industrial undertaking

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), 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...

Read More

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 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 ac...

Read More

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 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 200...

Read More

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-692-ITAT-MUM-LB] in the case of M/s B.T. Patil & Sons Belgaum Construction Pvt. Ltd.(Taxpayer) v. ACIT. Due to contradictory views expressed by the two-member bench of the ITAT, an LB was constituted to examine...

Read More

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 business of the Industrial Undertaking eligible for deduction under Section 80-IB of the Income-tax Act, 1961....

Read More

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 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 adve...

Read More

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

Income Tax - 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 of: (i) investment in fixed assets in plant and machinery and (ii) equity participation (both domestic and foreign) in the SSI, by other industrial undertakings prior to 2006. ...

Read More

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

Synergies Casting Ltd. Vs. DCIT (ITAT Hyderabad) - 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, th...

Read More

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

J. B. Conductors & Cables Vs ITO (ITAT Chandigarh) - 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:-...

Read More

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

CIT Vs Sona Koyo Steering Systems Ltd. (Delhi High Court) - 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 t...

Read More

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

Arvind Fashions Ltd. Vs. ACIT (ITAT Ahmedabad) - 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....

Read More

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

M/s Liberty India Vs CIT (Supreme Court of India) - 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 '...

Read More

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

Circular No. 1/2009 - Income Tax - (27/03/2009) - Circular No. 1/2009 - Income Tax 11.1 Section 35D provides for deduction of certain specified preliminary expenses. After the commencement of business, the deduction was being allowed to only an industrial undertaking or unit. In order to provide a level playing field to the services sector, the se...

Read More

Recent Posts in "industrial undertaking"

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

Synergies Casting Ltd. Vs. DCIT (ITAT Hyderabad)

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 succe...

Read More

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

J. B. Conductors & Cables Vs ITO (ITAT Chandigarh)

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:-...

Read More

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

CIT Vs Sona Koyo Steering Systems Ltd. (Delhi High Court)

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 all...

Read More
Posted Under: Income Tax |

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

Arvind Fashions Ltd. Vs. ACIT (ITAT Ahmedabad)

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....

Read More

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

M/s Liberty India Vs CIT (Supreme Court of India)

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...

Read More

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

M/s B.T. Patil & Sons Belgaum Construction Pvt. Ltd. Vs. ACIT (ITAT Mumbai)

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 ac...

Read More

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

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 adve...

Read More
Posted Under: Income Tax |

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

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 200...

Read More
Posted Under: Income Tax |

Contractor not eligible for deduction u/s. 80-IA

M/s. B.T. Patil & Sons Belgaum Construction Pvt. Ltd. Vs ACIT Circle 2 (ITAT Mumbai)

The use of word developing' in juxtaposition to infrastructure facility in section 80-1A(4) indicates that what is eligible for deduction under this sub-section is the profits and gains derived from the development of infrastructure facility and not something de hors it; so in order to be eligible for deduction the development should be t...

Read More

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

This articles summarizes a recent ruling of the Larger Bench (LB) of the Mumbai Income Tax Appellate Tribunal (ITAT) [2009-TIOL-692-ITAT-MUM-LB] in the case of M/s B.T. Patil & Sons Belgaum Construction Pvt. Ltd.(Taxpayer) v. ACIT. Due to contradictory views expressed by the two-member bench of the ITAT, an LB was constituted to examine...

Read More
Posted Under: Income Tax |
Page 1 of 3123

Browse All Categories

CA, CS, CMA (3,520)
Company Law (3,466)
Custom Duty (6,668)
DGFT (3,498)
Excise Duty (4,051)
Fema / RBI (3,292)
Finance (3,496)
Income Tax (25,322)
SEBI (2,757)
Service Tax (3,288)

Search Posts by Date

November 2017
M T W T F S S
« Oct    
 12345
6789101112
13141516171819
20212223242526
27282930