Search results for: tax deduction

For notice pay, scrap sales, and miscellaneous income the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) granted deductions under Section 80 IC of the Income Tax Act, 1961. Under section 80-IC of the Act, the taxpayer has claimed a deduction by ministering them as profit originating from the business of eligible […]

In DCIT vs. Sandeep Hooda, adjudicated by ITAT Delhi, the taxpayer’s eligibility for deduction u/s 54 of the I-T Act, 1961, is scrutinized. The dispute emerges from the absence of essential amenities in the claimed residential property. The case background is that the taxpayer, Sandeep Hooda, qualifies for tax deduction u/s 54 despite the shortage […]

No rejection should be there for the taxpayer’s claim since the same was not notified in the tax audit report, certainly in the cases where the other proof is available on record recommending the deduction as per the provisions of section 43B on a payment basis is available, Rajkot ITAT ruled. The Bench of the […]

The Kolkata ITAT learning that the taxpayer’s returns have been processed in the Computer Processing Centre held that when the auditors have reported in the audit report that employees’ contributions have been deducted by the taxpayer from the employee’s salaries but not deposited within the deadline furnished under PF&ESI Act, assessee could not avail for […]

The claim of deduction u/s 80 IA of the Income Tax Act, 1961 expressing that the same is not available for the individuals encountered in performing work contracts has been rejected by the Mumbai bench of the Income Tax Appellate Tribunal (ITAT). To claim deduction u/s 80IA of the Income Tax Act is the only […]

The legal matter between TVS Srichakra Limited and DCIT at ITAT Chennai revolves around the disapproval of a deduction under Section 80IC. This disapproval stems from the failure to submit Form 10CCB along with the income return for the assessment year 2016-17. The crux of the dispute lies in the appellant, TVS Srichakra Limited, asserting […]

In a significant legal judgment, the Gujarat High Court emphasized that companies involved in the development of infrastructure projects, such as roads and canals, are eligible for deductions under Section 80IA(4) of the Income Tax Act, 1961. The respondent, a Private Limited Company engaged in construction activities and infrastructure development projects like irrigation canals and […]

On 28th December, the Central Board of Direct Taxes (CBDT) furnished the guidelines on the problem of deduction of 1% income tax of the gross amount of the sale of goods or services via e-commerce companies in the multiple-operator model framework. An e-commerce operator under section 194-O of the Income Tax Act, 1961 (‘the Act’) […]

The Income Tax Appellate Tribunal (ITAT), Delhi bench ruled that rental income obtained from letting out property shall get taxed under the head “Income from house property.” Thus, the bench permitted a deduction under Section 24(a) of the Income Tax Act, 1961. The taxpayer, U & I Business Services Pvt. Ltd., is a resident corporate […]