Income Tax : Supreme Court clarifies Section 80HHC deduction for Export-Oriented Units, emphasizing that profits eligible for deduction must be...
Income Tax : In the last quarter of the financial year 2000-0 1, a serious controversy arose in the Income-Tax Department and export circles of...
Income Tax : In the present case, according to the Finance Minister presenting the Bill, a valid piece of legislation has been wrongly interpre...
Income Tax : The dispute concerned whether deduction under Section 80IB should be reduced by the amount already allowed under Section 80HHC. IT...
Income Tax : The Madras High Court held that taxable income was not properly computed where deduction under Section 80IB was reduced before cal...
Income Tax : The court examined whether reassessment could be initiated after four years based on existing records. It held that reopening foun...
Income Tax : The issue was whether reassessment could be initiated after four years without fresh evidence. The court held such reopening inval...
Income Tax : The court held that electricity tariff for determining market value must include all components, including duty. It ruled that exc...
The Court held that dividend income, bank-deposit interest, and SDF service charges are not derived from long-term finance. Only direct lending profits qualify for the deduction.
The ITAT Rajkot ruled that exporters with turnover below ₹10 crore are equally eligible for 80HHC deductions, following the Supreme Court’s Avani Exports ratio. The Tribunal held that retrospective amendments cannot deny benefits to smaller exporters. The full deduction claimed by the assessee was restored, overturning AO and CIT(A) adjustments.
ITAT Mumbai quashes PCIT’s S. 263 revision against Colgate Palmolive, holding PCIT cannot disregard binding Coordinate Bench order based merely on Supreme Court appeal pendency.
ITAT Lucknow held that deduction under section 80IB and section 80HHC of the Income Tax Act is simultaneously allowable from the net profit. Accordingly, addition is directed to be deleted and appeal is allowed.
Madras High Court held that reassessment proceedings under section 148 of the Income Tax Act initiated on the basis of change of opinion is invalid. Accordingly, appeal of revenue dismissed and substantial questions of law is answered in favour of assessee.
Madras High Court affirms that Section 80HHC deduction is granted without reducing Section 80IB benefit, citing Supreme Court precedents.
Gujarat High Court upholds ITAT’s deletion of ₹70 lakh unexplained cash credit, ruling against double taxation of export sales. Clarification on Section 80HHC given.
Supreme Court ruled on how deductions under Section 80-IA and 80-HHC are to be calculated, clarifying impact of Section 80-IA(9) and rejecting a retrospective application.
Gujarat HC rules in CIT vs Mitesh Impex that new tax deduction claims (80IB/80HHC) can be made at appeal stage without a revised return, distinguishing Goetze.
Gujarat High Court rules write-back of provisions isn’t ‘turnover’ or ‘gross receipts’ under Sec 44AB, quashing tax return invalidation. Cites ICAI notes.
