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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 a viable commercial product.
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 referred to as the ‘Act’) has remained point of dispute in many cases.
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).
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.
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
Assessee being developer of SEZ was eligible for deduction under section 80-IAB for income earned from operation and maintenance of SEZ.
The assessee being eligible had option to start claiming deduction from any of the assessment years within time frame of Ay 2004-2005 to AY 2019-2020. Assessee exercises the option in AY 2008-09. AO made the disallowance by holding that assessment year 2004-05 is the initial AY. ITAT issued order in favour of Assessee.
As per CBDT Circular No.1/ 2016 dated 15.2.2016, it is clear that the assessee has option to claim deduction in subsequent years i.e. he can choose initial assessment year for claiming deduction even post commencement of business.
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 areas. S.80-I grants incentive deduction to new I.U. started after a certain date and S.80-IA grants incentive deduction in respect of new I.U. in certain cases.
ACIT Vs. Menzies Aviation Bobba (Banglore) Pvt. Ltd. (ITAT Banglore) Revenue filed above appeal against the order of CIT (A) who held that BIAL is statutory body as per requirement of section 80IA (4) (i) of the Income-tax Act.
