industrial undertaking

  11. Extending the provision of section 35D relating to amortization of preliminary expenses to all undertakings 11.1 Section 35D provides for deduction of certain specified preliminary expenses. After the commencement of business, the deduction was being allowed to only an industrial undertaking or unit. In order to provide a level playing field to the [...] Full Article

SUMMARY OF CASE LAW The unabsorbed depreciation for the assessment years 1993-94 to 1995-96 pertains to the period ended before 1-4-2001 and the same could not be set off against the income of the assessment year for 2003-04 as per section 10A(6). CASE LAW DETAILS Decided by: ITAT, `F’ BENCH, NEW DLEHI In The case [...] 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

Gujarat Ambuja Cements Ltd. v. DCIT - For the purposes of determining the quantum of deduction under section 80-I, the taxable income of the industrial undertaking is to be ascertained as if such undertaking were an independent unit owned by the assessee and the assessee had no other source of income; consequently, the unabsorbed losses/deprecation, etc. relating to the eligible industrial undertaking are to be taken into account in determining the quantum of deduction u.. Full Article

JAGAN LAMPS LTD. v. ITO The accepting of returned income is not an assessment; hence, it will be incorrect to say that the provisions of section 147 cannot be substituted for verification of correctness of entire information contained in the return of income. Full Article

Gross total income in Chapter VI-A means the total income computed in accordance with the provisions of the Act before making any deduction under the said Chapter VI-A. Thus, the only deductions which are excluded by that definition are those under Chapter VI-A. More importantly the total income has to be computed in accordance with the provisions of the Income Tax Act. Obviously, the provisions of Income Tax Act includes section 32-AB. Full Article