Section 80HHC - Page 2

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....

Dividend earned from Egypt would not be taxable in India as per DTAA: ITAT

Grasim Industries Ltd Vs CIT (ITAT Mumbai)

In present facts of the case, the Hon’ble Tribunal held that expenses made pertaining to Club Membership fees shall be allowed as business expenditure....

Reduce Section 80IA/80IB deduction from Business Profits for 80HHC deduction

ITO Vs Madhusudhan Industries (ITAT Ahmedabad)

The recent ITAT ruling underlines that the deductions under sections 80IA/80IB should be subtracted from business profits when computing the deduction U/S. 80HHC. This is a comprehensive review of the case ITO vs Madhusudhan Industries....

Highseas Sale is non-speculative transaction as there is proper delivery of goods

DCIT  Vs  G.G. Continental Traders Pvt. Ltd (ITAT Amritsar)

ITAT Amritsar held that high seas sale transaction cannot be treated as speculative transaction as entire transaction is going through by proper delivery of the goods during purchase and the documents are provided for evidence of delivery of goods....

Foreign travel expense of company employees’ spouse who accompanied on official tour is allowable

 Hindustan Unilever Ltd Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that foreign travelling expenses in respect of spouses who accompanied on official tour with some of the company employees is allowable expenditure....

Depreciation on goodwill allowable once existence of goodwill is established

DCIT Vs Blujay Solutions (India) Private Limited (ITAT Hyderabad)

ITAT Hyderabad held that the net balance of purchase consideration paid, and the value of net assets acquired is Goodwill and once the existence of Goodwill is established, Depreciation on such goodwill cannot be questioned further....

Deduction u/s 10B available against interest on bank deposits, receipts of subsidy and insurance claim

Picric Limited Vs ITO (ITAT Delhi)

ITAT Delhi held that interest on bank deposits, receipts of subsidy and insurance claim are eligible to be included in profits of 100% export oriented unit for purpose of claiming deduction under section 10B of the Income Tax Act....

Addition u/s 69C sustained as search in group concern proved maintaining of books of accounts outside regular books

ACIT Vs Kantilal Exports (Supreme Court of India)

Supreme Court held that addition u/s 69C as unexplained income sustained as based on search conducted in group concern it was found that assessee was maintaining the books of accounts outside regular books....

Excise duty and sales tax to be excluded from total turnover for deduction u/s 80HHC

ACIT Vs Wyeth Ltd (ITAT Mumbai)

ITAT Mumbai held that excise duty and sales tax is to be excluded from total turnover while claiming deduction under section 80HHC of the Income Tax Act....

Retrospective amendment will not attract provisions of Section 263

AI Champdany Industries Limited Vs Commissioner (Calcutta High Court)

AI Champdany Industries Limited Vs Commissioner (Calcutta High Court) Hon’ble Supreme Court in the case of COMMISSIONER OF INCOME TAX VS. MAX INDIA LTD. 2007 295 ITR 282 (SC) had taken note of the fact that Section 80HHC had been amended eleven times and different views existed on the day, when the COMMISSIONER (therein) passed [&hellip...

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