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 MoreGail (India) Ltd. Vs DCIT-LTU (ITAT Delhi) - The issue under consideration is whether the deduction claimed u/s 80HH, 80I and 80IA for production, processing, transmission and distribution of various gases is justified in law?...
Read MoreACIT Vs Thiagarajar Mills Ltd. (ITAT Chennai) - The issue under consideration is whether the change in method of valuation of inventory is allowed if it is based on AS 2 as prescribed by ICAI?...
Read MoreDCIT Vs Reliance Industries Ltd. (ITAT Mumbai) - Whether the interest u/s 234B for less payment of advance tax will be levied on account of additions made to total income, consequent to retrospective amendment?...
Read MoreJ.P. Khaitan Vs Mr. Debasish Chowdhury (Calcutta High Court) - The issue under consideration is whether extra realization made in rupees for export sale proceeds in foreign exchange due to adverse exchange rate of rupee would be part of the export turnover in the year of receipt and qualify it for deduction u/s Section 80-HHC ?...
Read MoreAnandkumar Jain Vs ITO (ITAT Mumbai) - Anandkumar Jain Vs ITO (ITAT Mumbai) In the present case, there is no dispute with respect to the fact that the subsequent decision of the Hon’ble Supreme Court in the case of Topman Exports (supra) has decided the issue of deduction under Section 80HHC of the Act on sale proceeds of DEPB lice...
Read MoreGail (India) Ltd. Vs DCIT-LTU (ITAT Delhi) -
ACIT Vs Thiagarajar Mills Ltd. (ITAT Chennai) -
DCIT Vs Reliance Industries Ltd. (ITAT Mumbai) -
J.P. Khaitan Vs Mr. Debasish Chowdhury (Calcutta High Court) -
Anandkumar Jain Vs ITO (ITAT Mumbai) -
M/s. Indian Gum Industries Ltd. Vs JCIT (Bombay High Court) -
M/s. Ashok Leyland Ltd Vs The Deputy Commissioner of Income Tax (Madras High Court) -
Commissioner of Income Tax Vs M/s Carpet India (Supreme Court of India) -
CIT vs. HCL Technologies Ltd. (Supreme Court) -
Nishant Export Vs. Assistant Commissioner Of Income Tax (Kerala High Court) -