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...
CIT Vs M/s. Bannari Amman Sugars Ltd. (Madras High Court) Whether on the facts and In the circumstances of the case, the Income-Tax Appellate Tribunal was right in law in holding that the assessee is entitled deduction under section 80IA of the Act, even though where a company apart from his regular business and in […]
When deduction u/s 80IA(4) had been granted in first year of claim the same could not be denied in subsequent years, unless assessee had changed the original terms and conditions in the first year while fulfilling for the granting deduction in the first year of operation.
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.
CIT Vs Reliance Energy Ltd. (Supreme Court) We have considered the submissions on behalf of the Revenue as it has a bearing on the interpretation of sub-section (1) of Section 80-IA of the Act. We hold that the scope of sub-section (5) of Section 80-IA of the Act is limited to determination of quantum of […]
CIT Vs Tamil Nadu Newsprint and Papers Limited (Madras High court) It is abundantly clear from Sub-Section (2) of Section 80IA that an assessee who is eligible to claim deduction u/s 80IA has the option to choose the initial/first year from which it may desire the claim of deduction for ten consecutive years, out of […]
Where assessee had existing brought forward losses which were either could not be set off against the profits and if the assessee considered any year as the initial assessment year for the benefit of Section 80IA in such cases, the eligible profits would be determined only after setting off of the losses/ unabsorbed depreciation carried forward in the year the deduction was claimed.
ACIT Vs Simplex Infrastructures Ltd. (ITAT Kolkata) In the instant case, as will be evident from the perusal of the agreements, as enclosed in the Paper book and relevant portions of which are discussed as above, all the agreements under consideration are not for a specific work, they are for development of facility as a […]
DCIT Vs NLC India Ltd. (ITAT Chennai) The main objection of the AO is that the new unit started cannot be considered as separate undertaking because it is using the same manufacturing technology and the finished goods are also the same, i.e., power. The new unit, i.e., unit TPS-I Expansion is nothing but the expansion […]
GVK Jaipur Expressway Private Limited Vs. DCIT (ITAT Jaipur) It was submitted that the assessee on review of the appeal documentation noticed that it has suo-moto disallowed the interest receipts while computing book profits for the purposes of deduction u/s 80IA of the Act and the said fact has inadvertently escaped its attention at the […]
Gail (India) Ltd. Vs DCIT (ITAT Delhi) ITA No. 5775/Del/2014 and ITA No. 5912/Del/2014 are cross appeals by the assessee and revenue preferred against the order of the CIT(A)-LTU, New Delhi dated 28.8.2014 pertaining to assessment year 1998-99. Both these appeals were heard together and are disposed of by this common order for the sake […]
