10 May 2021


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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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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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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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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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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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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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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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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Notifications & Circulars

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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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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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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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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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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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, 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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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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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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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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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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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, 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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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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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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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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#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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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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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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