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Bombay High Court Dismisses Revenue's Appeal in Notional Loss Claim on Securities Reclassification. Tribunal's order allowing deduction of notional loss on transfer of securities from 'Available for Sale' to 'Held to Maturity' based on RBI guidelines upheld.

The case involves an appeal by the Commissioner of Income Tax-2 against an order of the Income Tax Appellate Tribunal (ITAT) dated 15 July 2011. The I...

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Bombay High Court Dismisses Revenue's Appeal in Hindalco Industries Tax Case on Section 80HHC Deduction and Capital vs Revenue Expenditure. Tribunal's findings on exclusion of local turnover for export deduction and treatment of financial advisory fees as revenue expenditure upheld.

The appeal was filed by the Commissioner of Income Tax-6 against the order of the Income Tax Appellate Tribunal (ITAT) dated 28.11.2008 in ITA No.3668...

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Bombay High Court Upholds Deduction Under Section 80IB for Assessee Engaged in Manufacture Through Job Workers. Workers Supplied by Contractor Count Towards Employee Requirement Under Section 80IB(2)(iv).

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal which allowed deduction under Sec...

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Bombay High Court Upholds Tribunal's Decision Allowing Interest Deduction Under Section 36(1)(iii) for Dealer in Shares. Interest on Borrowed Funds for Investment in Shares Held as Stock-in-Trade is Business Expenditure, Not to be Reduced from Dividend Income Under Section 57(iii) of Income Tax Act, 1961.

This is a reference under Section 256(1) of the Income Tax Act, 1961, at the instance of the Revenue, arising from the order of the Income Tax Appella...

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Bombay High Court Upholds Assessee in Income Tax Reference on Subsidy and Section 35CC Deduction. Central Government Subsidy Not to Reduce Actual Cost for Depreciation Under Section 43(1) of Income-tax Act, 1961; Deduction Under Section 35CC(1) Not Denied for Non-Filing of Statement of Expenditure.

This is a reference under section 256(1) of the Income-tax Act, 1961, by the Income Tax Appellate Tribunal to the Bombay High Court. The reference ari...

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Bombay High Court Allows Deduction for Record Production Bonus and Other Expenditures in Income Tax Reference. Payment of record production bonus not hit by section 36(1)(ii) as it was not paid out of profits but as an incentive for extra labour.

This is an income tax reference at the instance of the Revenue (Commissioner of Income Tax) against the assessee, M/s. Tata Iron & Steel Company Limit...