Income Tax Deductions - Page 30

Gain from foreign exchange fluctuation eligible for deduction u/s 80HHC

Gujarat Ambuja Cotspin Ltd. Vs. ACIT (ITAT Ahmedabad)

Tribunal decision in the case of ITO Vs Gyani Exports as reported in 94 TTJ 557 wherein, it was held that gain from foreign exchange fluctuation as eligible for deduction u/s 80HHC. No contrary decision was brought to our notice by Ld. D.R. and hence, on this issue also, we decline to interfere in the order of Ld. CIT(A)....

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Deduction u/s. 80IB cannot be denied by virtue of surrender of claim before A.O.

SteelFab Engineering Corpn. (India) Vs Assistant Commissioner of Income-tax (ITAT Mumbai)

Claim for deduction under Section 80IB cannot be denied in this year based on the findings given by the Assessing Officer or by the virtue of surrender of claim before the Assessing Officer. It is a duty casts upon the Assessing Officer or to the appellate court to see that if a deduction or a claim for exemption is statutory allowable, t...

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S. 80HHC – Deduction on DEPB to be computed as per SC ruling in Topman Exports

Jacob Export House Vs Assistant Commissioner of Income-tax (ITAT Chandigarh)

Assessee submitted that the issue may be restored to the file of the Assessing Officer with a direction to decide the same afresh in accordance with law following the ratio laid down by the Hon'ble Supreme Court in the case of Topman Exports (supra) and compute the deduction u/s 80HHC on DEPB/DFRC licenses in this case as per judgment of ...

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ITAT SB explains scope of assessment or reassessment u/s.153A(1)(b) & Sec. 80IA

All Cargo Global Logistics Ltd Vs Deputy Commissioner of Income-tax (ITAT Mumbai)

These appeals involving certain common grounds regarding interpretation of section 153A of the Income-tax Act, 1961, and claimed for deduction under section 80-IA (4) of the Act. The same are being discussed by us with reference to the facts of the case for assessment year 2004-2005 in the case of Allcargo Global Logistics Ltd....

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S. 80HHC Amendment cannot be from retrospective date

Avani Export & Others Vs Commissioner of Income Tax Rajkot & ORS. (Gujarat High Court at Ahmedabad)

In the present case, according to the Finance Minister presenting the Bill, a valid piece of legislation has been wrongly interpreted by the Tribunal. We have already pointed out that according to the existing law, if a valid piece of legislation is wrongly interpreted by the Tribunal, the aggrieved party should move higher judicial forum...

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Rajiv Gandhi equity scheme -Lock in period may be reduced to 1 year

Former Finance Minister Pranab Mukherjee, in the Budget for 2012-13, had announced introduction of the Rajiv Gandhi equity scheme under which 50% tax deduction would be provided to retail investors with annual income less than Rs 10 lakh. Under the proposed scheme, the investors would be allowed to invest up to Rs 50,000 in a year with a ...

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While dealing with application u/s. 80G(5) CIT cannot act as assessing authority

Shri Chandrabhan Athare Patil Gram Navodaya Trust Vs Commissioner of Income-tax - I, Pune (ITAT Pune)

The Hon'ble Gujarat High Court in the case of N.N. Desai Charitable Trust (supra) while deliberating upon the scope of enquiry for the purpose of granting of recognition u/s.80G of the Act opined that it does not envisage the commissioner to act as an assessing authority because the actual assessment of institution would not ultimately ef...

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S. 80-I deduction not available on Bank Interest & transportation

Krishak Bharati Co-operative Ltd. Vs Commissioner of Income-tax (Delhi High Court)

Normally, transportation is after or post manufacture. The onus was on the assessee to show and establish that, because of the peculiarity of facts, transportation charges should be treated as sale proceeds or part of sale proceeds of the goods manufactured and were intrinsically connected and had live link with the manufacturing activity...

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Common area has to be excluded while computing built-up area for benefit u/s. 80-IB(10)

CIT Vs Raghavendra Constructions (Karntaka High Court)

Keeping in mind the fact that obstacles were put in assessees getting the benefit, the Legislature introduced the definition of built-up area in sub-section (14)(a) of section 80-IB. From a reading of the definition of built-up area, the intention is clear. In calculating the built-up area it is only the inner measurements of the resident...

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80G approval to be valid in perpetuity even if assessee files an application for renewal

Vishav Namdhari Sangat Vs CIT (ITAT Chandigarh)

Approval u/s. 80G once granted shall continue to be valid in perpetuity unless and until a show-cause notice is issued by the concerned CIT showing his intention to withdraw already granted such approval. ...

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