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Income Tax - In the last quarter of the financial year 2000-0 1, a serious controversy arose in the Income-Tax Department and export circles of Mumbai. The controversy related to the issue whether deduction U/S 80-HHC of the Income-Tax Act, 1961 (the Act), is allowable in respect of export incentives viz. cash compensatory support (CCS), duty drawback...
Read MoreIncome Tax - In the present case, according to the Finance Minister presenting the Bill, a valid piece of legislation has been wrongly interpreted by the Tribunal. We have already pointed out that according to the existing law, if a valid piece of legislation is wrongly interpreted by the Tribunal, the aggrieved party should move higher judicial forum...
Read MoreNishant Export Vs. Assistant Commissioner Of Income Tax (Kerala High Court) - Nishant Export Vs. ACIT (Kerala High Court) The assessee was engaged in the procurement and export of pepper. The assessee procured un-garbled pepper, which by a process got garbled; making it fit for human consumption and was exported. The assessee had been claiming allowance under Section 80HHC fo...
Read MoreM/S Jagraon Exports Vs C.I.T. (Supreme Court of India) - In the recent decision of this Court in Commissioner of Income Tax Vs. Punjab Stainless Steel Industries & Ors. reported in [2014] 364 ITR 144 (SC) it has been held that sale proceeds generated from the sale of scrap would not be included in the total turnover for the purpose of deduction under Sect...
Read MoreACIT Vs M/s. Micro Labs Ltd. (Supreme Court of India) - Supreme Court held In the case of ACIT vs. M/s. Micro Labs Ltd. that - As per first thought of opinion, Section 80-IA (9) is quite unambiguous, which clearly provides that if an assessee claims any deduction under the provisions of Section 80-IA...
Read MoreEmblem Fashion Wear Exports Pvt. Ltd. Vs ITO (ITAT Mumbai) - ITAT Mumbai held In the case of Emblem Fashion Wear Exports Pvt. Ltd. vs. ITO that the assessee did not obtain approval, either pre or post facto, from the competent authority, as required by law. Also the assessee did not apply for any extension of time....
Read MoreDCIT Vs M/s. Tata Consultancy Services (ITAT Mumbai) - ITAT Mumbai held In the case of DCIT vs. M/s. Tata Consultancy Services that section 80HHC does not place any restriction to shift the claim of deduction or exemption under any other provision in respect of profits for which no deduction has been claimed and allowed in the previous year. ...
Read MoreNishant Export Vs. Assistant Commissioner Of Income Tax (Kerala High Court) -
M/S Jagraon Exports Vs C.I.T. (Supreme Court of India) -
ACIT Vs M/s. Micro Labs Ltd. (Supreme Court of India) -
Emblem Fashion Wear Exports Pvt. Ltd. Vs ITO (ITAT Mumbai) -
DCIT Vs M/s. Tata Consultancy Services (ITAT Mumbai) -
CIT Vs Punjab Stainless Steel Industries (Supreme Court of India) -
CIT Vs M/s Sea Rose Marines Pvt Ltd (Madras High Court) -
CIT Vs Ms Orient Express (Madras High Court) -
Sesa Goa Ltd. Vs CIT, (Goa High Court) -
V. M. Salgaocar & Brother Pvt. Ltd Vs The ACIT (Goa High Court) -
