Income Tax Deductions judiciary-2

HC directs AO to verify claim of Section 80IB(10) deduction

DIT Exemptions Vs India Heritage Foundation Gokulam Complex (Karnataka High Court)

DIT Exemptions Vs India Heritage Foundation Gokulam Complex (Karnataka High Court) It is evident that the Assessing Officer has not made any enquiry with regard to the claim of the assessee for deduction under Section 80IB(10) of the Act. The Director of Income Tax (Exemption) in the order passed under Section 263 of the Act […]...

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Section 80P Deduction eligible on Bonus in the nature of dividend by KMF to Co-op Society

The Mysore District Co-operative Milk Producers Society Union Ltd. Vs ACIT (ITAT Bangalore)

The issue under consideration is whether the deduction u/s 80P is allowed against the bonus received by the Co-operative Society from M/s. Karnataka Co-operative Milk Producers’ Federation (KMF)?...

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Section 80IE deduction allowable on Substantial expansion/modernization of existing industrial unit despite deduction claim U/s. section 80-IB & 10C in earlier periods

Lakshmi Ram Thakuria Vs ITO (ITAT Guwahati)

Assessee was entitled to claim deduction under section 80-IE from Financial year 2008-09 and onwards due to modernization of its plant & machinery by infusing additional capital investment by more than 25 % of initial investment in plant & machinery as envisaged in clause (iii) of sub-section 7 of section 80-IE....

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Inquiry into Factual Situation required to determine Section 80P Deduction Eligibility

Peruvemba Service Cooperative Bank Limited Vs ITO (ITAT Cochin)

The issue under consideration is whether the AO need to conduct an Inquiry into Factual Situation as to activities of assessee society to determine eligibility of deduction u/s 80P?...

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No Section 80O deduction for income received from foreign enterprise for rendering services in India

Ramnath & Co. Vs CIT (Supreme Court)

Service charges received by assessees from the foreign enterprises did not qualify for deduction in view of clause (iii) of the Explanation to Section 80O as the services rendered by respective assessees were the ‘services rendered in India’ and not the ‘services rendered from India’ and merely having a contract with a foreign ent...

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Section 80IB deduction allowable only on Income having direct nexus with developing a housing project

Satern Griha Nirman Pvt. Limited Vs ITO (ITAT Kolkata)

The issue under consideration is that whether the disallowance made by the Assessing Officer on account of assessee’s claim for deduction under section 80IB(10) of the Income Tax Act, 1961 in respect of interest received amounting to Rs.11,10,810/- and other income amounting to Rs. 6,36,746/- is correct or not?...

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Section 80IC deduction allowed for service charges based on direct nexus between service rendered & product

Xalted Information Systems Pvt. Ltd. Vs ITO (ITAT Banglore)

The issue under consideration is that whether deduction u/s 80-IC will be allowed against service charges since services rendered were part of business and also involved manufacturing activity?...

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Interest on FDR of co-op society with co-op bank eligible for Section 80P(2)(d) deduction

Jaipur Zila Dugdh Utpadak Sahakari Sangh Ltd. Vs DCIT (ITAT Jaipur)

Interest income derived by assessee, co-operative society from its investments held with a co-operative bank, was entitled for claim of deduction under section 80P(2)(d) as for the purposes of section 80P(2)(d) of the Act, Cooperative Bank Ltd shall be treated as a co-operative society....

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Interest earned by Co-op Society on Investment with Co-op Bank eligible for Deduction

Technopolis Premises Co-operative Society Limited Vs PCIT (ITAT Mumbai)

Technopolis Premises Co-operative Society Limited Vs PCIT (ITAT Mumbai) We are of the considered view that though the co-operative bank pursuant to the insertion of sub-section (4) of Sec. 80P would no more be entitled for claim of deduction under Sec. 80P of the Act, however, as a co-operative bank continues to be a co-operative [&hellip...

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Section 80-IC deduction eligible on Additions for interest & bad debts

Pr. CIT Vs Pacific India (Punjab & Haryana High Court)

Since assessee was held entitled to claim deduction of its profits at the rate of 100% in terms of section 80-IC, therefore, additions made towards interest and bad debts so made were also entitled to deduction under section 80-IC resulting in no addition to the taxable income of assessee....

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October 2020