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Income Tax - Incentive Deduction U/s 80-I of the I.T. Act - A Typical Example Of What One Arm Of The Government Gives, The Other Takes Away- S.80-HH grants incentive to the tax-payer for establishing an industrial undertaking (I.U., for short) or a hotel in backward areas. S.80-HHA grants similar incentive for establishing small scale I.U. in certain ...
Read MoreIncome Tax - The phrase Derived from has been a very contentious issue while applying the provisions of Sections 80IA and 80IB of the Act and other similar provisions contain same phrase. The issue revolves around the contention whether deduction is applicable for all receipts/income of the assessee or is it restricted to profits and gains “derived ...
Read MoreIncome Tax - The genesis of this book is an exercise carried out to compile best quality assessment orders passed in each Chief C.I.T region of Gujarat during the Financial Year 2011-12. On analyzing these orders it emerged that majority of additions were relatable to issues pertaining to 19 topics. Therefore it was decided to constitute an expert [...
Read MoreIncome Tax - Extension of the sunset date under section 80IA for the power sector Under the existing provisions contained in the clause (iv) of subsection (4) of section 80IA, a deduction of profits and gains is allowed to an undertaking which, – (a) is set up in any part of India for the generation or generation and […]...
Read MoreIncome Tax - DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, DEFERRED ANNUITY, CONTRIBUTIONS TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES OR DEBENTURES, ETC. [SEC. 80C, APPLICABLE FROM THE ASSESSMENT YEAR 2006-07] - SECTION 80C 1. Under section 80C, deduction would be available from gross total income. 2. Only an individual or a Hindu und...
Read MoreIncome Tax - Section 80-IA [4 (iii)] of the Income Tax Act, 1961 provides for a tax holiday for 10 out of 15 years in respect of profits of any undertaking which develops, develops and operates or maintains and operates an industrial park or special economic zone....
Read MoreIncome Tax - The Central Board of Direct Taxes (CBDT) has amended the Industrial Park Scheme 2008 and Rule 18C of the Income Tax Rules, 1962 to give effect to the extension of the ending date of operation of the Scheme to 31st March 2011....
Read MoreIncome Tax - The Government has decided that telecom companies offering 3G services will not be allowed to claim tax breaks under Section 80 IA of the Income Tax Act. Benefits under Section 80 IA are extended to companies involved in infrastructure creation. In the telecom sector, existing operators are allowed to choose a block of 10 years (out of t...
Read MoreCIT Vs M/s. Hindustan Petroleum Corporation Ltd. (Supreme Court of India) - The word ‘production’ has a wider connotation in comparison to ‘manufacture’, and any activity which brings a commercially new product into existence constitutes production. The process of bottling of LPG renders it capable of being marketed as a domestic kitchen fuel and, thereby, makes it ...
Read MoreCIT vs. Hindustan Petroleum Corporation Ltd. (Supreme Court) - Whether Bottling Of Gas Into Cylinder Amounts To Production For Claiming Of Deduction Under Sections 80HH, 80-I And 80-IA Of The Income Tax Act, 1961. Whether an activity constitutes production or manufacture for the purposes of sections 80HH, 80-I and 80-IA of the Income Tax Act, 1961 (hereinafter ...
Read MoreM/s. Ultratech Cement Ltd. Vs Additional Commissioner of Income Tax (Bombay High Court) - We note that it is an undisputed position before us that for the subject assessment year, the appellant assessee had not claimed benefit of Section 80IA of the Act in respect of its Jetty / Port either before the Assessing Officer or before the CIT(A)....
Read MoreMalay N. Sanghvi Vs ITO (Bombay High Court) - Sub-section (10) of Section 80IA of the Act, cannot be invoked in the facts of the present case to restrict its deduction under Section 80IB of the Act on the basis of the profits of the Appellant's wife unit at Valsad....
Read MorePr. CIT vs. Bharat Sanchar Nigam Ltd. (Delhi High Court) - Assessees engaged in providing telecom services deduction u/s 80IA shall be allowed in respect of even those incidental incomes earned during the course of telecom business...
Read MoreIncome Tax Press release - (14/12/2010) - Section 80-IA(4)(iii) of the Income-tax Act, 1961 - Deductions - Profits and gains from Industrial Infrastructure Undertakings, etc. - List of notified Industrial Parks from 16-9-2010 till date...
Read MoreNotification No. 78/2010-Income Tax - (11/10/2010) - Notification No. 78/2010-Income Tax [F.No.178/100/2008-ITA-I], dated 11-10-2010 Government hereby notifies M/s. Marathon Nextgen Realty Limited, Mumbai as an undertaking and the project at Marathon Nextgen Innova IT Building, (Building No.7), Survey No. CS No. 2/142, Opp. Peninsula Corporate Park O...
Read MoreNotification No. 73/2010-Income Tax - (22/09/2010) - Notification No. 73/2010-Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the ...
Read MoreNotification No. 66/2010-Income Tax - (28/07/2010) - Notification No. 66/2010-Income Tax in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the said Act read with rule 18C of the Income Tax Rules, 1962, the Central Government hereby notifies M/s. DLF Cyber City Developers Limited as an undertaking and the projec...
Read MoreNotification No. 54/2010-Income Tax - (15/07/2010) - Notification No. 54/2010-Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961), (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, vide n...
Read MoreCIT Vs M/s. Hindustan Petroleum Corporation Ltd. (Supreme Court of India) -
CIT vs. Hindustan Petroleum Corporation Ltd. (Supreme Court) -
M/s. Ultratech Cement Ltd. Vs Additional Commissioner of Income Tax (Bombay High Court) -
Malay N. Sanghvi Vs ITO (Bombay High Court) -
Pr. CIT vs. Bharat Sanchar Nigam Ltd. (Delhi High Court) -
The D.C.I.T Vs M/s Yamuna Power & Infrastructure Ltd. (ITAT Chandigarh) -
CIT Vs M/s. G.R.T. Jewellers (India) Pvt. Ltd. (Madras High Court) -
VITP Pvt. Ltd. Vs DCIT (ITAT Hyderabad) -
ACIT Vs Menzies Aviation Bobba (Banglore) Pvt. Ltd. (ITAT Banglore) -
