"20 June 2011" Archive - Page 3

If assessee opts not to claim exemption under s 10A(8) in one year, it cannot be denied exemption in future provided it fulfils all the conditions of s 10A

ACIT Vs Headstrong Services India Pvt Ltd (ITAT New Delhi)

ACIT v Headstrong Services India Pvt Ltd ITAT has held that The assessee company is registered as a 100% Export Oriented Unit (EOU) for manufacture and export of computer software for export purposes. The assessee being eligible for 100% tax holiday u/s 10A of the Income Tax Act, 1961, has exercised this option not to claim this exempti...

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Expenditure incurred by assessee for obtaining CNG connection to facilitate process of manufacturing is revenue in nature even when payment was made as capital contribution

Commissioner of Income Tax-2 V/s. Tata Ssl Ltd. (Bombay High Court)

CIT v Tata SSL Ltd (Mumbai High Court) - by paying the impugned charges to Mahanagar Gas Ltd., the assessee did not acquire any right or control over the gas facility. The Tribunal held that the facilities served the sole purpose of supplying the gas to the assessee's work and, therefore, it was an integral part of the profit earning proc...

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Service tax – Benefit of reduced penalty of 25% in appeal cases

CCE Vs. SBI (CESTAT Chennai)

CCE, Trichy Vs. SBI, Kumbakonam (CESTAT Chennani) - The fourth proviso to the said Section 78 provides that the reduced penalty of 25% is available if the same is paid within 30 days of the Commissioner (Appeals) but this proviso applies in the case where the Commissioner (Appeals) enhances the penalty and not where he reduces the penalty...

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Assessee entitled to deduction u/s 80IB(10) for residential cum commercial building approved by the local authority before insertion of clause (d) in s. 80-IB(10) w.e.f. 1st April, 2005 which is prospective and not retrospective

Dy. CIT Vs. Ms/. Shah Builders & Developers (ITAT Mumbai)

Dy. CIT Vs. Ms/. Shah Builders & Developers,- Uto 31st March, 2005, deduction u/s. 80/B(10) is allowable to housing projects approved by the local authority having residential units with commercial user to the extent permitted under the DC Rules/Regulations framed by the respective local authority irrespective of the fact that the project...

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Micro Finance Institutions (Development and Regulation) Bill, 2011

NA 20/06/2011

A BILL to provide access to financial services for the rural and urban poor and certain disadvantaged sections of the people by promoting the growth and development of micro finance institutions as extended arms of the banks and financial institutions and for the regulation of micro finance institutions and for matters connected therewith...

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