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industrial undertaking

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Duty Drawback & sale of DEPB license not eligible for tax holiday – SC

Income Tax : This article summarizes a recent ruling of the Supreme Court (SC) [2009-TIOL­100-SC-IT] in the case M/s Liberty India (Taxpayer)...

December 31, 2009 7882 Views 0 comment Print

Larger Bench rules tax holiday not available to a contractor/executor under the Income Tax Act

Income Tax : Taxpayers in the infrastructure sector are often engaged in the execution of construction activities, which form a minor portion o...

December 31, 2009 889 Views 0 comment Print

Direct Taxes ‘Manufacture’ – Reassessment – Stamp Valuation – Service of Notice – Document Identification Number

Income Tax : Definitions – Manufacture – Clause 3 - S 2 (29BA):- Clause 3 of the Finance Bill 2009 has sought to introduce sub section 29B...

December 13, 2009 2218 Views 0 comment Print

Mumbai Larger Bench rules tax holiday not available to a contractor/executor

Income Tax : This articles summarizes a recent ruling of the Larger Bench (LB) of the Mumbai Income Tax Appellate Tribunal (ITAT) [2009-TIOL-69...

November 19, 2009 501 Views 0 comment Print

CBDT delivered a headblow to the Assessee Engaged in Propelling Growth of the Nation

Income Tax : Whether profit from Duty Entitlement Passbook Scheme (DEPB) and Duty Drawback Scheme could be said to be profit derived from the b...

September 5, 2009 3390 Views 0 comment Print


Latest News


Punjab challenged tax concessions for industrial undertaking in Jammu and Kashmir, Himachal Pradesh and Uttarakhand

Income Tax : The state of Punjab has challenged in the Supreme Court the validity of Union government notification giving concessions in taxes ...

December 22, 2009 753 Views 0 comment Print

Clarification on FDI into a SSI & MSE and in Industrial Undertaking manufacturing items reserved for SSII MSE

Finance : Press Note No. 6 (2009), dated 4-9-2009 1.0 FDI into SSIIMSE 1.1 A Small Scale industrial undertaking (SSI) was defined in terms o...

September 5, 2009 1053 Views 0 comment Print


Latest Judiciary


Assistant Engineer is not a ‘workman’ under Industrial Disputes Act, 1947: SC

Corporate Law : Lenin Kumar Ray Vs Express Publications (Madurai) Ltd. (Supreme Court) Considering the nature of duties being performed, an Assist...

January 5, 2025 426 Views 0 comment Print

Differential Wages Payment Doesn’t Make Contractual Workman a Worker of Principal Employer: HC

Corporate Law : Punjab and Haryana HC dismisses petition against Labour Court's decision on worker’s termination, applying res judicata principl...

December 18, 2024 543 Views 0 comment Print

Exemption under Section 10B of Income Tax Act not available to an Industrial undertaking taken over on lease

Income Tax : In the case of Synergies Casting Ltd. v. DCIT it was held that exemption under Section 10B of the Income-tax Act, 1961 (the Act) i...

March 18, 2011 8685 Views 0 comment Print

Loss of one industrial undertaking cannot be set off against the profit of another such industrial undertaking for purpose of computing deduction u/s 80-I

Income Tax : Where the gross total income of an assessee includes any profits and gains derived from an industrial undertaking or a ship or the...

April 26, 2010 576 Views 0 comment Print

Bank interest is not eligible for deduction U/s. 80-IB/80HHC

Income Tax : The next two items are penal charges of Rs.5,11,688/ - and Rs. 10,970/-. These amounts have already been held to be business incom...

January 10, 2010 1712 Views 0 comment Print


Latest Notifications


Preliminary expenses after commencement of business allowed to non industrial undertaking too

Income Tax : Circular No. 1/2009 - Income Tax 11.1 Section 35D provides for deduction of certain specified preliminary expenses. After the com...

March 27, 2009 1111 Views 0 comment Print


Latest Posts in industrial undertaking

Assistant Engineer is not a ‘workman’ under Industrial Disputes Act, 1947: SC

January 5, 2025 426 Views 0 comment Print

Lenin Kumar Ray Vs Express Publications (Madurai) Ltd. (Supreme Court) Considering the nature of duties being performed, an Assistant Engineer will not fall under the ambit of ‘workman’ as contemplated under ID Act.

Differential Wages Payment Doesn’t Make Contractual Workman a Worker of Principal Employer: HC

December 18, 2024 543 Views 0 comment Print

Punjab and Haryana HC dismisses petition against Labour Court’s decision on worker’s termination, applying res judicata principles and upholding previous ruling.

Exemption under Section 10B of Income Tax Act not available to an Industrial undertaking taken over on lease

March 18, 2011 8685 Views 0 comment Print

In the case of Synergies Casting Ltd. v. DCIT it was held that exemption under Section 10B of the Income-tax Act, 1961 (the Act) is not available to an undertaking taken over on lease. Further, the Tribunal held that in order to get the benefit of Section 10B of the Act, for the unexpired period, the taxpayer must prove that it is a successor to the predecessor company. Since the taxpayer was only a lessee it was not a successor to the lessor.

Loss of one industrial undertaking cannot be set off against the profit of another such industrial undertaking for purpose of computing deduction u/s 80-I

April 26, 2010 576 Views 0 comment Print

Where the gross total income of an assessee includes any profits and gains derived from an industrial undertaking or a ship or the business of a hotel or the business of repairs to ocean-going vessels or other powered craft to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to twenty per cent thereof:

Bank interest is not eligible for deduction U/s. 80-IB/80HHC

January 10, 2010 1712 Views 0 comment Print

The next two items are penal charges of Rs.5,11,688/ – and Rs. 10,970/-. These amounts have already been held to be business income while discussing the issues of section 80IB. Accordingly, we direct the AO to treat these two amounts as part of business income for computation under section 80HHC.

Duty Drawback & sale of DEPB license not eligible for tax holiday – SC

December 31, 2009 7882 Views 0 comment Print

This article summarizes a recent ruling of the Supreme Court (SC) [2009-TIOL­100-SC-IT] in the case M/s Liberty India (Taxpayer), in which the SC held that the receipts, by way of Duty Drawback and sale of Duty Entitlement Pass Book (DEPB) licence by the Taxpayer, do not form part of the profits ‘derived from’ the industrial undertaking (IU), eligible for tax holiday under the Indian Tax Law (ITL). The SC further held that the Duty Drawback and sale of DEPB licence are incentives which flow from the schemes framed by the Government of India (G01) and do not have any direct nexus with the profits derived from the eligible IU of the Taxpayer.

Larger Bench rules tax holiday not available to a contractor/executor under the Income Tax Act

December 31, 2009 889 Views 0 comment Print

Taxpayers in the infrastructure sector are often engaged in the execution of construction activities, which form a minor portion of a contract for the development of an infrastructure facility. This ruling provides guidance on whether a contactor simplicitor would be entitled to tax holiday under the ITL, in respect of the construction activities carried out by it. This ruling makes it clear that tax holiday would be denied to a person who merely executes any works contract/construction activity but does not own the infrastructure developed by it. The ruling also holds that the person who does not undertake development of the entire facility but develops only part of it would not be entitled to tax holiday benefit.

Punjab challenged tax concessions for industrial undertaking in Jammu and Kashmir, Himachal Pradesh and Uttarakhand

December 22, 2009 753 Views 0 comment Print

The state of Punjab has challenged in the Supreme Court the validity of Union government notification giving concessions in taxes and also providing subsidy to the new as well as existing industries in the states of Jammu and Kashmir, Himachal Pradesh and Uttarakhand. Contending that such concessions provided on selective basis would adversely affect the industrial development of Punjab, the state government prayed for quashing of these notifications as null and void.

Direct Taxes ‘Manufacture’ – Reassessment – Stamp Valuation – Service of Notice – Document Identification Number

December 13, 2009 2218 Views 0 comment Print

Definitions – Manufacture – Clause 3 – S 2 (29BA):- Clause 3 of the Finance Bill 2009 has sought to introduce sub section 29BA in section 2 of the Income Tax Act wherein the manufacture is defined for the first time The amendment is to take effect retrospectively from 1st April, 2009 and would apply in relation to Assessment Year 2009-2010 and subsequent years. . The amendment read as follows:

Process of drawing of wire from wire rods amounts to manufacture of thing or article within meaning of section 80-IC of the IT Act, 1961

November 30, 2009 2577 Views 0 comment Print

The controversy squarely involves interpretation and, construction of the words “manufacture” and, “production” . The word `manufacture’ was not defined under the Act, uptill the insertion of section 2(29BA) by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2009, which reads as under:-

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