Income Tax : Supreme Court clarifies Section 80HHC deduction for Export-Oriented Units, emphasizing that profits eligible for deduction must be...
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...
Income Tax : In the present case, according to the Finance Minister presenting the Bill, a valid piece of legislation has been wrongly interpre...
Income Tax : Gujarat HC rules in CIT vs Mitesh Impex that new tax deduction claims (80IB/80HHC) can be made at appeal stage without a revised r...
Income Tax : Gujarat High Court rules write-back of provisions isn't 'turnover' or 'gross receipts' under Sec 44AB, quashing tax return invali...
Income Tax : It was held that in the original assessment under Section 143(1), the issue related to the deed of purchase of land was not looked...
Income Tax : ITAT Mumbai held that passing of assessment order u/s 147 r.w.s. 144B of the Act without disposing the objections raised by the as...
Income Tax : The stand of the assessee was that it was not necessary that loss of one industrial undertaking should necessarily be adjusted aga...
ITAT Mumbai held that compensation received by the assessee in out of court settlement for unilaterally terminating certain obligation under the agreement is an income assessed to business income and not an income assessed to capital gains as claimed by the assessee.
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’.
Supreme Court clarifies Section 80HHC deduction for Export-Oriented Units, emphasizing that profits eligible for deduction must be directly derived from the export of goods. Gain from foreign exchange fluctuations, in this case, ruled as not qualifying for deduction. Stay informed on crucial tax rulings.
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.
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.
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.
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.
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.
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.
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
