAT Mumbai: Share in Goodwill Paid to Legal Heirs of Deceased Partners Allowable as Deduction(26.08.2019)

Income Tax Appellate Tribunal (ITAT), Mumbai has ruled that the payment made to the legal heirs of deceased partners towards share in goodwill is allo.....

Tags : ITAT Mumbai, Deduction

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KHC Upholds Deduction to Future Expenses in Respect of Liability that Accrued During Accounting Year(06.09.2019)

Kerala High Court(KHC) has ruled that an expenditure to be incurred in future in respect of a liability that accrued during the related accounting yea.....

Tags : KHC, Deduction

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ITAT, Bangalore: Capital Gain Deduction Allowable for House Purchased Outside India(05.02.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has allowed a claim of deduction under Section 54/54F of the Income Tax Act, 1961 on a house purchased.....

Tags : Income Tax Appellate Tribunal, Capital Gain Deduction on House Purchased Outside India

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ITAT, Kolkata Deletes Addition as Interest on Loan After Deduction of TDS(22.10.2021)

Income Tax Appellate Tribunal (ITAT), Kolkata has deleted the addition as interest on Loan duly paid by the assessee after deducting Tax Deducted at S.....

Tags : Income Tax Appellate Tribunal, Interest on Loan After Deduction of TDS

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Madras High Court: No Tax Deduction for Replacement of Machineries(15.01.2020)

Madras High Court has held that the replacement of the machineries as a whole cannot be held to be current repairs or allowable revenue expenditure.

Tags : Madras High Court, Tax Deduction, Replacement of Machineries

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Pune ITAT: Higher Education Abroad Is No Bar for Claiming Interest on Edu Loans for Tax Deduction(02.12.2015)

Pune Income-tax Appellate Tribunal (ITAT) has held that deduction for interest paid on educational loans taken for higher studies will be allowed from.....

Tags : Pune Income-tax Appellate Tribunal , Edu Loans for Tax Deduction

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ITAT, Chennai: Wife Eligible for Capital Gain Deduction Towards House Purchased in Husband’s Name(27.02.2020)

Income Tax Appellate Tribunal (ITAT), Chennai has held that the wife is eligible for deduction under Section 54 of the Income Tax Act, 1961 for the in.....

Tags : Income Tax Appellate Tribunal, Wife Eligible for Capital Gain Deduction

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ITAT, Ahmedabad: Deduction on Legal and Professional Fees Incurred to Improve Day to Day Working(02.03.2020)

Income Tax Appellate Tribunal (ITAT), Ahmedabad has held that general deduction on Legal and Professional Fees incurred for the improvement of day to .....

Tags : Income Tax Appellate Tribunal, Deduction on Legal and Professional Fees

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Bombay HC: Deduction Not Claimed Earlier Can be Claimed During Proceeding(18.03.2020)

Bombay High Court has held that the deduction which is not claimed earlier can be claimed during the proceeding under Section 151A of the Income Tax A.....

Tags : Bombay High Court, Claim of Deduction

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ITAT, Amritsar: Assessee to Claim Deduction of Employees Share of ESI and PF(24.12.2021)

Income Tax Appellate Tribunal (ITAT), Amritsar has held that the assessee to claim deduction of employee’s share of Employees’ State Insurance and Pro.....

Tags : Income Tax Appellate Tribunal, Deduction of Employees Share of ESI and PF

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CBDT: Form No. 56FF to be Furnished Along with Income Tax Return for Claiming Deduction(31.12.2021)

Central Board of Direct Taxes (CBDT) has notified Form No. 56FF to be furnished along with the Income Tax Return for claiming section 10A(1B)(b) deduc.....

Tags : Central Board of Direct Taxes, Deduction u/s 10A(1B)(b)

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Supreme Court: MODVAT Credit not Allowable as Deduction u/s 43B of Income Tax Act, 1961(10.02.2020)

Supreme Court has held that MODVAT credit does not qualify as ‘any sum payable by the Assessee by way of tax, duty, cess or fee’ under Section 43B of .....

Tags : Supreme Court, Deduction

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ITAT, Chennai Disallows Deduction Claim on Receipts from Carbon Credit(12.02.2020)

Income Tax Appellate Tribunal (ITAT), Chennai has held that the receipts from the sale of the carbon credit are liable to be treated as the capital re.....

Tags : Income Tax Appellate Tribunal, Deduction Claim on Receipts from Carbon Credit

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Delhi HC Affirms Assessee Not Entitled to Claim Deduction Until Liability Has Accrued(13.02.2020)

Delhi High Court has held that the Assessee is not entitled to claim the deduction until the liability for which deduction is claimed has accrued.

Tags : Delhi High Court, Deduction Until Liability Accrues

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ITAT, Bangalore: Royal Challengers Eligible for Tax Deduction for Contribution(18.02.2020)

Income Tax Appellate Tribunal (ITAT), Bangalore has allowed tax deduction to Royal Challengers Sports Pvt. Ltd. on its contribution of Rs. 15 Crores t.....

Tags : Income Tax Appellate Tribunal, Tax Deduction for Contribution, Royal Challengers

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ITAT, Delhi Deletes Penalty Since Non-Deduction of Tax was Due to Non-Receipt of Invoices(23.03.2022)

Income Tax Appellate Tribunal (ITAT), Delhi has deleted a penalty order under section 271C of the Income Tax Act, 1961 by holding that the non-deducti.....

Tags : Income Tax Appellate Tribunal, Non-Deduction of Tax

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Delhi HC Allows Income Tax Deduction of Payment of Bonus by Company to Director(15.04.2022)

Delhi High Court has allowed the deduction of payment of bonus by a Company to its Directors by directing the income tax department to follow the rule.....

Tags : Delhi High Court, Deduction of Payment of Bonus

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ITAT, Bangalore: Payment of Sub Contracting Charges to Subsidiary Liable to TDS(18.04.2022)

Income Tax Appellate Tribunal, Bangalore has observed that payment of sub-contracting charges to subsidiary is liable to Tax Deduction at Source.

Tags : Income Tax Appellate Tribunal, Tax Deduction at Source, sub-contracting charges

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ITAT: Interest-bearing Unsecured Loans Are Allowable As Income Tax Deduction U/S 57(iii)(31.05.2022)

Income Tax Appellate Tribunal, Raipur observed that interest-bearing unsecured loans are allowable as deduction under Section 57(iii) of Income Tax Ac.....

Tags : Income Tax Appellate Tribunal, unsecured loans, deduction

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ITAT, New Delhi: Interest on Enhanced Compensation Does Not Come u/s 56 IT Act(08.04.2022)

Income Tax Appellate Tribunal( ITAT ), New Delhi has observed that received interest on enhanced compensation does not comes under income from other s.....

Tags : Income Tax Appellate Tribunal, received interest, enhanced compensation, Tax Deduction at Source, section 194A of the income tax act, 1961

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ITAT, Kolkata: Disallowance of Deduction of Interest Income Should be Restricted to Net Interest(08.05.2020)

Income Tax Appellate Tribunal (ITAT), Kolkata has held that disallowance of deduction under Section 80IB(10) of the Income Tax Act, 1961 in respect of.....

Tags : Income Tax Appellate Tribunal, Disallowance of Deduction of Interest Income

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ITAT, Bangalore: TDS Not Applicable to Commission for Professional Service by Non Resident(04.05.2022)

Income Tax Appellate Tribunal, Bangalore has ruled that Tax Deduction at Source is not applicable to commission for professional service by Nonresiden.....

Tags : Income Tax Appellate Tribunal, Tax Deduction at Source, professional service

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ITAT: Salary Reimbursement based on Cost to Cost Cannot Attract TDS Liability u/s 195(09.05.2022)

Income Tax Appellate Tribunal, Bangalore has ruled that Tax Deduction at Source is not applicable to reimbursement of salary based on the cost to cost.....

Tags : Income Tax Appellate Tribunal, Section 195, Income Tax Act,1961, Tax Deduction at Source

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Bombay HC Imposes 50K Cost on Bank for Deducting Pension Retrospectively(25.08.2020)

Bombay High Court has imposed a cost of Rs.50,000 on State Bank of India for deducting more than Rs.3 lakh from 85-year-old pensioner Naini Gopal's ac.....

Tags : Bombay High Court, Deduction of Pension Retrospectively

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ITAT: SIDC Eligible for Section 80IA Deduction for Interest on Land Premium on Industrial Parks(02.06.2022)

Income Tax Appellate Tribunal, Dehradun bench has held that State Infrastructure & Industrial Development Corporation of Uttarakhand Ltd. (SIDC) is el.....

Tags : ITAT, Income-Tax, SIDC, Deduction

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ITAT Disallows IT Deduction U/S 80IA as Income From Eligible Unit Not Shown in Gross Total Income(08.06.2022)

Income Tax Appellate Tribunal (ITAT), Cuttack bench has disallowed deduction under Section 80IA of Income-Tax Act, 1961 since income from eligible uni.....

Tags : ITAT, Income-Tax Act, Deduction

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ITAT: Expenses Paid Through Cheques Based on Self-Made Voucher Allowable as Income Tax Deduction(10.06.2022)

Income Tax Appellate Tribunal (ITAT), Pune bench has allowed the expenses paid through cheques based on the self-made voucher allowable as deduction u.....

Tags : ITAT, Deductions, Cheque

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ITAT: Drawings Made for Non-Business Purposes are Not Allowable as Income Tax Deduction(13.06.2022)

Income Tax Appellate Tribunal (ITAT), Visakhapatnam bench has held that drawings made for non-business purposes are not allowable as a deduction under.....

Tags : ITAT, Deductions, Income-Tax

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ITAT: Additional Purchase Price fixed for Sugarcane Under Control Order Not Allowed as Deduction(14.06.2022)

Income Tax Appellate Tribunal (ITAT), Pune bench has held that additional purchase price fixed for sugarcane under Clause 5A of Control Order not allo.....

Tags : ITAT, Control Order, Deduction

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Deduction of 50% of Wages From Prisoners Unconstitutional: Madras HC(07.02.2019)

Madras High Court has held that Rule 481 of Tamil Nadu Prison Rules, 1983 is unconstitutional to the extent it provides for deduction of 50% of the wa.....

Tags : Madras High Court, Deduction of 50% of Wages From Prisoners Unconstitutional

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Deduction of 50% of Wages From Prisoners Unconstitutional: Madras HC(08.02.2019)

Madras High Court has held that Rule 481 of Tamil Nadu Prison Rules, 1983 is unconstitutional to extent it provides for deduction of 50% of the wages .....

Tags : Madras High Court, Deduction of 50% of Wages From Prisoners

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ITAT: Liquor License Obtained in The Name of Benami/Employee is Illegal(17.08.2022)

Income Tax Appellate Tribunal (ITAT), Delhi Bench while disallowing claim of business expenditure towards payment of license fee has held that assesse.....

Tags : ITAT, License Fees, Illegal, Deduction

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ITAT: Income Tax Dept. Can’t Deny TDS Credit to Assessee Once it is Deducted by Employer(04.07.2022)

Income Tax Appellate Tribunal (ITAT), Surat Bench has allowed a claim of TDS credit to the assessee by observing that the same cannot be rejected if t.....

Tags : ITAT, TDS Credit, Deduction

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ITAT: 100% Deduction U/S 80IC of IT Act allowable when Industry undergone Substantial Expansion(05.07.2022)

Income Tax Appellate Tribunal (ITAT), Delhi Bench has held that 100% deduction under Section 80IC of Income-Tax (IT) Act, 1961 is allowable when an in.....

Tags : ITAT, Substantial Expansion, 100% Deduction

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Calcutta HC: Statute Promoting Growth And Development Should be Considered Liberally(11.07.2022)

Calcutta High Court while allowing Income-Tax deduction to ITC Ltd. has held that the statute promoting growth and development should be considered li.....

Tags : Calcutta High Court, Growth And Development, Deduction

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ITAT, Ahmedabad: Deduction Can be Claimed under R&D for Development of Mechanism(03.11.2020)

Income Tax Appellate Tribunal (ITAT), Ahmedabad has held that the deduction can be claimed under Research and Development (R&D) for Amount incurred to.....

Tags : Income Tax Appellate Tribunal, Deduction under R&D

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Madras HC: No TDS on Monetary Benefits of Nuns/Priests(26.12.2016)

Madras High Court has ruled that Nuns, Priests, Monks and other religious persons who are attached to religious orders and whose salaries and monetary.....

Tags : Madras High Court, Tax Deduction At Source, Priests, Monks, Nuns

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No Income Tax Deduction to Law Firm for Expenses Incurred for Pleasure Tour by Counsels: ITAT(08.01.2019)

Income Tax Appellate Tribunal (ITAT), Delhi, has held that no income tax deduction can be given to the law firm, Luthra & Luthra, for the expenses inc.....

Tags : ITAT, Income Tax Deduction to Law Firm,Pleasure Tour by Counsels

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ITAT: Deduction U/S 54EC of IT Act Applicable within 6 Months from Date of Transfer of Property(18.07.2022)

Income Tax Appellate Tribunal (ITAT), Delhi Bench has held that deduction under Section 54EC of Income-Tax (IT) Act, 1961 is applicable within six cal.....

Tags : ITAT, Transfer of Property, Deduction

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#Union Budget 2021-2022: Late Deposit of Contributions Not Allowed as Deductions to Employers(01.02.2021)

Finance Minister has reiterated that late deposit of contributions will not be allowed as deductions to employers, taking notice that some employers d.....

Tags : Finance Minister, Union Budget, Provident Fund Deductions

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SC: Agricultural Societies Entitled to Deduction Even if They Give Loans for Non-Agricultural Purpose(13.01.2021)

Supreme Court has ruled that Cooperative Societies registered as primary agricultural credit societies are entitled to deductions under Section 80P (2.....

Tags : SC, Deduction

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ITAT, Bangalore: Assessee in Principle Entitled to Claim Deduction of Gratuity(22.02.2021)

Income Tax Appellate Tribunal (ITAT), Bangalore has ruled that assessee in principle is entitled to claim a deduction of gratuity paid before the appe.....

Tags : Income Tax Appellate Tribunal, Deduction of Gratuity

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Del HC Upholds Provision Allowing Deduction for Payment of Maintenance to Air Force Personnel's Wife(09.01.2023)

Delhi High Court has upheld the constitutional validity of Section 92(i) of Air Force Act, 1950 which allows deduction from pay and allowance of Air F.....

Tags : Delhi High Court, Air Force Act, Maintenance, Deductions

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ITAT, Delhi: Deduction u/s 80HHC to be Computed after Reducing Deduction u/s 80IA(02.04.2021)

Income Tax Appellate Tribunal, Delhi has held that deduction allowed under Section 80-IA of Income Tax Act, 1961 has to be reduced from the profits fo.....

Tags : Income Tax Appellate Tribunal, Deduction u/s 80HHC

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ITAT: Interest Income Earned By Co-Operative Society Eligible For Deduction(23.01.2023)

Income Tax Appellate Tribunal, Mumbai has observed that the interest income earned by a co-operative society on its investments held with co-operative.....

Tags : Income Tax Appellate Tribunal, interest, deduction

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DIRECT TAXATION - Salary Recd. By Missionaries/Nuns Subject To TDS Under Section 192 of IT Act: Madras HC(25.03.2019)

Madras High Court has ruled that Canon Law does not bind Income Tax Act and so salaries received by missionaries and nuns of Catholic Church for teach.....

Tags : Madras High Court, Tax Deduction at Source, Section 192 of the Act

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DIRECT TAXATION - ITAT Rejects Fake Claim for Deduction of Rent Paid to Mother as Same Was an Afterthought(27.03.2019)

Income Tax Appellate Tribunal (ITAT) has disallowed a fake claim for deduction because it was established that the rent paid to mother was nothing, bu.....

Tags : Income Tax Appellate Tribunal, ITAT, Rent Deduction, false claim

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Judgments

Motor Vehicles Act is social welfare legislation and if there is conflict between social welfare legislation and tax legislation, social welfare legislation will prevail(15.11.2016)

Petitioner-New India Assurance Company Limited filed instant petition challenging order passed by learned member of Maharashtra Accident Claims Tribu.....

Tags : TDS, Deductions, Limit

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Deduction under Section 10A would be made while computing gross total income of eligible undertaking under Chapter IV of Act(16.12.2016)

The true and correct meaning and effect of provisions of Section 10A of Income Tax Act, 1961 is the principal issue arising for determination. Appella.....

Tags : Deduction, Computation, Gross total income

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Premium collected by Company on its share capital cannot be claimed as deduction(28.03.2017)

Appellant is a Limited Company engaged in business of manufacture and sale of various kinds of paints. For Assessment Year 1996-1997, Appellant (Asses.....

Tags : Assessment, Deduction, Entitlement

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Credit co-operative society providing credit etc. to its members cannot be treated as a ‘co-operative bank’ carrying on banking activities(27.11.2017)

The Assessee, in the present case, is a credit co-operative society who provided credit/loan facilities to its members and accepted deposits from them.....

Tags : Credit Cooperative Society; Cooperative Bank, Deduction

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Assessee is entitled for benefit of Section 54F of the IT Act, when new residential house purchased within two years from the date of transfer of the original asset that is shares(29.05.2020)

In facts of present case, the return of income filed by the Assessee was selected for scrutiny assessment and statutory notices were issued and compli.....

Tags : Deduction, Benefit, Provision

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An independent building can have a number of residential units and it will not lose the character of one residential house(24.02.2021)

The appeal filed by the assessee is directed against the order passed by Learned Commissioner of Income Tax [CIT(A)], Bengaluru and it relates to the .....

Tags : Deduction, Provision, Applicability

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Payment made by hospital to consultant doctors requires deduction of tax at source under Section 194J of IT Act(12.07.2021)

The revenue is aggrieved by findings of Learned Commissioner of Income Tax (Appeal) [CIT(A)] that, the payment made by assessee hospital to certain co.....

Tags : Tax deduction, Applicability, Provision

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When the loans are given to Nominal Members and relevant State Act includes, 'Nominal Member' under purview of 'Member', benefit under Section 80P(2)(a)(i) of IT Act cannot be denied(21.06.2021)

The assessee is a Co-operative society registered under the Maharashtra Co-operative Societies Act, 1960 ('the Maharashtra Act'). It is engaged in pro.....

Tags : Deduction, Denial, Legality

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The University cannot deduct a portion of the salary of its employees, as donation, without obtaining their consent(27.07.2021)

The Petitioners are Adhyapakas of different departments of Visva-Bharati, Santiniketan. They are dissatisfied with the action on the part of the Regis.....

Tags : Salary, Deduction, Validity

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Corpus funds received by the trust are capital receipts, not includible in income of the trust(20.10.2021)

The assessee is a trust, filed its return of income claiming exemption under Section 11 of the Income Tax Act, 1961 (IT Act). The Assessing Officer, o.....

Tags : Assessment, Deduction, Entitlement

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Assessee is not entitled to deduction in respect of interest income earned from investments with Co- operative Banks(14.10.2021)

The assessee is a co-operative society registered under the Karnataka Co-operative Societies Act, 1959. For the assessment year 2015-2016, the return .....

Tags : Assessment, Deduction, Disallowance

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Where eligible enterprise has been transferred, the transferee company i.e. amalgamated company will become entitled to deduction under Section 80IA of IT Act(15.09.2021)

Assessee is engaged in the activity of Power Generation. It has filed return of income on declaring total income at Rs.14,81,15,160/- after claiming d.....

Tags : Deduction

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Entities registered under the Karnataka SouhardaSahakari Act, 1997 fit into the definition of "co-operative society" as enacted in Section 2(19) of the IT Act(16.09.2021)

The Assessee, a Co-operative registered under Section 6(1) of the Karnataka Souharda Co-operative Act, 1997 has claimed deduction under Section 80P(2).....

Tags : Co-operative Societies, Deduction

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Payments made by the non-resident company, cannot be considered as "royalty payments" and do not give rise any income chargeable in India under Indian IT Act(03.09.2021)

The Assessee herein is an Indian company. The AO noticed that the Assessee has made payments to M/s Face Ireland Ltd towards advertisement charges. Th.....

Tags : Assessment, Deduction, Legality

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Employees' contribution paid by assessee before the due date of filing of return of income under Section 139(1) of the IT Act is an allowable deduction(01.02.2022)

In facts of present case, for the assessment year 2018-2019, the return of income was filed declaring loss of Rs.6,06,66,516. The assessee was served .....

Tags : Assessment, Deduction, Allowability

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Payment of bonus or commission is not allowable as deduction under Section 36 (1) (ii) of the IT Act(13.04.2022)

The Appellant is a private limited company. Sh. Arvind Chadha and Sh. Anoop Chadha are two share-holders and directors holding 50% equity shares each .....

Tags : Deduction, Disallowance, Legality

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Interest earned by the assessee on surplus held with cooperative banks would be eligible for deduction under Section 80P(2)(d) of the IT Act(20.05.2022)

The Revenue is in appeal in respect of the allowability of deduction under Section 80P(2)(d) of the Income Tax Act, 1961 (IT Act) in respect of intere.....

Tags : Interest, Deduction, Eligibility

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No debatable issue can be considered while doing adjustment under Section 143(1)(a) of IT Act(10.08.2022)

The assessee-company filed its return of income under Section 139(1) of Income Tax Act, 1961 (IT Act) declaring total income at Rs. 6,34,38,721 under .....

Tags : Assessment, Deduction, Disallowance

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Deduction under Section 80-IA of IT Act is not restricted to 'Business Income' only(28.04.2021)

By an order of assessment, the Assessing Officer restricted the eligible deduction under Section 80-IA of the Income Tax Act, 1961 (IT Act) to the ext.....

Tags : Eligible deduction, Entitlement, Legality

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Once Research and Development facility is approved by prescribed authority, expenses incurred has to be allowed under Section 35(2AB) of IT Act(01.01.2021)

The assessee is a private limited company and engaged in the business of herbal veterinary medicines and export of herbal extracts. For the assessment.....

Tags : Assessment, Deduction, Grant

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Interest income earned on deposits in the Bank is also in the nature of business income eligible for deduction under Section 80P(2) of IT Act(06.01.2021)

The assessee is a Co-Operative Credit Society and carries on its activities of in providing loans to its members and earns interest income and also ac.....

Tags : Assessment, Deduction, Eligibility

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Leave Travel Concession has to be availed by an employee within certain limitations, prescribed by the law; LTC is not for a foreign travel(04.11.2022)

The Appellant (State Bank of India) has challenged the judgement passed by a Division Bench of the High Court which has dismissed the appeal filed by .....

Tags : Payment, LTC, Tax deduction

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Expenditure on solicitor’s eye operation not business expense(28.10.2015)

The Bombay High Court upheld an order of the ITAT excluding expenditure by the Assessee on eye treatments to improve vision. The Tribunal had determin.....

Tags : Personal expense, business, tax, deduction

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Assessee would be entitled to deduction, when Employees' contribution to PF and ESI, is paid before the due date of filing of the return of income under Section 139(1) of the I.T. Act(07.02.2022)

Present appeals at the instance of the assessee are directed against two orders of the CIT(A). The ground raised in both the appeals is identical, i.e.....

Tags : Deduction, Disallowance, Legality

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Foreign exchange receipt must be attributable to the information or service contemplated by Section 80-O of Income-tax Act for claiming deduction(05.06.2020)

The short point calling for determination in present appeals is whether the income received by the Appellants in foreign exchange, for the services pr.....

Tags : Deduction, Applicability, Provision

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Employees' contribution paid by the assessee before the due date of filing of return of income under Section 139(1) of the I.T. Act is an allowable deduction(14.03.2022)

The assessee has filed present appeal challenging the order passed by Learned CIT(A), National Faceless Appeal Centre, Delhi and it relates to the ass.....

Tags : Assessment, Deduction, Disallowance

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Benefit of deduction under Section 54F of the IT Act is available, if entire investment had come out of proceeds of old property(24.07.2020)

The brief facts of the case are that, the Assessee is an individual engaged in the business of selling mutton and sheep, filed his return of income fo.....

Tags : Benefit, Deduction, Grant

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Disallowance of deduction under Section 80IB(10) of IT Act, in respect of interest income should be restricted to net interest and not gross interest(04.05.2020)

In facts of present case, the Assessee in the present case is a Company, which is engaged in the business of Builders and Property Developers. The ret.....

Tags : Assessment, Disallowance, Deduction

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Assessee is manufacturing polyurethane foam, assessee shall not be entitled to deduction claimed under Section 80-IB of the IT Act(17.11.2022)

Appellant – assessee is having a manufacturing unit at Pune in which the Appellant – assessee is manufacturing ‘polyurethane foam,’ which is ultimatel.....

Tags : Assessment, Deduction, Denial

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