Section 80IA

Doshion Ltd. Vs. ITo (Ahmedabad HC) - Having thus heard learned counsel for the parties and having perused the documents on record, it clearly emerges that the assessment previously framed after scrutiny is sought to be reopened beyond the period of 4 years from the end of relevant assessment year. In the reasons recorded, the Assessing Officer has not suggested that such income escaped assessment for the failure on the part of the assessee to disclose truly and fully al.. Full Article

Systematic Exports Vs ACIT (ITAT Mumbai) - S. 80-IA (9) cannot be interpreted to mean that s. 80-IA deduction has to be reduced for computing s. 80HHC deduction. S. 80-IA (9) inserted w. e. f. 1.4.1989 provides that where any amount of profits and gains of an undertaking is claimed and allowed under s. 80-IA for any assessment year, deduction to the extent of such profits and gains shall not be allowed under any other provisions of Chapter VI-A (C) and shall in no case e.. Full Article

ITC Limited Vs DCIT (ITAT Kolkata )- We have carefully considered the submissions of the ld. representatives of the parties and the orders of the authorities below. We have also gone through the details of the expenditure aggregating Rs.9,00,111 claimed by the assessee, the break-up of which has already been mentioned hereinabove. We observe that [...] Full Article

Income Tax & Direct Taxes - Income Tax Act, 1961, ss. 80IA(9) and 80HHC(3) - A/Y 2003-2004 - Interpretation of s. 80IA(9) - Deduction u/ss. 80IA and 80HHC - Appellant, engaged in the business of manufacture of Empty Hard Gelatin Capsules and PVDC Capsules and claimed deduction u/s. 80IA of the Act at 30 per cent of the profits and gains derived from the business and deduction u/s. 80HHC of the Act at 50 per cent of the profits derived from the export of goods or merchand.. Full Article

Notification No. 47/2010[F.No.178/79/2008-ITA-I], Dated 9-7-2010- Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park vide notification of the Government of India in the Ministry of Finance (Department of Revenue, Central Board of Direct Taxes ) number S.O. 51(E), dated .. Full Article

The Central Board of Direct Taxes (CBDT) has amended the Industrial Park Scheme 2008 and Rule 18C of the Income Tax Rules, 1962 to give effect to the extension of the ending date of operation of the Scheme to 31st March 2011. Full Article

We have heard both the parties and gone through the facts of the case and the decisions cited before us. The issue before us as to whether or not the assessee is entitled to claim deduction u/s 80IA in terms of the provisions amended w.e.f 1.4.2000 even when the assessee had already started providing telecommunication services in the period relevant to the AY 1997-98. Before proceeding further, we may have a look at the provisions relevant to the AY 1997-98 and Full Article

Gujarat High Court, when interest is paid on delayed payment, it can be treated as higher sale price which is converse situation to offering of cash discount because the transaction remains the same and there is no distinction $s to the source. Looking from' this angle, the interest becomes part of the hire sale price and is clearly derived from the sales made and is not divorced therefrom. It is, thus, the direct result of the sale of goods and the income k derived from.. Full Article