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 Madras High Court held that taxable income was not properly computed where deduction under Section 80IB was reduced before cal...
Income Tax : The ITAT Delhi ruled that reimbursement of software costs to foreign AEs on a cost-to-cost basis could not be treated as a profit-...
Income Tax : The Tribunal observed that earlier additions were primarily based on DRI show-cause notices without independent investigation by t...
Income Tax : The tribunal held that generation-based incentive linked to electricity output qualifies for deduction under Section 80-IA. It rul...
Income Tax : The Tribunal supported the CIT(A)s decision to allow a new claim under Section 10A, noting that appellate proceedings are a contin...
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 Madras High Court held that taxable income was not properly computed where deduction under Section 80IB was reduced before calculating Section 80HHC relief. The matter was remanded for fresh assessment in line with the Supreme Court ruling in Shital Fibers Ltd.
The ITAT Delhi ruled that reimbursement of software costs to foreign AEs on a cost-to-cost basis could not be treated as a profit-generating intra-group service. The Tribunal deleted the transfer pricing adjustment after finding the benchmarking method adopted by the TPO unjustified.
The Tribunal observed that earlier additions were primarily based on DRI show-cause notices without independent investigation by the Assessing Officer. Fresh adjudication was ordered after admission of subsequent customs findings.
The tribunal held that generation-based incentive linked to electricity output qualifies for deduction under Section 80-IA. It ruled that such incentives have a direct nexus with business operations.
The Tribunal supported the CIT(A)s decision to allow a new claim under Section 10A, noting that appellate proceedings are a continuation of assessment and aimed at determining correct tax liability.
The Tribunal held that delay alone cannot justify rejection of a statutory deduction claim raised in appeal. It directed fresh verification to determine eligibility on merits.
The issue was whether deduction under Section 80P is allowed when return is filed late. ITAT held that post-2018 amendment, deduction is barred if return is not filed within the due date under Section 139(1).
The Court held that failure to prove identity and source of creditors attracts Section 68. Such unexplained credits cannot be treated as business income or eligible for deduction under Sections 80-IA/80-IB.
The court held that deduction under Section 80P cannot be granted where no return of income is filed. The key takeaway is that claiming deduction in a valid return is mandatory.
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.
