Income Tax Deductions judiciary-2

Allowability of Deduction U/s. 80-IB(10) on income from sale of Floor Space Index (FSI)

M/s Aarti Projects and Constructions Vs. DCIT (ITAT Mumbai)

AO declined assessee's claim of deduction on the plea that the profit claimed as deduction u/s 80-IB(10) of the Act was not derived from the housing project but from sale of unutilized FSI. ...

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S. 80IC: 100% deduction allowed on every substantial expansion

M/s Tirupati LPG Industries Ltd. Vs JCIT (ITAT Delhi)

ITAT Delhi held in the case of M/s Tirupati LPG Industries Ltd. vs. JCIT that a plain reading of Sec.80-IC (8)(v) which defines the term initial assessment year read with Sec.80-IC(8)(ix) which defines the term substantial expansion makes it clear that there is no restriction on more than one substantial expansion being undertaken by an a...

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Section 80P(4) not applies to assessee which is not a co-operative bank

ITO Vs Veerakeralam Primary Agricultural Co-operative Credit Society (ITAT Chennai)

From the provisions of sub-section 4 of section 80P and the Explanation to section 80P, it is evident that the benefit of section 80P is not available to co-operative banks whereas the Primary Agricultural Credit Societies are entitled for the same....

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Section 80HHC- SC Explains meaning of Turnover- Sale proceeds of scrap is not ‘turnover’

Commissioner of Income Tax-VII Vs Punjab Stainless Steel Industries (Supreme Court of India)

So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account or may be deducted from the amount spent by the manufacturing unit on the raw material, which is steel in the case of the respondent-assessee...

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S. 80-IB(10) – Limit on extent of commercial area applies only to projects approved after 01.04.2005

Income Tax Officer Vs M/s Yash Developers (ITAT Mumbai)

Condition of limiting commercial establishment/shops to 2000 sq.ft, which has come into force w.e.f. 1.4.2005 would be applicable for the project approved on or after 1.4.2005 and where the approval of the project was prior to 31.3.2005, the amended provision would have no application for those projects. ...

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Deduction U/s. 80IB cannot be denied for mere non-filing of Audit Report alongwith return of income

DCIT  Vs Anoli Holdings Pvt. Ltd. (ITAT Ahmdabad)

Requirement of filing audit report alongwith return of income is procedural in nature and audit report filed at the assessment stage shall be construed as sufficient compliance of the same for claiming deduction u/s 80IB....

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Section 80P(4) applies only to Co-Operative Credit Society not to co-operative bank

Commissioner of Income Tax Vs Jafari Momin Vikas Co-Op Credit Society Ltd. (Gujarat High Court at Ahmedabad)

Sub-section(4) of section 80P will not apply to an assessee which is not a co-operative bank. In the case clarified by CBDT, Delhi Coop Urban Thrift & Credit Society Ltd. was under consideration. Circular clarified that the said entity not being a co-operative bank...

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Recognition U/s. 80G(5) cannot be rejected for Mere non Commencement of one of the activities mentioned in object clause

Commissioner Of Income Tax Vs Vihangam Yoga Prachar And Social Welfare Trust Lucknow (Allahabad High Court): Income Tax Appeal No. 35 of 2013

ALLAHABAD High Court Rejects Revenue’s denial of Sec 80G(5) recognition on the ground that the assessee-trust did not commence one of the activities mentioned in object clause- The fact that the assessee was still to commence the activity of establishing a hospital for imparting medical treatment would not by itself result in the reject...

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S. 80IA Option of choosing initial assessment year – ITAT distinguishes special bench judgment in case of Gold Mine Shares

Sadbhav Engineering Ltd. Vs Dy. CIT (ITAT Ahemdabad)

Sadbhav Engineering Ltd. vs. Dy. CIT (ITAT Ahemdabad)- In the instant case, the assessee claimed deduction u/s.80IA(4) of the Act for all the years which were disallowed by the AO on the ground that as per provisions of section 80IA(5) of the Act the computation of deduction has to be done by setting off of brought forward losses and dep...

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HRA exemption allowable on Rent Paid to wife

Bajrang Prasad Ramdharani Vs Asst. CIT (ITAT Ahmedabad)

Requirement of the section 10(13A) is that any allowance (by whatever name called) granted to an assessee by his employer to meet expenditure actually incurred on payment of rent in respect of residential accommodation occupied by the assessee, to such extent as may be prescribed. ...

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