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)...
Income Tax : Taxpayers in the infrastructure sector are often engaged in the execution of construction activities, which form a minor portion o...
Income Tax : Definitions – Manufacture – Clause 3 - S 2 (29BA):- Clause 3 of the Finance Bill 2009 has sought to introduce sub section 29B...
Income Tax : This articles summarizes a recent ruling of the Larger Bench (LB) of the Mumbai Income Tax Appellate Tribunal (ITAT) [2009-TIOL-69...
Income Tax : Whether profit from Duty Entitlement Passbook Scheme (DEPB) and Duty Drawback Scheme could be said to be profit derived from the b...
Income Tax : The state of Punjab has challenged in the Supreme Court the validity of Union government notification giving concessions in taxes ...
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...
Corporate Law : Lenin Kumar Ray Vs Express Publications (Madurai) Ltd. (Supreme Court) Considering the nature of duties being performed, an Assist...
Corporate Law : Punjab and Haryana HC dismisses petition against Labour Court's decision on worker’s termination, applying res judicata principl...
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...
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...
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...
Income Tax : Circular No. 1/2009 - Income Tax 11.1 Section 35D provides for deduction of certain specified preliminary expenses. After the com...
20. We have heard both the parties and have carefully gone through the orders of the authorities below. Explanation 2 below sub section (2) of section 80IB provides that where in the case of an industrial undertaking, any machinery or plant or any part thereof previously used for any purpose is transferred to a new business and the total value of the machinery or plant or part so transferred does not exceed 20 per cent of the total value of the machinery or plant used in the business, then for the purpose of clause (ii) of sub-section 2 of section 80IB,
Gujarat Ambuja Cements Ltd. v. DCIT – For the purposes of determining the quantum of deduction under section 80-I, the taxable income of the industrial undertaking is to be ascertained as if such undertaking were an independent unit owned by the assessee and the assessee had no other source of income; consequently, the unabsorbed losses/deprecation, etc. relating to the eligible industrial undertaking are to be taken into account in determining the quantum of deduction under section 80-I even though these may actually have been set off against the profits of the assessee from other sources of income of the assessee.
JAGAN LAMPS LTD. v. ITO The accepting of returned income is not an assessment; hence, it will be incorrect to say that the provisions of section 147 cannot be substituted for verification of correctness of entire information contained in the return of income.
Gross total income in Chapter VI-A means the total income computed in accordance with the provisions of the Act before making any deduction under the said Chapter VI-A. Thus, the only deductions which are excluded by that definition are those under Chapter VI-A. More importantly the total income has to be computed in accordance with the provisions of the Income Tax Act. Obviously, the provisions of Income Tax Act includes section 32-AB.
