eligible business

The use of word developing' in juxtaposition to infrastructure facility in section 80-1A(4) indicates that what is eligible for deduction under this sub-section is the profits and gains derived from the development of infrastructure facility and not something de hors it; so in order to be eligible for deduction the development should be that of the infrastructure facility as a whole and not a particular part of it; it may be possible that some part of development work is.. Full Article

The Full Bench was constituted to consider whether for the purposes of allowing deduction under Ch. VI-A depreciation could be thrust on the assessee even though it had disclaimed the same for purposes of regular assessment. The assessee argued that as in accordance with Mahendra Mills 243 ITR 56 (SC), depreciation was optional and as Expl. 5 to s. 32 came into force only from AY 2002-2003, depreciation could not be thrust even for purposes of Ch. VI-A. HELD, deciding ag.. Full Article

Decided by: Supreme Court of India, In The case of: M/s Liberty India versus Commissioner of Income Tax, Appeal No.: Civil Appeal No. of 2009 (arising out of S.L.P.(C) No. 5827/07), Decided on: August 31, 2009 SUMMARY OF CASE LAW The assessee claimed that profit from Duty Entitlement Passbook Scheme (DEPB) and Duty Drawback Scheme are “derived from the business [...] Full Article

ITAT, DELHI BENCH `H’, NEW DELHI HLS Asia Ltd. v. DCIT, Appeal No. ITA NO. 1964/DEL/2006 Dated: DECEMBER 24, 2008 The Legislature has nowhere stated that for the purpose of Explanation 2, the value of the machinery should be taken at market value and not the value as recorded in the books of account; since, [...] Full Article