Income Tax Deductions - Page 30

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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MAT U/s. 115JB is payable even if Assessee is entitled to deduction U/s. 80-IB

Sankhla Polymers (P.) Ltd. Vs Income-tax Officer, Ward 12(2), Bangalore (Karnataka high Court)

Section 115JB, in fact, in no way either denies the benefit given under Section 80-IB or reduces the same. While the appellant-assessee can claim the benefit under Section 80-IB of the Act and it is not denied per se to the appellant-assessee, in the given case, the provisions of Section 115JB may be attracted or may not be attracted depe...

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Retrospective amendment in clarificatory nature to existing tax incentive provision is not unconstitutional

Katira Construction Ltd. Vs Union of India & 2 (Gujarat High Court)

The case of the petitioners is that the impugned explanation below sub-section (13) to section 80IA provides for a levy of tax which was hitherto unknown. It is, therefore, urged that the Court should examine the reasonableness of such provision particularly when the same is brought into operation with retrospective effect. Section 80IA(4...

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Deduction U/s. 80HHC cannot be claimed on profit on which deduction U/S. 80IA already been claimed

Commissioner of Income-tax-I, Ludhiana Vs Abhishek Industries Ltd. (Punjab And Hariyana High Court)

The respondent-assessee, in the present case, had in its return of income tax, claimed deduction under Section 80IA at Rs. 12.01 crores and Section 80HHC of the IT Act at Rs. 5.75 crores and declared the total income of Rs. 82.47 lacs. The AO allowed the deduction under Section 80IA to the tune of Rs. 14.04 crores and deduction under Sect...

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Deduction U/s. 80HHC is allowable only after adjustment of unabsorbed depreciation of earlier years from current year profit

J.K. Industries Ltd. Vs Assistant Commissioner of Income-tax (Karnataka High Court)

In this view of the matter, we opine that the Tribunal was correct in taking the view that the Appellate Commissioner was not justified in reversing the view taken by the Assessing Officer and the order of the Tribunal is proper, does not suffer from any error of law and therefore we answer the questions posed in the affirmative to hold ...

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Rajiv Gandhi Equity Savings Scheme (RGESS)- An Overall Analysis

CA Mohit Agarwal Who are the Eligible Investor ? – who opened a demat account as a ‘first holder’ after November 23, 2012. – Opened a demat account prior to this date but never bought any shares or traded in the Futures and Options (F&O) segment. – still qualifies if his name appeared second in […]...

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Posted Under: Income Tax |

RGESS –Small change is worth Big Changes

The RGESS that was launched in F.Y.2012-2013 and notified under section 80CCG has started its operations and there are few details related to tax benefits that an Individual will have to consider to grab the full benefit of this scheme. Here are some of them:...

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Posted Under: Income Tax |

Deduction u/s. 80-IB(10) not dependent on manner of profit distribution among AOP members

Fortaleza Developers Vs Commissioner of Income-tax-15, Mumbai (ITAT Mumbai)

The assessee AOP in the present case has been assessed as AOP and found to have fulfilled the condition laid down in section 80 IB(10) and has been held to be eligible for such deduction. The quantum of deduction under section 80 IB (10) will depend on the income earned from eligible project. The quantum of deduction will not depend upon ...

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October 2020