Income Tax : Learn about Section 44AD, a simplified method to compute business income, excluding some entities. Thresholds and tax implications...
Income Tax : The Income-tax Act has prescribed time limit in respect of various procedures, applications, etc. (like time limit for filing an a...
Income Tax : Sunset date for claiming Income Tax exemption for SEZs – Time to further extend the sunset date mentioned under Section 10AA...
Income Tax : Section 10A of the Income Tax Act, 1961 (the Act for short) deals with special provision in respect of newly established undertaki...
Income Tax : Article discusses Exemption Under Special Provisions of Sections 10A, Section 10AA and Section 10B of Income Tax Act, 1961. A. Sec...
Income Tax : FM: Role of IT Sector is Crucial in Order to Promote E-Governance for Empowering Citizens; to Promote the Inclusive and Sustainabl...
Income Tax : Infosys Technologies Ltd. Tuesday said it will appeal against an order from the income tax department seeking more than 4 billion ...
Income Tax : ITAT Kolkata held that loss on sale of shares on recognized stock exchange with STT paid, is eligible to be set off against the lo...
Income Tax : Kerala High Court restores Cool Mind Technologies' income tax appeal, emphasizing ITAT's obligation to consider appeals on merits ...
Income Tax : Read about the ITAT Delhis ruling on the deduction dispute between Genpact India and DCIT regarding freight, telecommunication cha...
Corporate Law : NCLAT Delhi rules on the admissibility of a Section 7 application by State Bank of India against Advantage Overseas Pvt. Ltd., all...
Goods and Services Tax : Allahabad High Court held that penalty under Section 54(1)(2) of the U.P. VAT Act, 2008 cannot be imposed in cases, wherein, the a...
Income Tax : As per section 10A(4) of Income Tax Act, 1961, profits derived from export of articles or things or computer software shall be amo...
Income Tax : Circular No. 14/2014-Income Tax CBDT had issued Circular No.12/2014 dated 18th July, 2014 to clarify that mere transfer or re-dep...
Income Tax : Circular No. 12/2014-Income Tax Section 10AA of the Income-tax Act, 1961, inter-alia, provides for deduction in respect of the pr...
Income Tax : A clarificatory Circular No. 01/2013 dated 17.01.2013 was issued by CBDT to address various contentious issues leading to tax disp...
Income Tax : A clarificatory Circular No. 01/2013, dated 17-1-2013 (hereinafter referred to as 'Circular') was issued by CBDT to address variou...
ITAT Bangalore held that deduction under section 10A/ 10B of the Income Tax Act allowable as the assessee has obtained post facto approval from RBI coupled with the fact that it has also realized the said amounts.
ITAT Delhi held that assessment order passed in the name of non-existent entity is equivalent to passing an order in the name of dead person, hence, is invalid.
ITAT Bangalore held that addition of Special Economic Zone books profits while computing books profits under section 115JB of the Income Tax Act is unsustainable in law in terms of Special Bench of Delhi Tribunal decision in the case of ACIT vs. Vireet Investment (P) Ltd.
Appellant has been able to establish that income by way of Design Charges are in the nature of business income as the same are inherently connected with the business of export of jewellery undertaken by Unit-II of the Appellant, and therefore, the same must be included in business income for the purpose of computing deduction under Section 10A of the Act.
ITAT Chennai held that return of income has to be filed as per section 139 of the Income Tax Act for claiming benefit under section 10A. Exemption under section 10A is not available in case the return is filed belatedly.
Whether ITAT erred in law in deleting addition as Income from Other Sources and holding it eligible for calculation of deduction under Sections 10A and 10B of Income Tax Act, 1961?
Subex Limited Vs DCIT (Karnataka High Court) we are of the considered view that the Assessing Officer framed an incorrect question for his consideration that whether sale of Hardware which is not manufactured by the assessee could be considered as part of export. The CIT(A) also committed the same error. We say so because: firstly, […]
Held that there is no requirement for maintaining separate books of account for claiming deduction under section 10A/10AA of the Act, and books of account maintained by assessee is sufficient to enable computation of profits of various SEZ units.
DCIT Vs Clarion Technologies Pvt. Ltd (ITAT Pune) ITAT held that stand of the Revenue that assessee cannot be allowed the benefits of section 10A of the Act merely because the prescribed Audit Report in Form No.56F was not filed in the return of income, is quite erroneous. ITAT note that the AO passed order […]
Gangagen Biotechnologies Pvt. Ltd. Vs PCIT (ITAT Bangalore) Bombay High Court in the case of CIT vs. Western Outdoor Interactive Pvt. Ltd. (349 ITR 309) has held that whether a benefit of deduction is available for a particular number of years on satisfaction of certain conditions and under the provision of Act, then without withdrawing […]
