Income Tax Deductions - Page 30

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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Approval u/s.80G(5) to continue unless withdrawn as per law

Bhole Bhandari Charitable Trust Vs CIT (ITAT Chandigarh)

Bhole Bhandari Charitable Trust v. CIT From the proviso attached to the section 293C of the Act, it is crystal clear that even if any Income-tax Authority wants to withdraw approval, he shall issue a show-cause notice against the proposed withdrawal to the assessee concerned and after giving a reasonable opportunity of being heard shall w...

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Prior to 1-4-2005, Balcony to be excluded in calculating built-up area for sec. 80-IB

CIT Vs G.R. Developers (Karnataka High Court)

CIT v. G.R. Developers Insofar as balconies are concerned, prior to 01.04.2005, the area covered by them has to be excluded in calculating the built-up area. As the housing project was approved on 14.06.2002 and in the said plan, all these balconies are shown and excluding those balconies, the construction put up is admittedly less than 1...

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Deduction u/s 80IB allowable even if not claimed in ITR

DCIT Vs Raj Laxmi Stone Crusher (ITAT Delhi)

The facts of the present case are similar only in the case in I.T.A. No.350/Del/.2009 wherein the Hon'ble Delhi Bench 'D' has dealt with the similar issue which was at ground No.3 of the appeal. The Tribunal has held in favour of the assessee and had remitted back file to the office of Assessing Officer for consideration of claim of asses...

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S. 80-IB(10) – Exemption cannot be denied if Assessee complied with conditions

CIT Vs Mystic Investments (Karnataka High Court)

Assessee owned only 38 guntas of land when he started the construction, he acquired an extent of 1,440 sq. ft. of land adjoining the said land, thus making the total land in which the project was put up, to 44,470 sq.ft. more than 43,480 sq.ft. which is prescribed under the law. The modified housing project was approved in the year 2001 a...

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S. 80-IB – Deduction allowed for manufacturing not for processing

Venkateswara Feeds & Feeds Vs ACIT (ITAT Hyderabad)

One has to examine the stages through which the mash feed is converted into pellet feed. In deciding the issue whether there had been any manufacture of pellet feed. It was to be held that there had been only processing while the production of pellet feed was done by following various stages, namely, (i) batch weighing, (ii) grinding, (ii...

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