17 February 2020


Search Results for Tag : Deduction

Judgments

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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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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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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Notifications & Circulars

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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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

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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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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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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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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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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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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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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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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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 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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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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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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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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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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