Section 80IA

Decoding Deduction under 80-IAC of Income Tax Act 1961: A Complete Guide

Income Tax - Section 80-IAC of Income Tax Act, 1961 provides a tax incentive to domestic companies for promoting investments in startups and other eligible businesses....

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Whether Interest income is eligible for deduction u/s 80IA of Income Tax Act, 1961

Income Tax - In Income Tax Act, deduction has been prescribed specifically for industrial undertakings or enterprises engaged in infrastructure development, etc. vide section 80-IA. Hundred percent of the profits and gains derived from eligible business shall be allowed as deduction for ten consecutive assessment years. Eligible business comprises bus...

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Deduction for ‘profits & gains’ derived from eligible business is not limited to ‘business income’: SC

Income Tax - Supreme Court in Reliance Energy Ltd., [2021] 127 taxmann.com 69 (SC) pronounced on 28-04-2021 has drawn distinction between 'profits and gains derived from eligible business' and 'business income' to explain the scope of deduction on profits and gains derived from eligible business....

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Deductions U/s 80IA coming to an end in respect of certain incomes

Income Tax - This article attempts to briefs about the deductions U/s 80IA which is coming to end for certain categories of enterprises in respect of certain incomes. (a) Developing Roads etc. :  The eligible enterprise should commence business between 01.04.1995 and 31.03.2017.  100% of profit for any 10 consecutive assessment years in a block of 2...

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Power Sector- Deduction under section 80IA of Income Tax Act

Income Tax - Deductions in respect of profits and gains from undertakings or enterprises engaged in, Power undertakings etc. [Section 80-IA]...

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Tax SOPS for Industrial Parks

Income 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....

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Industrial Park Scheme Eligible for Deduction Under Section 80IA of I-T ACT Extended to 31st March 2011

Income 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....

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Non tax breaks U/s. 80IA for telecom companies offering 3G services

Income 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...

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Port Authority certificate not Mandatory to avail section 80IA(4) deduction

PCIT Vs Maharashtra State Warehousing Corporation (Bombay High Court) - Assessing Officer, however, denied the benefit on the ground that the assessee had failed to furnish a certificate from the concerned Port Authority certifying that the structure was a part of the Port, which it considered mandatory in view of the Board’s notification dated 23rd June 2000 followed...

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Renting income from cargo agents, airlines, etc. eligible for deduction u/s 80IA

Menzies Aviation Bobba (Bangalore) Pvt. Ltd. Vs ACIT (ITAT Bangalore) - ITAT Bangalore held that rental income is inseparably connected with the business carried on by the assessee and emanate directly from the business of the undertaking. Accordingly, rental income derived by the assessee from Cargo Agents, Airlines, Banks etc., is derived from the cargo business and e...

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Order denying section 80IA deduction without Reasonable opportunity not sustainable

P.S.K. Engineering –Construction & Co. Vs ADIT (ITAT Chennai) - P.S.K. Engineering –Construction & Co. Vs ADIT (ITAT Chennai) ITAT have perused the entire order but could not understand from the order whether opportunity was granted to the assessee before denying the deduction u/s.80IA of the Act. The ld.DR could not answer whether opportunity was granted ...

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Deduction u/s 80IA is allowed unit wise

DCIT Vs Gujarat JHM Hotels Ltd. (ITAT Surat) - Held that deduction under Section 80IA of the Income Tax Act is to be allowed unit wise without deducting incurred loss by the other unit of eligible business and allowed the appeal of assessee....

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Section 80-IA deduction not allowable if not claimed in return of Income

Patel Brass Works P. Ltd Vs ACIT (ITAT Rajkot) - Patel Brass Works P. Ltd Vs ACIT (ITAT Rajkot) The issue for consideration before us is that if the assessee has not claimed deduction under section 80-IA of the Act in the return of income, can it be permitted to claim the same during the course of assessment proceedings by way of filing a revised ...

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List of Notified Industrial Parks from 16-9-2010 till date -Section 80-IA(4)(iii) of the Income-tax Act, 1961

Income 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...

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Notification No. 78/2010-Income Tax Dated 11/10/2010

Notification 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...

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Notification No. 73/2010-Income Tax Dated 22/9/2010

Notification 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 ...

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Notification No. 66-Income Tax Dated 28/7/2010

Notification 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...

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Section 80-IA- Notified undertaking of M/s. Infinity Infotech Parks Limited

Notification 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...

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Recent Posts in "Section 80IA"

Port Authority certificate not Mandatory to avail section 80IA(4) deduction

PCIT Vs Maharashtra State Warehousing Corporation (Bombay High Court)

Assessing Officer, however, denied the benefit on the ground that the assessee had failed to furnish a certificate from the concerned Port Authority certifying that the structure was a part of the Port, which it considered mandatory in view of the Board’s notification dated 23rd June 2000 followed by Circular No.10 of 2005 dated 16th De...

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Decoding Deduction under 80-IAC of Income Tax Act 1961: A Complete Guide

Section 80-IAC of Income Tax Act, 1961 provides a tax incentive to domestic companies for promoting investments in startups and other eligible businesses....

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Posted Under: Income Tax |

Renting income from cargo agents, airlines, etc. eligible for deduction u/s 80IA

Menzies Aviation Bobba (Bangalore) Pvt. Ltd. Vs ACIT (ITAT Bangalore)

ITAT Bangalore held that rental income is inseparably connected with the business carried on by the assessee and emanate directly from the business of the undertaking. Accordingly, rental income derived by the assessee from Cargo Agents, Airlines, Banks etc., is derived from the cargo business and eligible for deduction u/s. 80IA. The add...

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Order denying section 80IA deduction without Reasonable opportunity not sustainable

P.S.K. Engineering –Construction & Co. Vs ADIT (ITAT Chennai)

P.S.K. Engineering –Construction & Co. Vs ADIT (ITAT Chennai) ITAT have perused the entire order but could not understand from the order whether opportunity was granted to the assessee before denying the deduction u/s.80IA of the Act. The ld.DR could not answer whether opportunity was granted or not. Every quasi-judicial order has t...

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Deduction u/s 80IA is allowed unit wise

DCIT Vs Gujarat JHM Hotels Ltd. (ITAT Surat)

Held that deduction under Section 80IA of the Income Tax Act is to be allowed unit wise without deducting incurred loss by the other unit of eligible business and allowed the appeal of assessee....

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Section 80-IA deduction not allowable if not claimed in return of Income

Patel Brass Works P. Ltd Vs ACIT (ITAT Rajkot)

Patel Brass Works P. Ltd Vs ACIT (ITAT Rajkot) The issue for consideration before us is that if the assessee has not claimed deduction under section 80-IA of the Act in the return of income, can it be permitted to claim the same during the course of assessment proceedings by way of filing a revised […]...

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Developer engaged in development of infrastructure facility eligible to claim deduction u/s 80IA(4)

Akash Infra Projects P. Ltd. Vs ITO (ITAT Ahmedabad)

Held that merely because the assessee is referred as a contractor in the agreement, it doesn’t detract the assessee from the position of being a developer, nor will deprive the assessee from claiming deduction under Section 80IA(4) of the Act....

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Container Freight Station (CFS) eligible to claim section 80IA(4) deduction

DCIT Vs Continental Warehousing Corporation (Nhava Sheva) Ltd (ITAT Pune)

DCIT Vs Continental Warehousing Corporation (Nhava Sheva) Ltd (ITAT Pune) The only issue is to be decided is as to whether the CIT(A) justified in allowing deduction u/s. 80IA(4) of the Act in respect of Container Freight Station (CFS). At the outset, we note that this issue is covered in favour of the assessee by […]...

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Interest linked to primary activity eligible for Section 80IA deduction

ITO Vs State Infrastructure &

We hold that since the receipt of interest is intrinsically linked to the primary activity of allotment of plots in the industrial park, it is hereby held that the interest is derived from the eligible business and thus, eligible for the purpose of direction u/s. 80 IA....

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Whether Interest income is eligible for deduction u/s 80IA of Income Tax Act, 1961

In Income Tax Act, deduction has been prescribed specifically for industrial undertakings or enterprises engaged in infrastructure development, etc. vide section 80-IA. Hundred percent of the profits and gains derived from eligible business shall be allowed as deduction for ten consecutive assessment years. Eligible business comprises bus...

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Posted Under: Income Tax |

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