Income Tax : Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications....
CA, CS, CMA : Discover the major changes in ITR forms for FY 2023-24 (AY 2024-2025). Highlights include new sections for retirement benefit acco...
Income Tax : Tax planning while setting up of a business with reference to location (2021-2022 A.Y, A.Y 2022-2023 , A.Y 2023-2024 and A.Y 202...
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...
Income Tax : Whether nearby cities which are in 25 km from municipality are to be considered at par with metro cities for FY 2016-17? Solution:...
Income Tax : The office of the Comptroller & Auditor General (C & AG) conducts compliance as well as performance audit relating to specific are...
Income Tax : The CBDT did not have any established mechanism to assess the impact of revenue foregone on account of deduction under section 80 ...
Income Tax : Industry chamber Assocham today asked the government to re-introduce the tax exemption scheme to promote affordable housing in the...
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 ...
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...
Income Tax : The Court held that losses already set off in earlier years cannot be notionally carried forward for computing deduction under Sec...
Income Tax : The Tribunal held that non-filing of Form 10CCB along with return is a curable defect. A genuine start-up cannot be denied deducti...
Income Tax : Additions based on survey-time valuation of machinery were deleted as the Assessing Officer had not rejected the books of account....
Income Tax : The issue was whether notional income booked on a joint development agreement can be taxed before project commencement. The Tribun...
Income Tax : The Tribunal held that interest on income-tax refund is taxable in the year of receipt and qualifies for Section 80-IA deduction, ...
Income Tax : It is a settled position that revenue subsidies received from the Government towards reimbursement of cost of production/manufactu...
Income Tax : Notification No. 2/2011 - Income Tax In the notification of the Government of India in the Ministry of Finance, Department of Rev...
Income Tax : Notification No. 01/2011- Income Tax In exercise of the powers conferred by clauses (a) and (b) of sub-section (10) of section 80-...
Income Tax : Notification No. 67/2010 - Income Tax In exercise of the powers conferred by the proviso to Clause (a) and (b) of sub-section (10)...
Income Tax : Instruction No. 4/2009, dated 30-6-2009 Under sub-section (10) of section 80-IB an undertaking developing and building housing pro...
The Court held that losses already set off in earlier years cannot be notionally carried forward for computing deduction under Section 80IA. The ruling follows binding precedent restricting retrospective reworking of absorbed losses.
The Tribunal held that non-filing of Form 10CCB along with return is a curable defect. A genuine start-up cannot be denied deduction under Section 80-IAC merely on procedural grounds.
Additions based on survey-time valuation of machinery were deleted as the Assessing Officer had not rejected the books of account. Prior binding orders in the same case were followed, reaffirming settled law.
The issue was whether notional income booked on a joint development agreement can be taxed before project commencement. The Tribunal held that only real income can be taxed and deleted the disallowance.
The Tribunal held that interest on income-tax refund is taxable in the year of receipt and qualifies for Section 80-IA deduction, regardless of the year to which the refund relates.
The Tribunal held that a deduction cannot be disallowed merely due to delayed filing of Form 10CCB when it was available before processing. Procedural delay does not defeat a valid deduction claim.
The issue was whether the entire Section 80JJAA deduction could be rejected when some employees failed the 240-day condition. The Tribunal held that only ineligible employees’ costs can be disallowed, not the whole claim.
The tribunal held that every oil well constitutes an independent undertaking eligible for deduction under section 80IB(9). The key takeaway is that profits of individual wells cannot be clubbed merely because they operate under a single contract.
The Court held that dividend income, bank-deposit interest, and SDF service charges are not derived from long-term finance. Only direct lending profits qualify for the deduction.
The ITAT Rajkot ruled that exporters with turnover below ₹10 crore are equally eligible for 80HHC deductions, following the Supreme Court’s Avani Exports ratio. The Tribunal held that retrospective amendments cannot deny benefits to smaller exporters. The full deduction claimed by the assessee was restored, overturning AO and CIT(A) adjustments.
