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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...
Read MoreIncome Tax - Deductions in respect of profits and gains from undertakings or enterprises engaged in, Power undertakings etc. [Section 80-IA]...
Read MoreIncome Tax - Deduction in respect of profits and gains from certain industrial undertakings - Sections 80IA/80IB.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 ...
Read MoreIncome 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 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 - 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. Cavinkare Private Limited (Madras High Court) - Deduction u/s 80IA eligible when herbal product is manufactured from herbs, manually and with the use of some chemicals and small machinery....
Read MoreSharp Designers and Engineers India Pvt. Ltd. Vs ACIT (ITAT Pune) - Assessee’s case with both original and revised returns filed in time was placed in a better position, therefore, deduction under section 80-IA was allowable, despite the same was claimed through filing of revised return....
Read MorePr. CIT Vs. Vijay Infrastructure Ltd. (Allahabad High Court) - Pr. CIT Vs. Vijay Infrastructure Ltd. (Allahabad High Court) Since the time limit for filing the revised return had not expired during the relevant year, therefore, claim for deduction under section 80-IA if not made earlier could have been made in the revised return. Once it could have been claimed...
Read MoreM/s. Indian Gum Industries Ltd. Vs JCIT (Bombay High Court) - Parliament did not seek to disturb and / or affect cases where deduction is taken twice over i.e. under Section 80IA and 80HHC of the Act on the same profit, provided it was less than the gross total income as defined in Section 80IB(5) of the Act....
Read MoreM/s. Tema Exchangers Manufactures Pvt. Ltd. Vs The Asstt. (Bombay High Court) - Court held that interest on fixed deposits in the bank would be profits and gains derived from any business of an industrial undertaking. The same reasoning would apply to extend deductions under Section 80IA of the Act for the compensation received for non supply of spare parts. T...
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...
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CIT Vs M/s. Cavinkare Private Limited (Madras High Court) -
Sharp Designers and Engineers India Pvt. Ltd. Vs ACIT (ITAT Pune) -
Pr. CIT Vs. Vijay Infrastructure Ltd. (Allahabad High Court) -
M/s. Indian Gum Industries Ltd. Vs JCIT (Bombay High Court) -
M/s. Tema Exchangers Manufactures Pvt. Ltd. Vs The Asstt. (Bombay High Court) -
Smt. Revathi Raju Vs The Income Tax Officer (ITAT Bangalore) -
Mahabir Industries Vs. PCIT (Supreme High Court) -
