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 : The dispute concerned whether deduction under Section 80IB should be reduced by the amount already allowed under Section 80HHC. IT...
Income Tax : The Madras High Court held that taxable income was not properly computed where deduction under Section 80IB was reduced before cal...
Income Tax : The court examined whether reassessment could be initiated after four years based on existing records. It held that reopening foun...
Income Tax : The issue was whether reassessment could be initiated after four years without fresh evidence. The court held such reopening inval...
Income Tax : The court held that electricity tariff for determining market value must include all components, including duty. It ruled that exc...
The tribunal held that revision under Section 263 is invalid where the Assessing Officer has examined the issue and adopted a plausible legal view. The PCIT cannot substitute his opinion merely because another interpretation is possible.
The Court held that reassessment based on a retrospective amendment to Section 80HHC is invalid. The key takeaway is that such amendments cannot reopen concluded assessments.
The court held that exporters cannot be denied Section 80HHC benefits merely for lack of a consolidated BRC. Consignment-wise bank certificates are sufficient if available on record.
The issue was whether deduction under section 80P could be allowed when the return was filed beyond the due date. The Tribunal held that non-compliance with section 80AC made the assessment erroneous, justifying revision under section 263.
The Tribunal held that DEPB income forms part of operating export income and cannot be excluded from turnover merely on a different view. Revision under section 263 was found unjustified where the original assessment involved due application of mind.
The Court dismissed the appeal, holding that reassessment was justified as the original order contained no reference to the deduction claim. Mere filing of computation does not bar reopening.
The court held that deductions under Sections 80-IA and 80-HHC can be claimed simultaneously, subject only to an overall cap of 100% of business profits.
Supreme Court held that deduction under section 36(1)(viii) of the Income Tax Act is not general exemption. Such deduction is specific incentive attached strictly to the profits arising from a defined activity namely, the provision of long-term finance.
Chennai ITAT set aside the PCIT’s revision order under Section 263, confirming that when the AO adopts a plausible view and conducts proper scrutiny, revision is unwarranted.
The tribunal held that foreign exchange fluctuation loss was deductible as it was recorded under a consistent mercantile accounting system and in line with applicable accounting standards. The ruling reiterates that such losses are allowable when gains are similarly taxed.
