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 issue was whether deduction under Section 80P is allowed when return is filed late. ITAT held that post-2018 amendment, deduct...
Income Tax : The Court held that failure to prove identity and source of creditors attracts Section 68. Such unexplained credits cannot be trea...
Income Tax : The court held that deduction under Section 80P cannot be granted where no return of income is filed. The key takeaway is that cla...
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 : 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...
Revenue preferred an appeal against ITAT order which hold that open terrace area which can be accessed only through the private balcony of the individual purchaser should not be included while computing the built-up area for the purpose of claiming deduction u/s 80IB(10).
PCIT Vs Karavali Housing (Karnataka High Court) Section 80IB (10) it is not the mandate of the Section that the housing project must be on a vacant plot of land having minimum area of one acre and that where a new housing project is constructed on a plot of land having minimum area of one […]
Receipts from sale of scrap being part and parcel of the activities and being approximate thereto would also be within the ambit of gains derived from industrial undertaking for the purposes of computing deduction u/s 80IB
Shri Puneet Sehdev Vs ITO (ITAT Amritsar) The activity for converting gold bricks, biscuits or bars, into jewellery amounts to ‘production or manufacture of a new article. The gold, silver or platinum in bar, biscuits or brick form, is converted by manual labour and by the use of implements/tools or by machinery, culminating into an […]
DCIT Vs Sahara India Sahkari Awas Samiti Ltd. (ITAT Delhi) In DCIT v. Sahara India Sahkari Awas [ITA Nos.2481 & 2482/Del/2011 and CO Nos.221 & 222/Del/2011 decided on July 19, 20201] Sahara India Sahkari Awas (Respondent), a cooperative society of Sahara India group and is engaged in the business of development and construction of residential […]
Surana Mutha Bhasali Developers Vs ACIT (ITAT Pune) The doctrine of approbate and reprobate does not allow the Department to blow hot and cold in the same breath, thereby accepting one consequence arising from the statement of the assessee while rejecting the other one. When the assessee made a surrender with the clear backdrop of […]
Explore Anjli Foundations’ eligibility for 80IB(10) deduction as ITAT Chennai reviews the case. Legal analysis, key points, and ITAT judgment insights provided.
ITO Vs Anjli Foundations (ITAT Chennai) The undisputed fact in this case is that the assessee is owner of the land. Therefore, for claiming the deduction u/s. 80IB(10), the assessee has to establish that it had undertaken developmental activities which include activities like undertaking the levelling the road and removal of rock surface in the […]
ACIT Vs Eagleton Property Holdings (ITAT Bangalore) Whether the deduction under section 80IB(10) can be allowed on proportionate basis in respect of residential units having a built up area of 1500 sq.ft. or less. On this aspect, the CIT(A) held that the assessee would be entitled to deduction under section 80IB(10) of the Act on […]
Kamat Constructions Pvt. Ltd. Vs ACIT (Bombay High Court) In this case the Assessing Officer (AO) vide Order dated 31.01.2014 disallowed deductions to the assessee under Section 80IB(10) of the Income Tax Act, 1961 (said Act) in respect of its housing project “Kamat Riviera” inter alia on the ground that 4 out of the 60 […]
