Income Tax Tax Deductions related News, Article, Notification, Judgments covering all section Including Section 80C, 80D, 80TTA, 80HHC, 80JJA
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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 perusal of the aforesaid, it appears that such information was required to be furnished by the petitioner, as the staff of the petitioner was busy in the examination work, petitioner institution had sought such time, but it was denied.
The instant case relates to the assessment year 2004-05. The Explanation in clause (a) to sub-section (10) of section 80-IB was brought in under Finance No.(2) Act of 2004, effective from 1-4-2005. Thus in the absence of any such requirement under section 80-IB(10), as it stood during relevant assessment year 2004-05, it is difficult to accept the case of the revenue that the claim for deduction has to be rejected on the ground that the assessee had not furnished the completion certificates.
In the present case, the assessees being the builders, had the option to recognize their income either on percentage completion method or on project completion method. Therefore, it was not certain to hold that the assessees were liable at all to file returns under section 139(1). Whether the assessees had recognized their income for the impugned assessment years is also not clear. The returns were filed after search made under section 132 but before the issue of notice under section 153A.
As rightly pointed out by learned Senior Counsel appearing for the assessee, in the decision Radhe Developers’s case (supra), the Gujarat High Court considered the question on ownership as a condition for grant of deduction under Section 80IB(10) in depth and accepted the case of an assessee similarly placed.
It is settled principles of law that in order to avail benefits under the beneficial provision, the conditions provided by the legislature has to be complied with. Therefore, this Tribunal is of the considered opinion that in view of the mandatory provisions contained in section 139(1) r.w.s. 80A(5) of the Act it is mandatory for every cooperative society for claiming deduction u/s 80P to file the return of income and to make a claim of deduction u/s 80P of the Act in the return itself. In view of the above discussion, if the return was not filed either u/s 139(1) or 139(4) or in pursuance of notice issued u/s 142(1) or u/s 148, the taxpayer is not entitled for any deduction under section 80P of the Act.
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 depending upon the nature or legal composition of the assessee.
DEDUCTION IN RESPECT OF LIFE INSURANCE PREMIA, DEFERRED ANNUITY, CONTRIBUTIONS TO PROVIDENT FUND, SUBSCRIPTION TO CERTAIN EQUITY SHARES OR DEBENTURES, ETC. [SEC. 80C, APPLICABLE FROM THE ASSESSMENT YEAR 2006-07] – SECTION 80C 1. Under section 80C, deduction would be available from gross total income. 2. Only an individual or a Hindu undivided family can claim deduction under section 80C. Eligible Amount -Any sums paid or deposited in the previous year by the assessee — 1. As Life Insurance premium to effect or keep in force insurance on life of (a) self, spouse and any child in case of individual and (b) any member, in case of HUF. Insurance premium should not exceed 20% of the actual capital sum assured.
What is important is that the primary activity is not manufacture or processing of goods; the end use product is one capable of use only by one person, for a limited purpose; even the “producer” has no right to disseminate it in any manner, because it is the private property or confidential matter of the patient.
A perusal of the statutory provisions makes it clear that it does not provide a blanket deduction i.e. in order to succeed in a claim of deduction; the concerned assessee has to derive profits and gains from any business referred to in sub-section (4). Further, sub-section (4) prescribes applicability of clause i.e. the case in which the deduction provision would apply. It is in this sub-section that the legislature has enumerated the nature of the undertakings, their activities in contributing raising of infrastructure.
It is a undisputed finding of fact that the collected bagasse has been used by the assessee to make briquettes for fuel as that indeed is the business of the assessee. The reliance upon the circular No.772, dated 23-12-1998 by the revenue is misplaced. The aforesaid Circular does not restrict its benefits only to local bodies.
