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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
