Section 80IA

Incentive Deduction U/s 80-I of Income Tax Act, 1961

Income Tax - Incentive Deduction U/s 80-I of the I.T. Act - A Typical Example Of What One Arm Of The Government Gives, The Other Takes Away- S.80-HH grants incentive to the tax-payer for establishing an industrial undertaking (I.U., for short) or a hotel in backward areas. S.80-HHA grants similar incentive for establishing small scale I.U. in certain ...

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Deduction Under Section 80IA/80IB – Case Laws – Assessment

Income Tax - The phrase Derived from has been a very contentious issue while applying the provisions of Sections 80IA and 80IB of the Act and other similar provisions contain same phrase. The issue revolves around the contention whether deduction is applicable for all receipts/income of the assessee or is it restricted to profits and gains “derived ...

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I-T Dept releases Book on Controversies in Income Tax Assessment

Income Tax - The genesis of this book is an exercise carried out to compile best quality assessment orders passed in each Chief C.I.T region of Gujarat during the Financial Year 2011-12. On analyzing these orders it emerged that majority of additions were relatable to issues pertaining to 19 topics. Therefore it was decided to constitute  an expert [...

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S. 80IA for the power sector – Extension of sunset date to 31.03.2014

Income Tax - Extension of the sunset date under section 80IA for the power sector Under the existing provisions contained in the clause (iv) of subsection (4) of section 80IA, a deduction of profits and gains is allowed to an undertaking which, – (a)   is set up in any part of India for the generation or generation and […]...

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Income Tax deductions for A.Y. 2013-14 / FY 2012-13

Income Tax - DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, DEFERRED ANNUITY, CONTRIBUTIONS TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES OR DEBENTURES, ETC. [SEC. 80C, APPLICABLE FROM THE ASSESSMENT YEAR 2006-07] - SECTION 80C 1. Under section 80C, deduction would be available from gross total income. 2. Only an individual or a Hindu und...

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Tax SOPS for Industrial Parks

Income Tax - Section 80-IA [4 (iii)] of the Income Tax Act, 1961 provides for a tax holiday for 10 out of 15 years in respect of profits of any undertaking which develops, develops and operates or maintains and operates an industrial park or special economic zone....

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Industrial Park Scheme Eligible for Deduction Under Section 80IA of I-T ACT Extended to 31st March 2011

Income Tax - 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....

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Non tax breaks U/s. 80IA for telecom companies offering 3G services

Income Tax - The Government has decided that telecom companies offering 3G services will not be allowed to claim tax breaks under Section 80 IA of the Income Tax Act. Benefits under Section 80 IA are extended to companies involved in infrastructure creation. In the telecom sector, existing operators are allowed to choose a block of 10 years (out of t...

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Assesse must satisfy the appellate authority that ground now raised was bona fide and could not have been raised earlier for good reasons

M/s. Ultratech Cement Ltd. Vs Additional Commissioner of  Income Tax (Bombay High Court) - We note that it is an undisputed position before us that for the subject assessment year, the appellant assessee had not claimed benefit of Section 80IA of the Act in respect of its Jetty / Port either before the Assessing Officer or before the CIT(A)....

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Section 80IA deduction cannot be restricted merely for low net profit Ratio of Unit of Assessees wife

Malay N. Sanghvi Vs ITO (Bombay High Court) - Sub-­section (10) of Section 80IA of the Act, cannot be invoked in the facts of the present case to restrict its deduction under Section 80IB of the Act on the basis of the profits of the Appellant's wife unit at Valsad....

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Section 80IA Incidental income of telecom business, eligible for deduction

Pr. CIT vs. Bharat Sanchar Nigam Ltd. (Delhi High Court) - Assessees engaged in providing telecom services deduction u/s 80IA shall be allowed in respect of even those incidental incomes earned during the course of telecom business...

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S. 80IA Initial assessment year means 1st year opted by assessee for deduction

The D.C.I.T Vs M/s Yamuna Power & Infrastructure Ltd. (ITAT Chandigarh) - The assessee being eligible had option to start claiming deduction from any of the assessment years within time frame of Ay 2004-2005 to AY 2019-2020. Assessee exercises the option in AY 2008-09. AO made the disallowance by holding that assessment year 2004-05 is the initial AY. ITAT issued order in...

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S. 80IA: Option to claim deduction post business commencement

CIT Vs M/s. G.R.T. Jewellers (India) Pvt. Ltd. (Madras High Court) - As per CBDT Circular No.1/ 2016 dated 15.2.2016, it is clear that the assessee has option to claim deduction in subsequent years i.e. he can choose initial assessment year for claiming deduction even post commencement of business....

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List of Notified Industrial Parks from 16-9-2010 till date -Section 80-IA(4)(iii) of the Income-tax Act, 1961

Income Tax Press release - (14/12/2010) - Section 80-IA(4)(iii) of the Income-tax Act, 1961 - Deductions - Profits and gains from Industrial Infrastructure Undertakings, etc. - List of notified Industrial Parks from 16-9-2010 till date...

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Notification No. 78/2010-Income Tax Dated 11/10/2010

Notification No. 78/2010-Income Tax - (11/10/2010) - Notification No. 78/2010-Income Tax [F.No.178/100/2008-ITA-I], dated 11-10-2010 Government hereby notifies M/s. Marathon Nextgen Realty Limited, Mumbai as an undertaking and the project at Marathon Nextgen Innova IT Building, (Building No.7), Survey No. CS No. 2/142, Opp. Peninsula Corporate Park O...

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Notification No. 73/2010-Income Tax Dated 22/9/2010

Notification No. 73/2010-Income Tax - (22/09/2010) - Notification No. 73/2010-Income Tax 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, by the ...

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Notification No. 66-Income Tax Dated 28/7/2010

Notification No. 66/2010-Income Tax - (28/07/2010) - Notification No. 66/2010-Income Tax in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the said Act read with rule 18C of the Income Tax Rules, 1962, the Central Government hereby notifies M/s. DLF Cyber City Developers Limited as an undertaking and the projec...

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Section 80-IA- Notified undertaking of M/s. Infinity Infotech Parks Limited

Notification No. 54/2010-Income Tax - (15/07/2010) - Notification No. 54/2010-Income Tax 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 n...

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Recent Posts in "Section 80IA"

Assesse must satisfy the appellate authority that ground now raised was bona fide and could not have been raised earlier for good reasons

M/s. Ultratech Cement Ltd. Vs Additional Commissioner of  Income Tax (Bombay High Court)

We note that it is an undisputed position before us that for the subject assessment year, the appellant assessee had not claimed benefit of Section 80IA of the Act in respect of its Jetty / Port either before the Assessing Officer or before the CIT(A)....

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Section 80IA deduction cannot be restricted merely for low net profit Ratio of Unit of Assessees wife

Malay N. Sanghvi Vs ITO (Bombay High Court)

Sub-­section (10) of Section 80IA of the Act, cannot be invoked in the facts of the present case to restrict its deduction under Section 80IB of the Act on the basis of the profits of the Appellant's wife unit at Valsad....

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Section 80IA Incidental income of telecom business, eligible for deduction

Pr. CIT vs. Bharat Sanchar Nigam Ltd. (Delhi High Court)

Assessees engaged in providing telecom services deduction u/s 80IA shall be allowed in respect of even those incidental incomes earned during the course of telecom business...

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S. 80IA Initial assessment year means 1st year opted by assessee for deduction

The D.C.I.T Vs M/s Yamuna Power & Infrastructure Ltd. (ITAT Chandigarh)

The assessee being eligible had option to start claiming deduction from any of the assessment years within time frame of Ay 2004-2005 to AY 2019-2020. Assessee exercises the option in AY 2008-09. AO made the disallowance by holding that assessment year 2004-05 is the initial AY. ITAT issued order in favour of Assessee....

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S. 80IA: Option to claim deduction post business commencement

CIT Vs M/s. G.R.T. Jewellers (India) Pvt. Ltd. (Madras High Court)

As per CBDT Circular No.1/ 2016 dated 15.2.2016, it is clear that the assessee has option to claim deduction in subsequent years i.e. he can choose initial assessment year for claiming deduction even post commencement of business....

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Section 80IA(4)(iii): Deduction for approved industrial park cannot be denied by CBDT being merely a notifying authority

VITP Pvt. Ltd. Vs DCIT (ITAT Hyderabad)

ITAT Hyderabad held In the case of VITP Pvt. Ltd vs. DCIT that as per sub-rule (4) of Rule 18C of Income Tax Rules, it is clear that on approval by the central govt., CBDT is only required to notify the industrial park for benefit u/s 80IA (4)(iii)....

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Incentive Deduction U/s 80-I of Income Tax Act, 1961

Incentive Deduction U/s 80-I of the I.T. Act - A Typical Example Of What One Arm Of The Government Gives, The Other Takes Away- S.80-HH grants incentive to the tax-payer for establishing an industrial undertaking (I.U., for short) or a hotel in backward areas. S.80-HHA grants similar incentive for establishing small scale I.U. in certain ...

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Posted Under: Income Tax |

Bangalore International Airport Ltd. [BIAL] is a statutory body u/s 80IA(4)(i)

ACIT Vs Menzies Aviation Bobba (Banglore) Pvt. Ltd. (ITAT Banglore)

ACIT Vs. Menzies Aviation Bobba (Banglore) Pvt. Ltd. (ITAT Banglore) Revenue filed above appeal against the order of CIT (A) who held that BIAL is statutory body as per requirement of section 80IA (4) (i) of the Income-tax Act....

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Interest on IT Refund/ FDR, Other interest and Tender fees eligible for deduction u/s 80IA

M/s Hiranandani Builders Vs ITO (ITAT Mumbai)

ITAT Mumbai held in M/s Hiranandani Builders Vs ITO that the followings receipts were also eligible for deduction u/s 80IA considering the same to be profits from undertakings: 1.Interest on IT refund 2.Other Interest 3. FDR Interest 4. Tender fees...

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Only companies are eligible for deduction u/s 80IA(4)

The ACIT Vs Shri. B. Dhanasekaran (ITAT Chennai)

ITAT Chennai held In the case of The ACIT vs. Shri. B. Dhanasekaran that the enterprises carrying on development of the infrastructure facilities should be owned by a company or consortium of companies. ...

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