"18 December 2007" Archive - Page 3

sec 80HHC – deductions when there is a loss – word 'or' has been used intentionally and it cannot be substituted with 'and' – ITAT

THE main point raised in this appeal is against the reduction in the claim of deduction u/s. 80HHC. The facts are that the return of income was filed claiming deduction u/s. 80HHC at Rs. 7,38,416/-. During the course of assessment proceedings the Assessing Officer noted that there was a net profit of Rs. 14,54,272/- on total export turnov...

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Posted Under: Income Tax |

Scrap sales would be included in total turnover for purpose of calculating deduction u/s 80HHC – ITAT

Disallowance of travel by employees: the assessee had calculated the disallowance under Rule 6D with total number of travels undertaken by each employee during the year. This means that the disallowance was worked after setting off disallowables on one trip against the deficit in another trip in respect of each employee. However, the Asse...

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Posted Under: Income Tax |