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...
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.
ITAT Mumbai held that benefit under section 115BAA of the Income Tax Act cannot be denied for inadvertent filing of Form 10-IB in place of Form 10-IC since the same is technical lapse. Accordingly, order of CIT(A) is sustained and appeal of revenue is dismissed.
Madras High Court held that deduction under section 80IB(10) of the Income Tax Act not eligible in absence of any demonstrable evidence regarding any expense incurred towards eligible project to substantiate development of eligible project.
The interest was earned from fixed deposits maintained with banks for the purpose of the business and related to the business of assessee. Interest was also earned on refund of taxes due to wrongful deduction of TDS by the customers of assessee.
ITAT Lucknow held that deduction under section 80IB and section 80HHC of the Income Tax Act is simultaneously allowable from the net profit. Accordingly, addition is directed to be deleted and appeal is allowed.
Kanchenjunga Distilleries & Liquors Vs DCIT (ITAT Kolkata) Late Audit Report No Bar -Substance Over Form – ITAT Kolkata Deletes Disallowance of ₹2.07 Cr for Belated Form 10CCB Assessee filed return of income on 22.12.2021 declaring nil income after claiming deduction of ₹2.07 crore u/s 80IE. The extended due date for return filing was 15.03.2022 […]
The ITAT Mumbai upholds deductions for Jyothy Labs, ruling that once allowed, they can’t be denied later. The court also addressed issues on interest allocation and capital gains.
Madras High Court affirms that Section 80HHC deduction is granted without reducing Section 80IB benefit, citing Supreme Court precedents.
