Search Results for Tag : allowance
International Cases
ECJ rules allowances under emissions scheme invalid(28.04.2016)
The .....Tags : europe, commission, greenhouse, emissions, allowance
Notifications & Circulars
Customs Baggage Declaration (Amendment) Regulations, 2016(01.03.2016)
The Central Board of Excise and Customs notified Customs Baggage Declaration (Amendment) Regulations, 2016 amending the Customs Baggage Declaration Re.....
Tags : baggage, customs, drone, allowance
Cabinet approves Amendments to Housing and Telephone Facilities Rules, Constituency Allowance Rules and Office Expense Allowance Rules for MPs(28.02.2018)
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved Amendment to (i) The Housing and Telephone Facilities (Members of Parliame.....
Tags : Amendments, Approval, Allowance Rules
Cabinet approves two percent Dearness Allowance to Central Government employees(07.03.2018)
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval to release an additional installment of Dearness Allowance (DA) .....
Tags : Two percent, Dearness Allowance, Approval
Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial Capability) Second Amendment Rules, 2021(07.07.2021)
In exercise of the powers conferred by section 48 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Central Government hereby makes the fo.....
Tags : Special Allowance, Amendment, Rules, 2021
News
Delhi HC Directs NDRF to Pay Petitioners Deputation Allowance in Accordance with SC Order(08.09.2020)
Delhi High Court has directed the National Disaster Relief Fund (NDRF) to pay deputation allowance to 319 petitioners who had petitioned before the Co.....
Tags : Delhi High Court, Deputation Allowance
Lok Sabha Passes Bill to Reduce Salary & Allowances of MPs to Meet Pandemic Expenses(16.09.2020)
Lok Sabha has passed the Salary, Allowances & Pension of Members of Parliament (Amendment) Bill, 2020, by voice vote. The Bill proposes to reduce cert.....
Tags : Lok Sabha, Reduction of Salary and Allowances
Delhi High Court Directs Equal Clothing, Washing Allowance for Employees(02.12.2019)
Delhi High Court has directed that all its employees will be paid an equal amount of clothing and dress maintenance allowance saying there is no justi.....
Tags : Delhi High Court, Allowance
ITAT, Mumbai: No Disallowance of Interest on Borrowed Capital for Business Purposes(04.12.2020)
Income Tax Appellate Tribunal (ITAT), Mumbai has held that interest paid on borrowed funds used for business purposes cannot be disallowed.
Tags : Income Tax Appellate Tribunal, Disallowance of Interest on Borrowed Capital
Ker. HC: Daily Wage Employee Entitled to Subsistence Allowance During Suspension(05.09.2023)
Kerala High Court while observing that a daily wage driver is an employee under Section 2(a) of the Kerala Payment of Subsistence Allowance Act, 1972,.....
Tags : Kerala High Court, Subsistence Allowance, Daily Wage, Suspension
Karnataka HC Stays Govt Order Deferring Variable Dearness Allowance Payment(25.09.2020)
Karnataka High Court has by way of interim relief stayed the execution and operation of the order by which the State Government directed that the paym.....
Tags : Karnataka High Court, Variable Dearness Allowance Payment
7th Pay Commission: Pay Hike for 3610+ Judges of SC & HCs Approved(29.11.2017)
7th Pay Commission: Pay Hike for 3610+ Judges of SC & HCs Approved
Tags : The decision will directly impact the computation of salaries, gratuity, allowance structure, and pension of the in-service as well as retired judges of Supreme Court as well as High Courts across the country.
Gauhati HC to State: Implement Supreme Court's Directions in Grah Rakshak Case(12.08.2022)
Gauhati High Court has directed the government of Assam to pay the Home Guards duty allowance in accordance with the Supreme Court's directions in the.....
Tags : Gauhati High Court, Home Guard, Allowance, Guidelines
ITAT Mumbai Deletes Disallowance on Expenditure(12.02.2021)
Income Tax Appellate Tribunal (ITAT), Mumbai, while granting relief to the IDBI Bank deleted the disallowance on expenditure incurred in relation to i.....
Tags : ITAT Mumbai, Disallowance
Govt. Hikes DA By 6%(25.03.2016)
Government has hiked Dearness Allowance (DA) by 6%, benefiting over 1 crore Central Government employees and pensioners.
Tags : Government, Dearness Allowance
ITAT Allows Disallowance for Non-Submission of Documents and Non-Deduction of TDS on Reimbursements(24.12.2019)
Income Tax Appellate Tribunal, Delhi has held that disallowance of a sum for non-submission of documents and non-deduction of Tax Deduction at Source .....
Tags : ITAT, Disallowance
Bom. HC: Suspended Employee Entitled to Subsistence Allowance Without Marking Daily Attendance(08.01.2024)
Bombay High Court has held that an employee who has been suspended from work is entitled to receive subsistence allowance without the imposition of th.....
Tags : Bombay High Court, Subsistence Allowance, Daily Attendance
Calcutta High Court: Dearness Allowance is a Legal Right(04.09.2018)
Calcutta High Court has ruled that they have a legal right to inflation-linked dearness allowance while overturning an order of the State Appellate Tr.....
Tags : Calcutta High Court, Dearness Allowance
Kerala HC: Dismissed Government Servant Not to be Denied Compassionate Allowance(15.02.2022)
Kerala High Court has ruled that a government servant who was dismissed from service may not be denied special consideration for compassionate allowan.....
Tags : Kerala High Court, Compassionate Allowance
Govt Amends Income Tax Rules, Withdraws Exemption of Transport Allowance of Rs. 1,600 pm(10.04.2018)
Central Board of Direct Taxes (CBDT) has notified the Income Tax (Third Amendment) Rules, 2018 wherein the Government has withdrawn the exemption of T.....
Tags : Income Tax, Transport Allowance
State Govt. Not Obligated to Always Adopt Dearness Allowance Revised by Centre: SC(15.02.2019)
Supreme Court has observed that there is no obligation on State Government to always adopt Dearness Allowance as revised by Central Government.
Tags : Supreme Court, Dearness Allowance
Parity Between Two Allowances for Several Years Doesn't Mean It Will Continue in Future Also: SC(15.02.2019)
Supreme Court has observed that existence of parity between two allowances for several years does not mean that Government should continue such parity.....
Tags : Supreme Court, Allowances Parity
Karnataka High Court Strikes Down Parliamentary Allowances and Miscellaneous Provisions Act(06.01.2020)
Karnataka High Court has struck down the Karnataka Parliamentary Secretaries Salaries, Allowances and Miscellaneous Provisions Act, 1963 upholding tha.....
Tags : Karnataka High Court, Parliamentary Allowances
ITAT, Bangalore: No Disallowance of Interest Expenses on Account of Non-Deduction of TDS(12.02.2020)
Income Tax Appellate Tribunal (ITAT), Bangalore has held that there should be no disallowance of interest expenses on account of non- deduction of Tax.....
Tags : Income Tax Appellate Tribunal, No Disallowance of Interest Expenses
Madras HC: Non-Payment of Subsistence Allowance to Employee During Suspension Violative of Article 21(17.02.2020)
Madras High Court has emphasized that subsistence allowance cannot be denied to employees during the tenure of their suspension and has held that its .....
Tags : Madras High Court, Non-Payment of Subsistence Allowance
ITAT Jaipur: Order of AO Accepting Suo-Moto Disallowance for Bonus Cannot be Held to be Erroneous(04.03.2021)
Income Tax Appellate Tribunal (ITAT), Jaipur Bench has ruled that the order of Assessing Officer/AO accepting suo-moto disallowance for bonus cannot b.....
Tags : ITAT Jaipur, Disallowance
Kerala HC Sets Aside Order Directing Maintenance Allowance to be Deposited in Bank Account(25.02.2021)
Kerala High Court has set aside the directions issued by the Family Court directing maintenance allowance to be deposited by the father in a bank acco.....
Tags : Kerala High Court, Maintenance Allowance
ITAT, Ahmedabad: No Disallowance for Interest Expenses if Investment to Acquire Control(03.02.2022)
Income Tax Appellate Tribunal (ITAT), Ahmedabad has held that no disallowance can be made for interest expenses if the investment was made to acquire .....
Tags : Income Tax Appellate Tribunal, No Disallowance for Interest Expenses
ITAT Kolkata: Uniform Allowance to Employees Not Taxable as Fringe Benefits(03.07.2019)
Income Tax Appellate Tribunal (ITAT ) Kolkata has held that the uniform allowance to the employees is not taxable as fringe benefits under the Income.....
Tags : ITAT Kolkata, Uniform Allowance
ITAT, Delhi: House Rent Allowance Exemption Allowable on Rent Paid to Spouse(04.03.2022)
Income Tax Appellate Tribunal (ITAT), Delhi has held that Income Tax Act, 1961 does not prohibit claiming house rent allowance (HRA) exemption on the .....
Tags : Income Tax Appellate Tribunal, House Rent Allowance
ITAT Ahmedabad: Disallowance Made for Exempted Income not to be Added for Book Profit(19.05.2021)
Income Tax Appellate Tribunal (ITAT) Ahmedabad, ruled that the disallowance made for Exempted Income should not to be added for computing of Computati.....
Tags : ITAT Ahmedabad, Disallowance
Himachal Pradesh HC Issues Notice on Plea Restraining State Government from Paying Income Tax of MLAs(29.03.2022)
Himachal Pradesh High Court has issued a notice to the state government on a plea challenging the provisions of the Himachal Pradesh Legislative Assem.....
Tags : Himachal Pradesh High Court, State Government, Himachal Pradesh Legislative Assembly (Allowances & Pension of Members) Act, 1971, Salaries & Allowances of Ministers (Himachal Pradesh) Act, 2000
ITAT Confirms Disallowance Since Sham Transactions Under the Garb of Donation Was Used for Evasion(20.05.2019)
Income Tax Appellate Tribunal, Chennai has held that the Assessing Officer was rightly disallowed deduction claim since their involved sham transactio.....
Tags : ITAT, Disallowance
ITAT, Kolkata: Disallowance of Deduction of Interest Income Should be Restricted to Net Interest(08.05.2020)
Income Tax Appellate Tribunal (ITAT), Kolkata has held that disallowance of deduction under Section 80IB(10) of the Income Tax Act, 1961 in respect of.....
Tags : Income Tax Appellate Tribunal, Disallowance of Deduction of Interest Income
Gujarat HC Directs State Government to treat NPA of Doctors as Part of their Basic Pay(24.10.2016)
Gujarat High Court has asked State Government to treat Non Practising Allowance (NPA) of doctors working in Government Hospitals as part of their Basi.....
Tags : Gujarat High Court, Non Practising Allowance, Basic Pay
Kerala HC: Compassionate Allowance Does Not Have All Characteristics of Pension(17.06.2021)
Kerala High Court has dismissed an appeal filed by a former CISF employee, holding that compassionate allowance does not have all the characteristics .....
Tags : Kerala High Court, Compassionate Allowance
SC: Government Employees Can’t Claim Overtime Allowance Under Factories Act(20.04.2023)
Supreme Court has held that government employees cannot claim double overtime allowance as per the Factories Act, if the service rules do not provide .....
Tags : Supreme Court, Overtime Allowance, Factories Act
ITAT: Disallowance Can’t be Made on Payment to PF and ESI Before Due Date(01.06.2022)
Income Tax Appellate Tribunal (ITAT), Amritsar Bench has held that disallowance can’t be made on payment to PF and ESI before the due date u/s 139(1) .....
Tags : ITAT. Income-Tax Act, Disallowance
ITAT: Disallowance is Calculated Based on Average Value of Share(02.06.2022)
Income Tax Appellate Tribunal (ITAT), Pune Bench has held that as per Rule 8D(2)(iii) of Income-Tax Rule, 1962, the disallowance under Section 14A of .....
Tags : ITAT, Income Tax, Disallowance
ITAT: No Disallowance of PF/ESI Contributions on Account of Delay in Deposit(20.05.2022)
Income Tax Appellate Tribunal ( ITAT ), Delhi Bench has held that no disallowance of provident fund and Employees State Insurance contributions on acc.....
Tags : Income Tax Appellate Tribunal, Disallowance, Provident Fund, Delay in Deposit
Calcutta High Court Directs State Govt to Pay Dearness Allowance to It’s Employees Within 3 Months(20.05.2022)
Calcutta High Court while upholding the order of the West Bengal Administrative Tribunal has directed the State government to release the Dearness All.....
Tags : Calcutta High Court, West Bengal Administrative Tribunal, Dearness Allowance, West Bengal Services Rule
Centre Hikes Dearness Allowance to 5%(13.09.2017)
Centre has increased dearness allowance and dearness relief by one percentage point to five percent. The new rates will be applicable from July 1.
Tags : Dearness Allowance
ITAT Delhi: Disallowance of Expenditure is not Concealment of Income(30.07.2019)
Income Tax Appellate Tribunal (ITAT) Delhi has ruled that mere disallowance of expenditure claimed in the return would not amount to ‘concealment of i.....
Tags : ITAT Delhi, Disallowance
Judgments
High Court in a revision can examine only when factual aspects are mixed with legal aspects(26.11.2018)
The revision Petitioner herein is the 4th accused was an Assistant Engineer of the Kerala Water Authority ('the KWA') from 1994 to 1997. He and other .....
Tags : Discharge, Disallowance, Validity
When place of removal is buyer's premises, Appellant is eligible for credit(04.07.2019)
The Appellants are engaged in the manufacturing of parts of Fuel Injection Pump/Valve Assembly and are registered with the Central Excise Department. .....
Tags : Credit, Disallowance, Legality
State cannot excuse itself of unemployment allowance under NREGA(21.01.2016)
The economic capacity of the State government cannot be a factor to deny unemployment allowance to job seekers who applied under the national rural em.....
Tags : nrega, unemployment allowance, financial incapacity
Judgment of acquittal may be reversed or otherwise disturbed only for very substantial and compelling reasons(09.12.2019)
In facts of present case, Dafadar Kartar Singh, the Respondent was tried by the Summary Court Martial for a civil offence of house breaking by night. .....
Tags : Allowances, Direction, Legality
Interest can be capitalized only in respect of capital assets purchased out of borrowed funds(04.09.2020)
The revenue has filed present appeal challenging the decision rendered by Learned CIT(A) in respect of disallowance of interest expenditure made by th.....
Tags : Interest, Disallowance, Legality
If transaction of payment of rent is not found bogus then disallowance of expenditure under Section 40A(2)(b) of IT Act is not warranted(27.11.2020)
The assessee filed its return of income for the assessment year under consideration under Section 139(1) of the Income Tax Act, 1961 declaring total i.....
Tags : Assessment, Disallowance, Legality
When assessee proves business/commercial expediency, disallowance under Section 40A(3) of IT Act is unwarranted(18.11.2020)
The assessee is a partnership firm engaged in the business of manufacturing and fabrication of machine components. The assessment under Section 143(3).....
Tags : Disallowance, Additions, Legality
The revised return of income filed within the prescribed time limit replaces the original return of income(08.12.2020)
The assessee has filed present appeal challenging the order passed by learned Commissioner Of Income Tax (CIT(A)). The assessee is challenging the dis.....
Tags : Assessment, Disallowance, Legality
LIBOR rate of interest is applicable while computing the notional interest on receivables from the associated enterprises (AEs)(07.05.2021)
The brief facts of the case are that, the assessee is a Private Limited company engaged in the business of manufacturing steel rods filed its return o.....
Tags : Assessment, Expenditure, Disallowance
Amount of investment which yielded exempt income alone should be taken into consideration for purpose of arriving at average value of investment(08.06.2021)
In facts of present case, the Appellant is a Company incorporated under the Companies Act, 1956 and engaged in the business of investment in shares an.....
Tags : Assessment, Disallowance, Legality
Once the borrowed funds were utilized for business purposes, interest paid on same becomes an allowable deduction under Section 36(i)(iii) of the IT Act(02.08.2021)
Present appeal arises out of the order by the learned Commissioner of Income Tax (Appeals). The ground raised by the assessee is with regard to challe.....
Tags : Disallowance, Interest, Legality
Assessee is not entitled to deduction in respect of interest income earned from investments with Co- operative Banks(14.10.2021)
The assessee is a co-operative society registered under the Karnataka Co-operative Societies Act, 1959. For the assessment year 2015-2016, the return .....
Tags : Assessment, Deduction, Disallowance
Retrospective provision in a taxing Act which is "for the removal of doubts" cannot be presumed to be retrospective, if it alters or changes the law as it earlier stood(14.10.2021)
The assessee has filed present appeal challenging the order passed by Learned Commissioner of Income Tax [CIT(A)], National Faceless Appeal Centre and.....
Tags : Assessment, Disallowance, Legality
Interest income generated out of surplus fund invested in the Fixed Deposit is a part of the business income(25.10.2021)
The fact of the case is that, assessment under Section 143(3) read with Section 263 of the Income Tax Act, 1961 (IT Act) was finalized at Rs. 42,09,9.....
Tags : Assessment, Disallowance, Provision
Payment of bonus or commission is not allowable as deduction under Section 36 (1) (ii) of the IT Act(13.04.2022)
The Appellant is a private limited company. Sh. Arvind Chadha and Sh. Anoop Chadha are two share-holders and directors holding 50% equity shares each .....
Tags : Deduction, Disallowance, Legality
If interest-free funds available with the assessee exceed the investments made in funds yielding exempt income, then no disallowance is called for(15.07.2022)
Present is an appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals) on ground that, CIT(A) has grossly erred in c.....
Tags : Disallowance, Confirmation, Legality
Additional depreciation of 20% of the cost of new plant and machinery acquired and installed is allowable under Section 32(1)(iia) of IT Act(23.08.2022)
The assessee is a company engaged in the business of manufacturing of sweets, namkeens and running of restaurants. It filed its return on 30th Novembe.....
Tags : Disallowance, Deletion, Additional depreciation
Club Membership Fees for subscription is allowable as a business expenditure(17.08.2022)
Assessee is a chartered accountancy firm engaged in providing services in the field of Assurance, Risk Advisory, Tax Advisory, Corporate Advisory and .....
Tags : Assessment, Disallowance, Legality
No debatable issue can be considered while doing adjustment under Section 143(1)(a) of IT Act(10.08.2022)
The assessee-company filed its return of income under Section 139(1) of Income Tax Act, 1961 (IT Act) declaring total income at Rs. 6,34,38,721 under .....
Tags : Assessment, Deduction, Disallowance
IBC has overriding effect on all the acts including Income Tax Act(16.02.2023)
The assessment proceedings have been initiated against the Assessee and an assessment order came to be passed by disallowing the expenditure of Rs. 44.....
Tags : Assessment, Expenditure, Disallowance
In the absence of enabling powers, no disallowance can be made(05.04.2023)
The Assessee filed its return of income declaring total income at Rs. 'Nil' after claiming deduction under Section 80P of the Income-tax Act, amountin.....
Tags : Assessment, Disallowance, Legality
Employees' contribution paid by the assessee before the due date of filing of return of income under Section 139(1) of the I.T. Act is an allowable deduction(14.03.2022)
The assessee has filed present appeal challenging the order passed by Learned CIT(A), National Faceless Appeal Centre, Delhi and it relates to the ass.....
Tags : Assessment, Deduction, Disallowance
Disallowance of expenses under Section 14A of IT Act cannot exceed amount of exempted income(17.03.2023)
The assessee filed its return of income for assessment year 2015-16 declaring total income of 50,49,400. The case of the assessee was selected for lim.....
Tags : Assessment, Expenditure, Disallowance
AO is not empowered to apply Rule 8D of IT Act without considering the correctness of the assessee's claim in respect of expenditure incurred in relation to the exempt income(20.02.2023)
The assessee filed its return for income for A.Y. 2011-12 on 21.11.2011 declaring total income at Rs. 358,47,29,328 under normal provisions and book p.....
Tags : Assessment, Expenditure, Disallowance
Employees' contribution to PF and ESI, if not remitted before the due date prescribed in the respective enactments, cannot be allowed as a deduction(07.03.2023)
The assessee is a company and filed its return of income declaring total income of Rs.36,49,56,410. The return of income was processed under Section 1.....
Tags : Assessment, Return, Disallowance
Deduction under Section 36(1)(va) of the IT Act can be allowed only if the employees' share in the relevant funds is deposited by the employer before the due date stipulated in respective Acts(12.05.2023)
Assessee is a company stated to be engaged in the business of manufacturing of components for automobile industry. Assessee electronically filed its r.....
Tags : Assessment, Disallowance, Legality
Disallowance is not sustainable as repairs to machineries is not capital expenditure(09.06.2023)
Present appeal has been filed by the assessee against order passed by the learned Commissioner of Income Tax (Appeals) ["CIT(A)"] confirming the disal.....
Tags : Assessment, Disallowance, Legality
Where assessee's own funds and other non-interest bearing funds were more than the investment in tax-free securities, no disallowance under Section 14A of the IT Act can be made(19.07.2023)
The assessee is a private limited company and is engaged in the business of providing wireless services, electronics telecommunication, GSM/GPRS modem.....
Tags : Assessment, Disallowance, Legality
Commission paid to Managing Director for services rendered by him as per terms of payment is eligible as deduction under Section 36(1)(ii) of IT Act(05.09.2023)
The only issue to be decided in present appeal is as to whether the learned CIT(A) was justified in confirming the disallowances to Director's commiss.....
Tags : Assessment, Disallowance, Confirmation
Draft order framed under Section 144C(1) of the IT Act in the name of a non-existent company is void ab initio(17.08.2020)
Present appeal by the Assessee is preferred against the order framed under Section 143(3) read with Section 144C(5) of the Income-tax Act, 1961 [IT Ac.....
Tags : Draft assessment, Disallowance, Legality
Assessee need not to demonstrate commercial expediency in each year concerning a loan transaction(10.07.2023)
In facts of present case, the Assessing Officer (AO) concluded that, the disallowance was mandated in view of the fact that the Respondent/Assessee ha.....
Tags : Assessment, Interest expenses, Disallowance
Errors cannot be perpetuated on the name of consistency(17.08.2023)
Aggrieved by the order passed by the learned Commissioner of Income Tax(Appeals), ("CIT(A)") in the case of Mandava Holdings Private Limited ("the ass.....
Tags : Income, Assessment, Disallowance
If a business has been set up, even it has not commenced its activities, then expenditure relatable to said business, including interest expenses should be allowed as deduction(27.09.2023)
The assessee firm has filed its return of income for the assessment year 2015-16 on 30.09.2015 declaring total income of Rs.1,31,50,650. During the co.....
Tags : Disallowance, Interest, Legality
When interest free funds were used for making tax-free investment, no disallowance under Section 14A of IT Act is sustainable(15.09.2023)
In present case, Revenue’s appeal is against deletion of disallowance of Rs.5,04,35,666 made on account of interest expenses under Section14A of the I.....
Tags : Disallowance, Deletion, Legality
While calculating disallowance under Section 14A of the IT Act, only investment that have generated exempt income should be taken into consideration(31.08.2023)
Present appeal at the instance of the assessee is directed against CIT(A)'s order passed under Section 250 of the Income Tax Act, 1961. The solitary i.....
Tags : Assessment, Addition, Disallowance
For computing the disallowance under Section 14A of the IT Act, only the investments which yielded exempt income to the assessee should be considered(10.10.2023)
The assessee is engaged in the business of lease, finance and investments. The only issue to be decided in present appeal is as to whether the learne.....
Tags : Assessment, Disallowance, Computation
Disallowance under Section 14A of the IT Act cannot exceed exempt income claimed(03.01.2024)
The present appeal has been filed by the assessee against the order of learned CIT(A). The only issue raised pertains to disallowance of expenses unde.....
Tags : Assessment, Disallowance, Legality
Assessee would be entitled to deduction, when Employees' contribution to PF and ESI, is paid before the due date of filing of the return of income under Section 139(1) of the I.T. Act(07.02.2022)
Present appeals at the instance of the assessee are directed against two orders of the CIT(A). The ground raised in both the appeals is identical, i.e.....
Tags : Deduction, Disallowance, Legality
State Government is not under any obligation to always adopt Dearness Allowance as revised by Central Government(13.02.2019)
Instant Appeals arise out of the judgment by which the High Court affirmed the order of the learned Single Judge directing the Appellant-Board to pay .....
Tags : Dearness Allowance, Direction, Validity
If the employees' contribution to PF and ESI has been paid beyond the time prescribed under the relevant Act, then same is not allowable under Section 43B of the IT Act(30.11.2022)
The assessee is a partnership firm engaged in the business of manufacturing of plastic products. The Appellant had filed its return of income for asse.....
Tags : Assessment, Addition, Disallowance
Disallowance of deduction under Section 80IB(10) of IT Act, in respect of interest income should be restricted to net interest and not gross interest(04.05.2020)
In facts of present case, the Assessee in the present case is a Company, which is engaged in the business of Builders and Property Developers. The ret.....
Tags : Assessment, Disallowance, Deduction