The income tax act defines Income tax and laws related to income tax. It covers income tax levy, collection, administration, and recovery. Income tax acts and income tax laws get changed/updated from time to time. Read our Latest News and Updated on the Income-tax act and Articles on the income tax act to understand the income tax act and its sections. Read our articles to understand income tax act section 10, income tax act section 24, income tax act section 54, income tax act section 80c, income tax act 44ad, income tax bare act, etc.
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Assessee is a credit cooperative society engaged in the business of providing credit facilities to its members for A.Y. 2014 – 15, filed its return of income after claiming deduction u/s. 80 P (2) (a) of the income tax act.
ITAT Delhi dismissed Revenue’s appeal in the case of Mehta Charitable Prajanalaya Trust, addressing issues related to charitable income and expense claims.
ITAT Jaipur held that time limit of filling the application for recognition u/s. 80G of the Act has been extended by the Board. Accordingly, benefit extension provided and matter restored to file of CIT(E).
ITAT Kolkata held that interest expenditure incurred on loans taken for acquiring property is allowable as deduction under section 48. However, from Assessment Year 2024-2025, due to amendment in provisions, such expenditure will not be allowed as deduction.
Govt. confirms no changes to the process of tax exemptions for STs in Meghalaya, clarifying no certificates are needed to claim exemptions under Section 10(26).
The writ petitioner company is non-deposit taking Non-Banking Financial Company (NBFC) having license from the Reserve Bank of India (RBI) for functioning as a Micro Finance Institution (MFI) registered with RBI.
Since the Revenue has not brought anything on record to controvert the findings of Ld. CIT(A), we don’t find any reason to interfere with his order. The ground taken by the Revenue is dismissed.
The petitioner, aggrieved by the Assessment Order filed an appeal before the Commissioner’s Office and it is submitted that the appeal is presently pending but no effective order has been passed thereon.
ITAT Delhi held that grant-in-aid incurred wholly and exclusively for the purpose of business is allowable as deduction. Accordingly, appeal is allowed and addition of the same by AO is liable to be deleted.
Held that the requirement of ensuring uniformity and consistency in tax assessments cannot be overlooked, especially while categorizing the nature of the activity carried on by an assessee to earn its income for the purposes of taxation.
