section 35

Weighted deduction for scientific research and development available till A.Y. 2017-18

Income Tax - Under the existing provisions of Section 35(2AB) of the Income-tax Act, a company is allowed weighted deduction at the rate of 200% of expenditure (not being in the nature of cost of any land or building) incurred on approved in-house research and development facilities. These provisions are not applicable in respect of any expenditure in...

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Provisions of Stamp Duty & Bombay Stamp Act, 1958

Income Tax - Under the Constitution of India, the power to levy stamp duty is divided between the Union and the State. The Parliament (Central Government) has the power to levy stamp duty on the instruments specified in Article 246 read with Schedule VII, List I, Entry 91 and the State Government has the power to levy stamp duty on instruments fallin...

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Dismissal of appeal for failure of pre-deposit, Interpretation of Section 35B & 35F of Central Excise Act

Income Tax - It must be understood that right to appeal is not an absolute right nor essential ingredient of process of natural justice. Supreme Court held in Vijay Prakash v. CC [1989(39) ELT 178(SC)], “Right to appeal is neither an absolute right nor an ingredient of natural justice the principles of which must be followed in all judicial and quas...

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Post budget Weighted Deduction for in-house research and development

Income Tax - The Finance Bill, 2009 has introduced changes in the provisions relating to deduction for scientific expenditure incurred by an assessee in connection with his business. Clause 12 of the Finance Bill, 2009 proposes to substitute the following words in sub-section 2AB of section 35 of the Income-tax Act:...

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CESTAT cannot dismiss an appeal when a writ application thereto is pending before a high court

Income Tax - A Calcutta High Court judgment today held that Customs, Excise, Service Tax Appellate Tribunal (CESTAT) cannot dismiss an appeal when a writ application thereto is pending before a high court. The order gave much awaited relief to many appellants whose applications and pleas were pending before the CESTAT...

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Budget 2010-11: Weighted deduction on payments made to associations engaged in research in social science or statistical research and exemption in respect of the income of such associations

Income Tax - Section 35 of the Income-tax Act provides for deduction in respect of expenditure on research and development. The existing provisions of section 35(1)(ii) provide for a weighted deduction from business income to the extent of 125 per cent of any sum paid to an approved and notified scientific research association or to a university, coll...

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Expenditure on expansion of share capital is capital expenditure irrespective of Expansion or creation of new assets

M/s. Mascon Technical Services Limited Vs The Commissioner of Income Tax III (Madras High Court) - Whether expenditure incurred to meet out the need for working funds in which expansion of share capital was undertaken, is capital expenditure even when the purpose for which expenditure was incurred did not result in creation of an asset or benefit due to intervention by an external agency....

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Where fair market value of the capital asset under transfer is less than the valuation as per Stamp Value Act

Mohd Shoib Vs DCIT (ITAT Lucknow 'B' Bench) - Where fair market value of the capital asset under transfer is less than the valuation as per SVA and such valuation as per SVA becomes final under Stamp Duty Act then the assessee is left with no choice and has to pay tax on the notional sale consideration on the valuation as per SVA....

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Allowability of deduction U/s. 10B to company engaged in business of contract research and in providing of laboratory facility to its parent company in USA

Enem Nostrum Remedies (P.) Ltd. Vs Assistant Commissioner of Income-tax (ITAT Mumbai) - Section 10B of the Income-tax Act, 1961 - Export oriented undertaking - Assessment year 2003-04 - Assessee-company was engaged in business of contract research and in providing of laboratory facility to its parent company in USA - It had claimed exemption under section 10B - Assessing Officer observ...

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In mercantile method of accounting allowability of expenditure depend on liability to pay

CIT Vs Panacea Biotech Ltd. (Delhi High Court) - So far as the contention with regard to the disallowing the claim on the expenditure incurred on the purchase of two machineries is concerned, the counsel for the Revenue has urged that though with respect to the first machinery an advance payment was made within the Assessment year, with respect to...

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RBI circular on Credit Information Companies (Regulation) Act, 2005- Circular No. UBD.BPD (PCB).Cir No.25/09.11.200/2009-10 Dated – December 3, 2009

RBI/2009-10/246 UBD.BPD (PCB).Circular No.25/09.11.200/2009-10 - (03/12/2009) - UBD.BPD (PCB).Cir No.25/09.11.200/2009-10 Dated - December 3, 2009 The Government had in exercise of powers conferred by Section 35 of the Act issued (Removal of Difficulties) Order, 2008 dated January 24, 2008 extending the last date for taking membership of at least one credit information company ...

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Notification No. 64/2009 – Income Tax Dated 1/9/2009

Notification No. 64/2009 - Income Tax - (01/09/2009) - Notification No. 64/2009 - Income Tax It is hereby notified for general information that the organization P.S.G. & Sons Charities for the unit P.S.G. College of Technology, Coimbatore, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the...

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Notification No. 63/2009 – Income Tax Dated 31/8/2009

Notification No. 63/2009 - Income Tax - (31/08/2009) - Notification No. 63/2009 - Income Tax It is hereby notified for general information that the organization Centre for Development of Advanced Computing, Pune has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income tax Act, 1961 (said A...

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Notification No. 56/2009 – Income Tax Dated 9/7/2009

Notification No. 56/2009 - Income Tax - (09/07/2009) - Notification No. 56/2009 - Income Tax It is hereby notified for general information that the organization Man Made Textile Research Association, Surat has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), r...

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Power to condone delay beyond 180 days by High Court

Circular No. 888/08/2009-CX - (21/05/2009) - I may invite your attention to the Supreme Court’s Larger Bench judgement in the case of Commissioner of Customs & Central Excise Vs. Hongo India Pvt. Ltd. [2009 (236) E.L.T 417 (S.C)] wherein it has been held that the High Court has no power to condone the delay in filing the “reference applica...

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Recent Posts in "section 35"

Expenditure on expansion of share capital is capital expenditure irrespective of Expansion or creation of new assets

M/s. Mascon Technical Services Limited Vs The Commissioner of Income Tax III (Madras High Court)

Whether expenditure incurred to meet out the need for working funds in which expansion of share capital was undertaken, is capital expenditure even when the purpose for which expenditure was incurred did not result in creation of an asset or benefit due to intervention by an external agency....

Read More

Weighted deduction for scientific research and development available till A.Y. 2017-18

Under the existing provisions of Section 35(2AB) of the Income-tax Act, a company is allowed weighted deduction at the rate of 200% of expenditure (not being in the nature of cost of any land or building) incurred on approved in-house research and development facilities. These provisions are not applicable in respect of any expenditure in...

Read More
Posted Under: Excise Duty |

Provisions of Stamp Duty & Bombay Stamp Act, 1958

Under the Constitution of India, the power to levy stamp duty is divided between the Union and the State. The Parliament (Central Government) has the power to levy stamp duty on the instruments specified in Article 246 read with Schedule VII, List I, Entry 91 and the State Government has the power to levy stamp duty on instruments fallin...

Read More

Budget 2010-11: Weighted deduction on payments made to associations engaged in research in social science or statistical research and exemption in respect of the income of such associations

Section 35 of the Income-tax Act provides for deduction in respect of expenditure on research and development. The existing provisions of section 35(1)(ii) provide for a weighted deduction from business income to the extent of 125 per cent of any sum paid to an approved and notified scientific research association or to a university, coll...

Read More
Posted Under: Excise Duty |

Dismissal of appeal for failure of pre-deposit, Interpretation of Section 35B & 35F of Central Excise Act

It must be understood that right to appeal is not an absolute right nor essential ingredient of process of natural justice. Supreme Court held in Vijay Prakash v. CC [1989(39) ELT 178(SC)], “Right to appeal is neither an absolute right nor an ingredient of natural justice the principles of which must be followed in all judicial and quas...

Read More
Posted Under: Excise Duty |

Post budget Weighted Deduction for in-house research and development

The Finance Bill, 2009 has introduced changes in the provisions relating to deduction for scientific expenditure incurred by an assessee in connection with his business. Clause 12 of the Finance Bill, 2009 proposes to substitute the following words in sub-section 2AB of section 35 of the Income-tax Act:...

Read More
Posted Under: Excise Duty |

RBI circular on Credit Information Companies (Regulation) Act, 2005- Circular No. UBD.BPD (PCB).Cir No.25/09.11.200/2009-10 Dated – December 3, 2009

RBI/2009-10/246 UBD.BPD (PCB).Circular No.25/09.11.200/2009-10 (03/12/2009)

UBD.BPD (PCB).Cir No.25/09.11.200/2009-10 Dated - December 3, 2009 The Government had in exercise of powers conferred by Section 35 of the Act issued (Removal of Difficulties) Order, 2008 dated January 24, 2008 extending the last date for taking membership of at least one credit information company by credit institutions to December 31, 2...

Read More

Where fair market value of the capital asset under transfer is less than the valuation as per Stamp Value Act

Mohd Shoib Vs DCIT (ITAT Lucknow 'B' Bench)

Where fair market value of the capital asset under transfer is less than the valuation as per SVA and such valuation as per SVA becomes final under Stamp Duty Act then the assessee is left with no choice and has to pay tax on the notional sale consideration on the valuation as per SVA....

Read More

Allowability of deduction U/s. 10B to company engaged in business of contract research and in providing of laboratory facility to its parent company in USA

Enem Nostrum Remedies (P.) Ltd. Vs Assistant Commissioner of Income-tax (ITAT Mumbai)

Section 10B of the Income-tax Act, 1961 - Export oriented undertaking - Assessment year 2003-04 - Assessee-company was engaged in business of contract research and in providing of laboratory facility to its parent company in USA - It had claimed exemption under section 10B - Assessing Officer observed that assessee was not manufacturing o...

Read More

In mercantile method of accounting allowability of expenditure depend on liability to pay

CIT Vs Panacea Biotech Ltd. (Delhi High Court)

So far as the contention with regard to the disallowing the claim on the expenditure incurred on the purchase of two machineries is concerned, the counsel for the Revenue has urged that though with respect to the first machinery an advance payment was made within the Assessment year, with respect to the second machinery no payment at all ...

Read More
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