Section 80HHC - Page 5

Deduction u/s 80HHC is to be allowed to the extent of Gross Total Income

V. M. Salgaocar & Brother Pvt. Ltd Vs The ACIT (Goa High Court)

In the case of V. M. Salgaocar & Brother Pvt. Ltd vs. The Asst. Commissioner of Income Tax, Goa High Court has held that deduction u/s 80HHC is to be allowed to the extent of gross total income and not to the extent of business profit only....

Depreciation optional- Assessee can claim Depreciation partly in respect of certain block of assets & not in respect of other

DCIT Vs Sun Pharmaceuticals Ltd (Gujarat High Court)

Tribunal is right in law and on facts in holding that depreciation not claimed for by the assessee, cannot be allowed as a deduction despite the introduction of the concept of block assets. Depreciation is optional to the assessee and once he chooses not to claim it, the Assessing Officer cannot allow it while computing the income....

Section 80HHC- SC Explains meaning of Turnover- Sale proceeds of scrap is not ‘turnover’

Commissioner of Income Tax-VII Vs Punjab Stainless Steel Industries (Supreme Court of India)

So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account or may be deducted from the amount spent by the manufacturing unit on the raw material, which is steel in the case of the respondent-assessee...

AO cannot make addition on ground, which is not subject matter of remand proceedings

Aventis Pharma Ltd Vs. The Dy Commr of Income Tax (ITAT Mumbai)

Assessing Officer while making certain additions by restricting 90% of the receipts by applying clause (baa) of Explanation to sec. 80HHC has travelled beyond his jurisdiction and scope of enquiry as directed by the Commissioner of Income Tax (Appeals) because it was not the subject matter of remand proceedings. Since the Assessing Office...

Prior to AY 1992-93, interest receipts not to be excluded from ‘Profit of the Business’ for Sec. 80HHC calculations

Commissioner of Income-tax Vs Anil Chanana (Delhi High Court)

Supreme Court in the case of P. R. Prabhakar v. CIT [2006] 284 ITR 548 where the order of the Special Bench cited (supra) stands approved. It was clarified that the amendment made to clause (baa) of the Explanation below Section 80HHC which defines "profits of the business" in such a manner as to exclude receipts like interest, commissio...

Insurance receipt on loss of stock & Technology transfer fee eligible for deduction U/s. 80HHC

Cipla Ltd. Vs Deputy Commissioner of Income-tax (ITAT Mumbai)

Regarding, the issue of technology transfer fee receipts, whether it constitutes operational income or not, learned counsel brought the analogy of these receipts to the developmental works receipts, which is adjudicated by the hon'ble Karnataka High Court in the case of Motor Industries Co. Ltd. (supra). In our opinion, there is a need fo...

S. 10A Expenses Reduced from Export Turnover Needs to be reduced from Total Turnover too

Global Logic India Pvt. Ltd. Vs. Dy. Commissioner of Income Tax (ITAT Delhi)

Ld. Counsel of the assessee submitted that that even if any freight, telecommunication or insurance expense during the year, are reduced from the export turnover, such sums will also have to be reduced from the total turnover of the company for the purpose of computation of deduction u/s. 10A....

Deduction U/s. 80HHC is allowable only after adjustment of unabsorbed depreciation of earlier years from current year profit

J.K. Industries Ltd. Vs Assistant Commissioner of Income-tax (Karnataka High Court)

In this view of the matter, we opine that the Tribunal was correct in taking the view that the Appellate Commissioner was not justified in reversing the view taken by the Assessing Officer and the order of the Tribunal is proper, does not suffer from any error of law and therefore we answer the questions posed in the affirmative to hold ...

Section 80HH and 80-IA deductions on income having direct nexus to industrial undertaking

Carborundum Universal Ltd. Vs Deputy Commissioner of Income-tax, Special Range VI, Chennai (Madras High Court)

While working out the profits and gains which qualify for deduction under Section 80HH, one has to necessarily restrict the income which is derived from the industrial undertaking and nothing beyond. Thus, for the purpose of Section 80HH, the income of that industrial undertaking which got into the reckoning of the book profit for the pur...

Deduction U/s. 80HHC cannot be claimed on profit on which deduction U/S. 80IA already been claimed

Commissioner of Income-tax-I, Ludhiana Vs Abhishek Industries Ltd. (Punjab And Hariyana High Court)

The respondent-assessee, in the present case, had in its return of income tax, claimed deduction under Section 80IA at Rs. 12.01 crores and Section 80HHC of the IT Act at Rs. 5.75 crores and declared the total income of Rs. 82.47 lacs. The AO allowed the deduction under Section 80IA to the tune of Rs. 14.04 crores and deduction under Sect...

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