Income Tax Deductions - Page 20

Deduction U/s. 80IB allowable on expenses disallowed by AO

DCIT Vs Magarpatta Township Development & Construction Co. (ITAT Pune)

Assessee was held entitled for deduction u/s.80IB(10) in case there was enhanced income on account of statutory disallowance u/s.43B, 40(a)(ia) and 36(1)(va), etc. In the instant case nature of receipts on credit side of Profit and Loss Account for eligible housing projects u/s.80IB(10) was the same and disallowance of expenditure on the ...

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Assessee eligible for benefit u/s 801A even if only part of Infrastructural Project work is executed by it

B.T.Patil & Sons Belgaum Constructions Pvt. Ltd. Vs ACIT (ITAT Pune)

The view of the Larger Bench that the assessee had to be directly engaged in developing, maintaining and operating the facility and that there had to be a complete development of the facility and not just a part of it is contrary to the law laid down in ABG Heavy Industries 322 ITR 323 (Bom). The High Court held that The assessee did not ...

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Reassessment to disallow deduction u/s. 80HHC based on audit objections & reappraisal of details furnished not valid

Deputy Commissioner of Income-tax Vs Lee Pharma (P.) Ltd. (ITAT Hyderabad)

In this case as found by the Commissioner of Income-tax (Appeals) the Assessing Officer in the course of assessment proceedings had called for the particulars regarding various items of income going into the computation of deduction under section 80HHC, for which the assessee had given the requisite details and particulars. Now the Assess...

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Residential-cum-commercial project approved by local authority eligible for s. 80-IB(10) deduction

Raviraj Kothari Punjabi Associates Vs Deputy Commissioner of Income-tax (ITAT Pune)

In our considered opinion, reliance placed by the Revenue on clause (d) to sec. 80-IB(10) of the Act to defeat the assessee's claim for deduction in the present case is quite misplaced. Firstly, the Hon'ble Bombay High Court in the case of Brahma Associates (supra) has laid down that the said provision is prospective and not retrospective...

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Prior to AY 1992-93, interest receipts not to be excluded from ‘Profit of the Business’ for Sec. 80HHC calculations

Commissioner of Income-tax Vs Anil Chanana (Delhi High Court)

Supreme Court in the case of P. R. Prabhakar v. CIT [2006] 284 ITR 548 where the order of the Special Bench cited (supra) stands approved. It was clarified that the amendment made to clause (baa) of the Explanation below Section 80HHC which defines "profits of the business" in such a manner as to exclude receipts like interest, commissio...

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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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