Income Tax Deductions - Page 20

Deduction u/s. 80P(2)) allowable on additions due to unexplained deposits received in the course of business

Assistant Commissioner of Income-tax, Circle-IV Vs Buldana Urban Co-operative Credit Society Ltd. (ITAT Nagpur)

This is not denied that the assessee is engaged in the business of providing credit facilities to its members. The credit facilities cannot be provided until and unless the assessee receives the deposits. It cannot always be provided out of its own capital. Receiving of the deposit is necessary and essential for advancing the money on cre...

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Loss of Eligible Business Unit u/s. 80IB(10) can be set off against other business income

Assistant Commissioner of Income-tax Vs Sterling Developers (P.)Ltd. (ITAT Bangalore)

That apart, the learned counsel for the assessee has rightly contended that the provisions of section 80IA(5) of the Act applies in computing the profits of an eligible business for the purposes of working out the quantum of deduction for the initial assessment year and for every subsequent year thereafter. The incentive deductions both u...

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S. 80(IB)(10) Deduction not allowable on failure to furnish completion certificate of housing project

Sainath Estates (P.) Ltd. Vs Deputy Commissioner of Income-tax, Hyderabad (ITAT Hyderabad)

A reading of the aforesaid provision makes it clear that an assessee will be entitled to claim deduction under the said provision if he fulfills all the conditions mentioned therein. Clause (a)(ii) of the aforesaid provision, which is relevant for our purpose, provides that in a case where housing project has been approved by the local au...

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Insurance receipt on loss of stock & Technology transfer fee eligible for deduction U/s. 80HHC

Cipla Ltd. Vs Deputy Commissioner of Income-tax (ITAT Mumbai)

Regarding, the issue of technology transfer fee receipts, whether it constitutes operational income or not, learned counsel brought the analogy of these receipts to the developmental works receipts, which is adjudicated by the hon'ble Karnataka High Court in the case of Motor Industries Co. Ltd. (supra). In our opinion, there is a need fo...

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Amount not allowed for non deduction of TDS is eligible for deduction U/s. 80IB

Income-tax Officer, Ward-9(3), Pune Vs Kalbhor Gawade Builders (ITAT Pune)

We are not inclined to interfere with the finding of the CIT(A) because on account of violation of conditions prescribed under clause (ia) the implication u/s.40(a) would be that the said amount will not be deducted in computing income chargeable under the head 'profits and gains of business or profession'. The same will form part of prof...

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Reassessment for thorough verification of manufacturing activity of Assessee not justified

Dynacraft Air Controls Vs Smt. Sneha Joshi (Bombay High Court)

For these reasons, we have come to the conclusion that the Petitions would have to be allowed. We accordingly allow the Petitions by quashing and setting aside the notices under section 148 of the Income-tax Act, 1961 purporting to re-open the assessment for A.Ys. 2005-06, 2006-07, 2007-08 and 2008-09. Rule is made absolute in the aforesa...

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S. 80G – HC grant Opportunity to Trust Negligent in Filing Requisite details due to employees’ laxity

Guru Gobind Singh Educational Society Vs Commissioner, Income-tax (Madhya Pradesh High Court)

For furnishing information required, the petitioner had sought 5 adjournments, as finds place in the impugned order but such information was not furnished. On 8.3.2001, again an adjournment was sought by the petitioner on the ground that the staff was busy in the examination work so time be allowed for furnishing the information. From the...

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S. 10A Expenses Reduced from Export Turnover Needs to be reduced from Total Turnover too

Global Logic India Pvt. Ltd. Vs. Dy. Commissioner of Income Tax (ITAT Delhi)

Ld. Counsel of the assessee submitted that that even if any freight, telecommunication or insurance expense during the year, are reduced from the export turnover, such sums will also have to be reduced from the total turnover of the company for the purpose of computation of deduction u/s. 10A....

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Unrelated expenses cannot be apportioned to Units eligible for deduction U/s. 80IB

Zandu Pharmaceuticals Works Limited Vs The Commissioner of Income Tax (Bombay High Court)

Revenue submitted that any research and development activity carried out by the head office would automatically ensure to the benefit of the units/industrial undertakings. He submitted that the head office itself does not manufacture any medicines, the benefit of the research and development would be utilized for manufacturing the product...

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Deduction u/s. 80-IA(8) has nothing to do with fixing of tariff rate for supply of power to consumer

The Commissioner of Income Tax- ­10 Vs M/s. Reliance Energy Ltd. (Bombay High Court)

We find that both the Commissioner of Income Tax (Appeals) as well as the Tribunal have arrived at a finding of fact that Assessing officer did not have any reasonable belief to come to the conclusion that that there has been any escapement for the assessment year 2003-04. The order of MERC dated 01.07.2004 specifically deals with regard ...

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