Section 80IB

How To Avail Of Maximum Benefit U/S 80-IB(10) of Income Tax Act

Income Tax - Recently, I was approached by a Builder Group seeking a number of clarifications, in respect of the incentive granted U/S 80-IB(10) of the Income-Tax Act to Undertakings engaged in the development and construction of Housing Project(s). Apparently, the provisions of S.80-IB(10) look quite simple, but when one goes into the various conditi...

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Benefits U/S 80-IA (4)(iii) Of I.T. Act, In Respect of an Industrial Park

Income Tax - Section 80-IA of the I.T. Act, 1961, grants deductions in respect of profits and gains from Industrial Undertaking or enterprises engaged in Infrastructure Development, etc. As per section 80-IA (1), where the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any business refe...

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Leased Assets qualify for Industrial Undertaking Purposes- holds Bombay HC

Income Tax - Whether the film production companies are Industrial Undertaking for the purpose of Section 80IB of the Income Tax Act, 1961? Whether a film production company can be considered as Industrial Undertaking under the provision of Section 80 IB of the Income tax Act, when the plant or machinery of such company is not owned by the assessee and...

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Deduction Under Section 80IA/80IB – Case Laws – Assessment

Income Tax - 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 is applicable for all receipts/income of the assessee or is it restricted to profits and gains “derived ...

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I-T Dept releases Book on Controversies in Income Tax Assessment

Income 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 [...

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CBDT have well-established mechanism to deal with Audit Objections

Income Tax - The office of the Comptroller & Auditor General (C & AG) conducts compliance as well as performance audit relating to specific area of work of the Department. Such an audit on the ssue relating to “Allowance of deduction to the assessees engaged in Infrastructure Development” was conducted by the C & AG in the year 2015 and the report...

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No established mechanism to assess revenue foregone on account of deduction U/s. 80 IA

Income Tax - The CBDT did not have any established mechanism to assess the impact of revenue foregone on account of deduction under section 80 IA on the economic and industrial growth of the country. ...

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Budget 2011-12- Give tax sops on affordable housing

Income Tax - Industry chamber Assocham today asked the government to re-introduce the tax exemption scheme to promote affordable housing in the forthcoming Budget for 2011-12. The chamber also said real estate sector should be accorded infrastructure industry sta...

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Study of recent amendment in deduction for developing and building housing projects – S. 80-IB

Income Tax - Section 80-IB (10) of the Act is aimed at promoting construction of housing projects, so as to address the problem of shortage of dwelling units. The predominant objective of this incentive provision, therefore, is to encourage better availability of the dwelling units for low and middle class segment of the society....

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Hospitality sector want tax holiday to extended to 10 years

Income Tax - Sushanto Roy, CEO, Sahara Prime City, has in a pre-Budget wish list of expectations said: "Given the pent-up demand for affordable housing which was discovered during the recent slowdown there is a need to reintroduce tax holiday under section 80IB for housing projects constructed after March 31, 2008." Tax holiday for hotels, under secti...

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SC on inclusion of years of deduction claimed earlier U/s. 80-IA & 80-IB for calculation of 10 Year period for deduction U/s. 80-IC

Mahabir Industries Vs. PCIT (Supreme High Court) - Mahabir Industries Vs. PCIT (Supreme High Court) The assessee in the instant case has not got deduction under Section 80-IC for a period of ten years as he started claiming deduction under this provision w.e.f. Assessment Year 2006-07. Situation Nos. (b) and (c) mentioned above would not apply to th...

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Deduction U/s. 80-IB(10) not eligible if return not filed within due date, as prescribed U/s. 139(1)

Dy.CIT Vs M/s.Siroya.Developers (ITAT Mumbai) - This appeal by the Revenue is against the order of the Commissioner of Income-tax (Appeals) dated 03-09-2011 passed against the assessment order passed u/s 143(3) dated 21-12-2010 and is filed on the following grounds...

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Section 80IB(11A): Initial assessment year for an undertaking means year in which it begins its business

Anand Food And Dairy Products Vs. ITO (Gujarat High Court) - An undertaking like the assessee, which derives profits from the business of processing, preservation and packaging of fruits or vegetables would be entitled to deduction under section 80IB(11A) of the Act from the initial assessment year, viz. the assessment year relevant to the previous year in wh...

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Deduction U/S 80-IB cannot be denied merely for variance of actual construction with approved Plan

The Commissioner of Income Tax Vs. M/s. C. N. Builders & Developers (Bombay High Court) - A two-judge bench of the Bombay High Court, in The Commissioner of Income Tax, Valsad v. M/s. C. N. Builders & Developers held that the deduction under section 80-IB is available to the assessee- Builder, even if the construction is not according to the plan approved by the authorities....

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Deduction U/s. 80-IB(10) not available in case of Delay in filing return

Dy. CIT Vs. Siroya Developers (ITAT Mumbai) - Dy. CIT Vs. Siroya Developers (ITAT Mumbai) Section 139(1) casts an obligation on every assessee to furnish the return of income by the due date. With a view to enforce the compliance in this regard by the assessees who are entitled for deduction under section 10B from their income, a proviso (fourt...

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Deduction U/s 80IB, 80IC eligible on Transport, Power & Interest subsidies

Circulars No. 39/2016 - (29/11/2016) - It is a settled position that revenue subsidies received from the Government towards reimbursement of cost of production/manufacture or for sale of the manufactured goods are part of profits and gains of business derived from the Industrial Undertaking/ eligible business, and are thus, admissible fo...

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Section 80-IB of the Income-tax Act, 1961 – Corrigendum to Notification No. S.O. 1898(E), dated 3-8-2010

Notification No. 2/2011 - Income Tax - (05/01/2011) - Notification No. 2/2011 - Income Tax In the notification of the Government of India in the Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes) number S.O. 1898(E), dated the 3rd August, 2010, published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section (...

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Section 80-IB – Scheme for slum redevelopment prepared by Maharashtra Government

Notification No. 01/2011- Income Tax - (05/01/2011) - Notification No. 01/2011- Income Tax In exercise of the powers conferred by clauses (a) and (b) of sub-section (10) of section 80-IB of the Income-tax Act, 1961 (43 of 1961), the Board hereby notifies, the Scheme for slum redevelopment prepared by the Maharashtra Government under sub-section (2) of ...

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Notification No. 67/2010- Notified scheme for purposes of section 80-IB(10)

Notification No. 67/2010 - Income Tax - (03/08/2010) - Notification No. 67/2010 - Income Tax In exercise of the powers conferred by the proviso to Clause (a) and (b) of sub-section (10) of section 80-IB of the Income-tax Act, 1961 (43 of 1961), the Board hereby notifies the Scheme contained in Regulations 33(10) of Development Control Regulation for Gre...

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Clarification regarding deduction under section 80-IB(10) in respect of undertakings developing building and housing projects

Instruction No. 4/2009 - (30/06/2009) - Instruction No. 4/2009, dated 30-6-2009 Under sub-section (10) of section 80-IB an undertaking developing and building housing projects is allowed a deduction of 100% of its profits derived from such projects if it commenced the project on or after 1.10.1998 and completes the construction within fou...

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Recent Posts in "Section 80IB"

SC on inclusion of years of deduction claimed earlier U/s. 80-IA & 80-IB for calculation of 10 Year period for deduction U/s. 80-IC

Mahabir Industries Vs. PCIT (Supreme High Court)

Mahabir Industries Vs. PCIT (Supreme High Court) The assessee in the instant case has not got deduction under Section 80-IC for a period of ten years as he started claiming deduction under this provision w.e.f. Assessment Year 2006-07. Situation Nos. (b) and (c) mentioned above would not apply to the assessee as it’s undertaking/enterpr...

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Deduction U/s. 80-IB(10) not eligible if return not filed within due date, as prescribed U/s. 139(1)

Dy.CIT Vs M/s.Siroya.Developers (ITAT Mumbai)

This appeal by the Revenue is against the order of the Commissioner of Income-tax (Appeals) dated 03-09-2011 passed against the assessment order passed u/s 143(3) dated 21-12-2010 and is filed on the following grounds...

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Section 80IB(11A): Initial assessment year for an undertaking means year in which it begins its business

Anand Food And Dairy Products Vs. ITO (Gujarat High Court)

An undertaking like the assessee, which derives profits from the business of processing, preservation and packaging of fruits or vegetables would be entitled to deduction under section 80IB(11A) of the Act from the initial assessment year, viz. the assessment year relevant to the previous year in which it begins such business....

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Deduction U/S 80-IB cannot be denied merely for variance of actual construction with approved Plan

The Commissioner of Income Tax Vs. M/s. C. N. Builders & Developers (Bombay High Court)

A two-judge bench of the Bombay High Court, in The Commissioner of Income Tax, Valsad v. M/s. C. N. Builders & Developers held that the deduction under section 80-IB is available to the assessee- Builder, even if the construction is not according to the plan approved by the authorities....

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Deduction U/s. 80-IB(10) not available in case of Delay in filing return

Dy. CIT Vs. Siroya Developers (ITAT Mumbai)

Dy. CIT Vs. Siroya Developers (ITAT Mumbai) Section 139(1) casts an obligation on every assessee to furnish the return of income by the due date. With a view to enforce the compliance in this regard by the assessees who are entitled for deduction under section 10B from their income, a proviso (fourth proviso) to sub-section […]...

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Section 80-IB(10) deduction could not be denied for Genuine delay due to error on Income Tax website

Meera Enterprises Vs. ITO (ITAT Mumbai)

Meera Enterprises Vs. ITO (ITAT Mumbai) The Chartered Accountant had prepared the return along with the necessary annexures on 15-10-2010 but due to heavy pressure on computer server of the Centralized Processing Center (CPC) Income Tax Department, Bangalore, the return filing was slow till 8 p.m. Thereafter the Chartered Accountant tried...

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Section 80-IB(10): Open terrace area excluded by Local Authority from working of built-up area cannot be included by revenue

The Deputy Commissioner of Income Tax Vs. M/s. Acestar Properties Pvt. Ltd (ITAT Chennai)

The Income Tax Appellate Tribunal (ITAT) Chennai, on Wednesday, brought in further clarity to one of its previous orders regarding the inclusiveness of private open terrace in build-up area of a flat, for the purpose of deductions as per Section 80-IB(10) of the Income Tax Act. ...

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SSI benefit cannot be availed by an undertakings which do not continue as SSI: SC

Deputy Commissioner Of Income-Tax Vs. M/s. Ace Multi Axes Systems Ltd. (Supreme Court of India)

Incentive meant for small scale industrial undertakings cannot be availed by industrial undertakings which do not continue as small scale industrial undertakings during the relevant period, the bench held. ...

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Gold converted in jewelery/ ornament eligible for deduction U/s. 80-IB

Pr. CIT Vs Lakesh Handa (Jammu and Kashmir High Court)

Whether the Income Tax Appellate Tribunal was justified in deleting the addition made by the assessing officer by dis-allowing the deduction claimed under section 80-IB of the Income Tax Act, 1961...

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Bottling of Gas Into Cylinder Amounts to Production for Section 80HH, 80I and 80IA: SC

CIT Vs. Hindustan Petroleum Corporation Ltd. (Supreme Court)

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 p...

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