Section 80HHC judiciary-2

Surplus on redemption of treasury bills taxable under Capital Gains: ITAT Mumbai

Bajaj Auto Ltd. Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that surplus on redemption of treasury bills is taxable under the head Capital Gains and not under the head ‘Profits and Gains of Business’....

Deduction u/s 80HHC not available on profits earned on account of foreign exchange fluctuation

Shah Originals Vs CIT (Supreme Court of India)

Supreme Court held that profits earned on account of foreign exchange fluctuation cannot be included/ treated as derived from the business of export income. Accordingly, deduction under section 80HHC of the Income Tax Act not available....

Section 154 Notice can be challenged under Article 226 of Constitution of India

Mastek Limited Vs ACIT (Gujarat High Court)

Gujarat High Court held that Challenge to notice issued under section 154 of the Income Tax Act is maintainable under Article 226 of the Constitution of India....

Reassessment of income other than income for which AO had formed a reason is unjustified

Digamber Jain Atikshaya Keshtra VPO Bada Vs ITO (ITAT Jaipur)

ITAT Jaipur held that reassessment of income under section 147 of the Income Tax Act other than income in respect of which AO has formed a reason to believe that the income has escaped assessment is unsustainable in law....

Technical know-how fee falling under category of royalty eligible for deduction u/s. 80-O

DCIT Vs Bajaj Holdings & Investment Ltd. (ITAT Mumbai)

ITAT Mumbai held that technical know-how fee received by the assessee falls under the category of royalty as defined in Section 80-O of the Income Tax Act and hence is eligible for deduction u/s. 80-O of the Income Tax Act, 1961....

Section 10A Deduction Precedes Set-Off of Carry-Forward Business Loss & Depreciation

BA Continuum India Private Limited Vs ITO (ITAT Mumbai)

Read about ITAT Mumbai's decision in BA Continuum India Private Limited Vs. ITO regarding deduction u/s 10A of Income Tax Act before set-off of business loss and depreciation....

Internal transfer between two EOUs eligible for exemption u/s 10B

Hindustan Unilever Limited Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that the amount of internal transfer between two EOUs of the assessee is to be considered for the purpose of arriving at the profit eligible for exemption under section 10B of the Income Tax Act....

Transfer of reserve created out of tax paid profit is not mistake rectifiable under section 154

Sarda Gums & Chemicals F-54 Vs ACIT (ITAT Jodhpur)

ITAT Jodhpur held that merely by transferring the reserve created out of the tax paid profit subsequently transferred to capital account of the firm is not a mistake apparent on record and cannot be rectified under the guise of provision of section 154 of the Act...

Denial of deduction u/s. 80HHC merely stating income are not derived from export unjustified

MMTC Ltd Vs DCIT (ITAT Delhi)

ITAT Delhi held that income classified as ‘business income’ but not considered for the purpose of working of deduction u/s 80HHC merely on the nomenclature that income are not derived from export is unjustifiable as it is not justified that income has no nexus with earning of export....

Addition towards alleged bogus purchases unsustainable as cross examination not allowed

ACIT Vs Neena Hardeep Singh (ITAT Delhi)

ITAT Delhi held that addition towards alleged bogus purchases unsustainable as cross examination of person based on which AO was drawing inferences was not allowed and payments were made through banking transactions....

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