section 10a judiciary-2

HC allowed deduction U/s. 10AA as new unit was not formed by transferring any machinery or plant previously used

Pr. CIT Vs. Macquarie Global Services Pvt. Ltd. (Delhi High Court)

Pr. CIT Vs. Macquarie Global Services Pvt. Ltd.  (Delhi High Court) The respondent-assessee had set up a new unit in Special Economic Zone (SEZ) income from which was claimed as exempt under Section 10AA of the Act for a period of ten years commencing from the Assessment Year 2010-11. Exemption was allowed in the Assessment […]...

Read More

Question of Violation of Section 10AA(4)(ii) should be raised in First Year of Operation / Exemption

CIT Vs Macquarie Global Services Pvt Ltd (Delhi High Court)

CIT Vs Macquarie Global Services Pvt Ltd (Delhi High Court) It is an accepted and admitted position that the unit in the SEZ had commenced business in the period relating to the Assessment Year 2011-12. The assessee had claimed and was allowed deduction under Section 10AA in the Assessment Years 2011-12 and 2012-13. The Assessing [&hellip...

Read More

Sec. 10AA Eligible unit’s loss can be set off against income of other units

DCIT (LTU) Vs. M/s. Avtec Limited (ITAT Mumbai)

Undisputedly, the assessee has claimed business loss of Rs.3,90,35,968/- from MEPZ Unit at Chennai, eligible for deduction u/s 10AA. It is also not in dispute that assessee has claimed set off of this loss against the income from other units. AO proceeded to hold that loss from MEPZ unit at Chennai, which is eligible for […]...

Read More
Posted Under: Income Tax |

Deduction U/s. 10AA cannot be denied in in 3rd year by examining factors which were required to be seen in first year

Macquarie Global Services Vs DCIT (ITAT Delhi)

Macquarie Global Services Vs DCIT (ITAT Delhi) Once the claim of deduction u/s 10AA has been accepted in the first year of the operations and also in the second year, then in the third year same cannot be withdrawn by examining the factors which were required to be seen in the first year of the […]...

Read More

Unabsorbed depreciation not to be adjusted first in computation of deduction U/s. 10A

M/s Vision IKnowledge Solutions Pvt. Ltd. Vs Pr. CIT-9 (ITAT Delhi)

Deduction u/s 10A is to be allowed from total income as computed under chapter IV of the Income Tax Act, 1961 and not at the stage of computation of total income under chapter VI of the Income Tax Act, 1961. Therefore from this it is clear that while claiming deduction u/s 10A unabsorbed depreciation is not to be adjusted....

Read More

Definition of total turnover given U/s. 80HHC / 80HHE cannot be adopted for Section 10A

CIT vs. HCL Technologies Ltd. (Supreme Court)

The definition of total turnover given under Sections 80HHC and 80HHE cannot be adopted for the purpose of Section 10A: HCL Technologies case...

Read More
Posted Under: Income Tax |

Sec 10A / 10B: Bar in section 92CA(4) not applies to suo motu TP adjustments

Approva Systems Pvt. Ltd Vs. DCIT (ITAT Pune)

Approva Systems Pvt. Ltd Vs. DCIT (ITAT Pune) Now, coming to the second claim of deduction under section 10B/10A of the Act on TP adjustment of Rs 64,07,399/-. The assessee on its own motion had offered adjustment on account of transfer pricing provision to the extent of Rs 64,07,399/-. The computation of income is placed […]...

Read More

Section 10AA deduction allowed in previous year can’t be denied in current year

Macquarie Global Services Pvt. Ltd. Vs DCIT (ITAT Delhi)

The aforesaid appeal has been filed by the assessee against final assessment order dated 27.9.2017 passed u/s 143(3) read with section 144C(5) in pursuance of directions given by the Dispute Resolution Panel (DRP) vide order dated 7.9.2017. ...

Read More

Rental Income incidental to business of assessee is eligible for deduction U/s. 10A

M/s. Infosys Limited Vs. Addl. Commissioner of Income Tax (ITAT Bangalore)

It was urged that the letting out of space to Infosys BPO Ltd. and BSNL at Chennai were therefore incidental to the business carried on by the assessee and therefore eligible for deduction under Section 10A of the Act....

Read More

HC on allowability of deduction U/s. 10A / 10B on Interest Income

CIT Vs. Hewlett Packard Global Soft Ltd (Karnataka High Court)

CIT Vs. Hewlett Packard Global Soft Ltd (Karnataka High Court) (Full Bench) HC held that assessee was entitled to 100% exemption or deduction under Section 10-A of the Act in respect of the interest income earned by it on the deposits made by it with the Banks in the ordinary course of its business and […]...

Read More

Browse All Categories

CA, CS, CMA (4,223)
Company Law (4,935)
Custom Duty (7,351)
DGFT (3,973)
Excise Duty (4,228)
Fema / RBI (3,811)
Finance (3,985)
Income Tax (30,522)
SEBI (3,178)
Service Tax (3,468)