Income Tax Deductions - Page 20

LIC Jeevan Sugam – New Single premium plan

LIC’s Jeevan Sugam is a non-linked single premium plan wherein the risk cover is a multiple of premium paid by you. On maturity this plan offers a Maturity Sum Assured chosen by you....

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Set off the unabsorbed depreciation of eligible business u/s. 80-IA(4) against income from other non-eligible business?

Commissioner of Income-tax Vs Swarnagiri Wire Insulations (P.) Ltd. (Karnataka High Court)

The contention that under section 80-I(6) the profits derived from one industrial undertaking cannot be set off against loss suffered from another and the profit is required to be computed as if profit making industrial undertaking was the only source of income, has no merit. ...

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Section 80HH and 80-IA deductions on income having direct nexus to industrial undertaking

Carborundum Universal Ltd. Vs Deputy Commissioner of Income-tax, Special Range VI, Chennai (Madras High Court)

While working out the profits and gains which qualify for deduction under Section 80HH, one has to necessarily restrict the income which is derived from the industrial undertaking and nothing beyond. Thus, for the purpose of Section 80HH, the income of that industrial undertaking which got into the reckoning of the book profit for the pur...

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For S. 80IA Rate at which consumers gets electricity is market rate of the same

Sri Matha Spinning Mills (P.) Ltd. Vs Deputy Commissioner of Income-tax (ITAT Chennai)

We observe that the assessee can either captively consume the electricity generated or can sell the same to the Tamil Nadu Electricity Board at Rs. 2.70 per unit. The assessee is refrained from directly selling generated electricity to the consumers. The assessee has no other option but to sell the electricity generated to the Tamil Nadu ...

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Commissioner cannot cancel exemption certificate granted u/s. 80G without Show Cause Notice

Commissioner of Income-tax Vs Rajasthan Jain Charitable Trust (Karnataka High Court)

A perusal of the impugned order passed by the Commissioner specifies that what was pending consideration before him was the application filed by the respondent for renewal of exemption certificate issued under section 80(G) of the Income Tax Act. The order passed by the Commissioner further specifies that a notice was issued to the respon...

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List of Eligible Shares / Mutual Funds / ETFs under RGESS

List of Eligible Shares / Mutual Funds (MFs) & Exchange Traded Funds (ETFs) under Rajiv Gandhi Equity Saving Scheme (RGESS) The investment options under the scheme will be limited to the following categories of equities?*: Listed equity shares a. The top 100 stocks at NSE and BSE i.e., CNX-100 / BSE -100 (This does not mean […...

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Eligibility Criteria & Process to claim benefits of Rajiv Gandhi Equity Savings Scheme (RGESS)

A new section 80CCG under the Income Tax Act, 1961 on ‘Deduction in respect of investment under an equity savings scheme’ has been introduced to give tax benefits to ‘New Retail Investors’ who invest up to Rs. 50,000 in ‘Eligible Securities’ and have gross total annual income less than or equal to Rs.10 Lakhs....

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Tax Relief for Speedy Growth of Food Processing Sector

The Govt. has extended the following incentives and promotional measures for the promotion of food processing sector: 1. Income Tax Relief a) Under sub-section (11A) of section 80 IB of the Income Tax Act, 1961 a deduction from profits up to specified amounts [100% for the first 5 assessment years and thereafter, 25%(30% in the […]...

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Purchase, Sale & lease back of windmill fetal to deduction u/s. 80-IA

Armstrong Knitting Mills (P.) Ltd. Vs Deputy Commissioner of Income-tax (ITAT Chennai)

After perusing the findings of the Assessing Officer and the CIT(A), it is evident to us that the assessee had earlier purchased the windmill in question, generated wind energy, sold the windmill to its sister concern and got the same leased back and raised claim of deduction in hand. The moot question before us is as to whether the said ...

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To claim deduction u/s. 80-IA(10) that infrastructure facility need not be owned by enterprise

Sugam Construction (P.) Ltd Vs Income-tax Officer, Ward-8(2), Ahmedabad (ITAT Ahmedabad)

It was wrong on the part of the AO to hold that the assessee has merely acted as a contractor. By analyzing the nature of work executed by the assessee, it can be gathered that the assessee had acted as a developer. The assessee has undertaken the responsibility of execution of the work. The assessee has developed its own design and on ge...

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