Income Tax : This article explains depreciation provisions under the Income-tax Act and Companies Act, including WDV, SLM, additional depreciat...
Income Tax : Taxpayers entering specified domestic transactions exceeding prescribed thresholds must maintain transfer pricing documentation, a...
Income Tax : Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications....
Income Tax : Explore deductions under Sections 80IA to 80IE for A.Y 2021-2025. Understand provisions, eligibility, quantum, and conditions. Sim...
Income Tax : Explore the rules and challenges of Domestic Transfer Pricing (DTP) in India. Learn about legal definitions, threshold limits, app...
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...
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...
Income Tax : The Government has decided that telecom companies offering 3G services will not be allowed to claim tax breaks under Section 80 IA...
Income Tax : The Madras High Court held that unexplained trade credits falling under Section 68 cannot qualify for deduction under Section 80-I...
Income Tax : The ITAT held that a transfer pricing adjustment under Section 80-IA(10) cannot be sustained without proving the statutory conditi...
Income Tax : Bangalore ITAT deleted the addition under Section 69A after holding that the assessee had satisfactorily explained the source of c...
Income Tax : The Calcutta High Court held that sales tax remission under the West Bengal Incentive Scheme, 1993 was a capital receipt as it was...
Income Tax : The Bombay High Court held that reassessment beyond four years was invalid because the assessee had fully and truly disclosed all ...
Income Tax : Section 80-IA(4)(iii) of the Income-tax Act, 1961 - Deductions - Profits and gains from Industrial Infrastructure Undertakings, et...
Income Tax : Notification No. 78/2010-Income Tax [F.No.178/100/2008-ITA-I], dated 11-10-2010 Government hereby notifies M/s. Marathon Nextgen ...
Income Tax : Notification No. 73/2010-Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-sect...
Income Tax : 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...
Income Tax : Notification No. 54/2010-Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-sect...
The ITAT Hyderabad has largely upheld the disallowance of sub-contractor expenses for ASR Engineering & Projects Ltd., citing lack of genuineness and coordinated cash withdrawals. The tribunal also addressed the validity of revised returns for Section 80IA claims.
Higher profit per se cannot lead to the conclusion that there is arrangement between the parties. The concept of PLI cannot per se be applied to hold that assessee has earned higher profit
The present petition is filed assailing the Communication dated 03 February 2014 issued by the Respondent No. 3 rejecting the Petitioner’s Application dated 15 December 2011 for seeking amendments of the earlier granted approval dated 17.11.2006.
ITAT Ahmedabad held that goodwill arose from the excess of consideration over the net value of tangible assets transferred in amalgamation and was therefore a valid intangible asset eligible for depreciation under section 32(1)(ii).
Supreme Court ruled on how deductions under Section 80-IA and 80-HHC are to be calculated, clarifying impact of Section 80-IA(9) and rejecting a retrospective application.
ITAT Delhi held that provisions of section 43B of the Income Tax Act is not attracted to the licensee/assessee in respect of electricity duty. Thus, question is answered in favour of the assessee and hence appeal of revenue dismissed.
ITAT Hyderabad held that for the invocation of section 92BA of the Income Tax Act, there is no necessity for the assessee for opting/ claiming the deduction U/s. 80IA of the Income Tax Act. Accordingly, appeal of the assessee dismissed.
ITAT Kolkata held that loan transaction between holding and subsidiary company done in the normal course of business and out of business/ commercial expediency are outside the scope of deemed dividend.
Delhi High Court held that the provisioning for Asset Reconstruction Cost qualified the prescriptions of AS 29 and the assessee was thus justified in accounting for the same. Thus, that question is answered in favour of assessee.
ITAT Ahmedabad held that income from sale of scraps generated through production process reducing cost of product is eligible for deduction under section 80IC of the Income Tax Act. Accordingly, appeal of revenue dismissed.
