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Income Tax : ITAT Mumbai held that alternative claim of assessee (lessee) to allow depreciation on Finance Lease Rental Payment is allowable si...
Income Tax : ITAT Mumbai held that deduction under section 80G of the Income Tax Act eligible towards donations, even if donations are part of ...
Income Tax : Delhi High Court held that the provisioning for Asset Reconstruction Cost qualified the prescriptions of AS 29 and the assessee wa...
Income Tax : ITAT Ahmedabad held that employees’ contribution to PF/ESI after statutory due dates but before due date of filing income tax re...
Income Tax : ITAT Delhi held that interest and penalty due to default in payment of license fee is merely compensatory in nature and hence the ...
ITAT Mumbai held that alternative claim of assessee (lessee) to allow depreciation on Finance Lease Rental Payment is allowable since lessor is allowed deduction of the same under section 37(1) of the Income Tax Act.
ITAT Mumbai held that deduction under section 80G of the Income Tax Act eligible towards donations, even if donations are part of Corporate Social Responsibility [CSR] expenditure. Thus, appeal of revenue dismissed.
Delhi High Court held that the provisioning for Asset Reconstruction Cost qualified the prescriptions of AS 29 and the assessee was thus justified in accounting for the same. Thus, that question is answered in favour of assessee.
ITAT Ahmedabad held that employees’ contribution to PF/ESI after statutory due dates but before due date of filing income tax returns not allowable as deduction. Accordingly, appeal of the assessee dismissed.
ITAT Delhi held that interest and penalty due to default in payment of license fee is merely compensatory in nature and hence the same is revenue expenditure. Accordingly, PCIT classifying them to be capital expenditure is not sustainable.
ITAT Ahmedabad held that income from sale of scraps generated through production process reducing cost of product is eligible for deduction under section 80IC of the Income Tax Act. Accordingly, appeal of revenue dismissed.
Orissa High Court ruled mining without environmental clearance doesn’t automatically disallow expenses under Section 37(1) of the Income Tax Act.
During the course of a survey, it was seen that the assessee had defaulted in deducting tax at source on interest paid to AGE Patel Joint Venture (JV) in Financial Year (FY) 2016-17 on Mobilisation advance and Machinery advance.
A similar claim for deduction as was raised by assessee-firm in the preceding year had been allowed by the department, but also the fact that the GP/NP rates of assessee firm were progressive as in comparison to the preceding year.
Assessee claimed deduction of IMC Transfer Expenses, City Environment Expenses, Contribution and Aid Expenses, Land Acquisition and Diversion Expenses which the AO disallowed the same.
