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 : ITAT Bangalore held that interest on bank deposits from operational funds of a co-operative credit society is eligible for deducti...
Income Tax : Tribunal directed allocation of common head-office expenses (and common income) to eligible industrial undertakings when computing...
Income Tax : The High Court ruled that sales tax exemption retained by an industrial unit was capital in nature because it was granted to encou...
Income Tax : The Court held that losses already set off in earlier years cannot be notionally carried forward for computing deduction under Sec...
Income Tax : ITAT Bangalore held that at the relevant time co-founder of Flipkart stayed in India for 141 days and balance days in other countr...
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.
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 […]
Fenner (India) Limited Vs ACIT (Madras High Court) High Court court is of the view that the Tribunal has rightly directed the assessing officer to exclude the royalty income from the business profits for the purpose of calculation of deduction under section 80HHC of the Act, which warrants no interference. FULL TEXT OF THE JUDGMENT/ORDER […]
The issue under consideration is whether the deduction claimed u/s 80HH, 80I and 80IA for production, processing, transmission and distribution of various gases is justified in law?
Whether the interest u/s 234B for less payment of advance tax will be levied on account of additions made to total income, consequent to retrospective amendment?
The issue under consideration is whether extra realization made in rupees for export sale proceeds in foreign exchange due to adverse exchange rate of rupee would be part of the export turnover in the year of receipt and qualify it for deduction u/s Section 80-HHC ?
The issue under consideration is whether the change in method of valuation of inventory is allowed if it is based on AS 2 as prescribed by ICAI?
Explore the ITAT Mumbai judgment in Anandkumar Jain vs ITO, highlighting rectification under Section 154 for deduction under Section 80HHC based on subsequent Supreme Court decisions.
