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ITAT Delhi held that disallowance under section 14A of the Income Tax Act cannot exceed the exempt income.
ITAT Bangalore held that expenditure towards Employees Stock Option Plan (ESOP) is allowable deduction u/s 37 of the Income Tax Act.
ITAT Mumbai held that re-assessment under section 147 of the Income Tax Act not sustainable as assessee duly provided full and true material facts necessary for the assessment.
ITAT Hyderabad held that order passed without giving reasons for the conclusions arrived at is a non-speaking order and the same is liable to be set aside.
ITAT Delhi held that rent including service tax on rent paid for the purpose of business is allowable under section 30 of the Income Tax Act.
ITAT Mumbai held that initiation of revisional proceedings u/s 263 of the Income Tax Act unsustainable as AO has carried out enquiry on the issues, however, has failed to discuss the same in the Assessment Order.
ITAT held that the interest paid on delayed payment of TDS by the assessee u/s 201(1A) r.w.s. 206C(7) of the Act cannot be held as penal in nature and, thus, incurred out of commercial expediency and, therefore, is allowable u/s 37 of the Act.
As a consequence, any loss incurred by way of an expenditure by an assessee for any purpose which is an offence or which is prohibited by law is not deductible in terms of Explanation 1 to Section 37 of the Act.
ITAT Delhi held that that expenditure incurred between setting up and commencement of business could not have been capitalized and was to be allowed as business expenditure.
ITAT Delhi held that if in the initial year of claim the depreciation, is allowed, the claim cannot be disturbed in the subsequent years.
