deduction Archives

Case Briefs Tribunals/Commissions/Regulatory Bodies

Read why ITAT rejected Congress Party’s appeal for exemption of Rs 199.15 Crores due to delay in filing ITR

The ITAT reiterated that so far as an interpretation of such an exemption provision in a fiscal statute was concerned, a stricter interpretation had to be employed rather than a liberal one.

Case Briefs High Courts

Delhi HC sets aside CIC order allowing disclosure of exemption sought by Shri Ram Janmabhoomi Teerth Kshetra for its donations

“The information pertaining to an assessee cannot be granted under the Right to Information Act, 2005 in view of Section 138(1)(b) of the Income Tax Act, 1961.”

Case Briefs High Courts

Recovery of penal rent from Air India employees for occupying Air India Colony held unlawful: Delhi High Court

The Delhi High Court held that without following due process of law, no penal rent could be deducted from the salaries of the employees of Air India Limited who failed to vacate the allotted accommodation.

Case Briefs High Courts

Can Indian revenue authorities go after tax residency certificate issued by other tax jurisdiction and issue a re-assessment notice u/s 147 Income Tax Act? Delhi High Court rules

A clarificatory press release dated 1-03-2013 issued by the Finance Ministry pursuant to the 2013 amendment makes it clear that a Tax Residency Certificate is to be accepted and tax authorities cannot go behind it. Further, based on repeated assurances to foreign investors by way of CBDT Circulars as well as press releases and legislative amendments and decisions of the Courts, the revenue cannot go behind TRC.

Case Briefs High Courts

Whether the assessee is entitled to claim the difference between the market price and the allotment price of shares, as an expenditure under Section 37 of IT Act? Delhi High Court analyses

Delhi High Court: On a question of law before the Court that whether the Income Tax Appellate Tribunal (‘ITAT’) erred in law

Case Briefs Tribunals/Commissions/Regulatory Bodies

Whether the interest paid on late payment of TDS after deduction can be claimed as expenditure for determining the taxable income? ITAT examines and elucidates

Income Tax Appellate Tribunal (ITAT): While deciding the instant appeal wherein the relevant question arose that whether the interest paid on late

Case Briefs Tribunals/Commissions/Regulatory Bodies

When can loss due to embezzlement be allowed as a deduction in computation of income tax? ITAT elucidates

Income Tax Appellate Tribunal (ITAT), Bangalore: The coram of N.V. Vasudevan (Vice President) and Padmavathy S. (Accountant Member), considered the instant appeal,

Case Briefs High Courts

Mad HC decides on includability of royalty / guarantee commission in business profit for the purpose of calculation of deduction under S 80 HHC of IT Act

Madras High Court: A Division Bench of R Mahadevan and Sathya Narayan Prasad, JJ. dismissed the tax appeal holding that guarantee commission

Case Briefs Supreme Court

State ‘exclusivity’ for disallowance of certain fee, charge, etc. is to be viewed from the nature, not the number of undertakings on which the levy is imposed: SC

Supreme Court: The Division Bench of R. Subhash Reddy* and Hrishikesh Roy, JJ., held that to determine State Monopoly for disallowance of

Case Briefs Supreme Court

Disallowance under Section 40(a)(ia) of IT Act whether confined to the amount “payable” and not to the amount “already paid”?SC explains

Supreme Court: Dealing with the question as to whether disallowance under Section 40(a)(ia) of the Income Tax Act, 1961 is confined/limited to

Case Briefs High Courts

Delhi HC questions deduction of over 80% of salary in lieu of recovery of loan taken from department

Delhi High Court: A Division Bench comprising of Hima Kohli and Pratibha Rani, JJ., listed a writ petition before it for next