tax holiday

Amount eligible for tax holiday is specific to each undertaking of the Taxpayer: Chennai Special Bench

Income Tax - whether the losses of an undertaking of the Taxpayer which is not eligible for tax holiday (Non- eligible Undertaking), are required to be set off against the profits of another undertaking of the Taxpayer which is eligible for tax holiday (Eligible Undertaking). The SB held that the amount eligible for tax holiday was specific to each un...

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Chennai Special bench ruling on computation mechanism of tax holiday benefits

Income Tax - The issue before the SB was that, while computing the amounts eligible for tax holiday under the Indian Tax Law (ITL), whether the losses of an undertaking of the Taxpayer which is not eligible for tax holiday (Non-eligible Undertaking), are required to be set off against the profits of another undertaking of the Taxpayer which is eligibl...

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Duplication of computer software or processing of recordable media on blank CD amounts to ‘manufacture’

Income Tax - Supreme Court (SC) [2010-TIOL-04- SC-IT] in the case of Oracle Software India Ltd. (Taxpayer) on the issue of whether the process of converting a blank compact disc (CD) into a recorded CD, by duplicating the master copy of software on it, constitutes 'manufacture' under the Indian Tax Law (ITL) for the purpose of claiming tax holiday...

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Duty Drawback & sale of DEPB license not eligible for tax holiday – SC

Income Tax - This article summarizes a recent ruling of the Supreme Court (SC) [2009-TIOL­100-SC-IT] in the case M/s Liberty India (Taxpayer), in which the SC held that the receipts, by way of Duty Drawback and sale of Duty Entitlement Pass Book (DEPB) licence by the Taxpayer, do not form part of the profits 'derived from' the industrial undertaking...

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Larger Bench rules tax holiday not available to a contractor/executor under the Income Tax Act

Income Tax - Taxpayers in the infrastructure sector are often engaged in the execution of construction activities, which form a minor portion of a contract for the development of an infrastructure facility. This ruling provides guidance on whether a contactor simplicitor would be entitled to tax holiday under the ITL, in respect of the construction ac...

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IOC demands two year extension of tax holidays for its refineries

Income Tax - State-owned Indian Oil Corp (IOC) has sought a two-year extension of tax breaks available for refineries so that its delayed Rs 29,777 crore Paradip refinery can avail of the benefit. Exemption or holiday, under section 80IB(9) of Income Tax Act, from payment of income tax on revenues earned from refining of crude oil is available to unit...

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Fm rejected tax holiday proposal for natural gas and coal bed methane (CBM)

Income Tax - The finance ministry has rejected the petroleum ministry’s demand for giving a seven-year income tax holiday to those who win sedimentary blocks for natural gas and coal bed methane (CBM) exploration in the next round of auctions later this year....

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Government rejected demand of tax holiday for power sector and port trusts

Income Tax - The government today rejected the demands for tax exemption on setting up power plants, state maritime boards and port trusts, saying it was inconsistent in a moderate tax regime....

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Commerce minister recommended extension of special industrial package to the Himachal Pradesh up to 2013

Income Tax - Himachal Pradesh chief minister Prem Kumar Dhumal on Monday said commerce and industry minister Anand Sharma has recommended extending special industrial package to the state up to 2013. Dhumal met Sharma on Monday to lobby for the extension of tax benefits enjoyed by industrial units in the state, which was to expire on March 2010....

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MAT will be eased for infrastructure companies in new DTC

Income Tax - The government is likely to ease the incidence of minimum alternate tax, or MAT, on infrastructure companies. The department of revenue plans to change the proposed direct tax code to exempt these companies from MAT for the first few years since they execute projects with long gestation periods. The code, in its current form, says all com...

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Deduction U/s. 10A available on conversion of existing Domestic Tariff Area unit into Software Technology Park unit

CIT Vs. Expert Outsource Pvt. Ltd. (Karnataka High Court) - The Karnataka High Court, in its recent ruling, in the case of CIT v. Expert Outsource Pvt. Ltd. held that deduction under section 10A of the Income-tax Act, 1961 is available to the assessee on conversion of existing Domestic Tariff Area (DTA) unit into a Software Technology Park (STP) unit. ...

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An undertaking can continue to enjoy tax holiday even if the ownership changes

Income Tax Officer, Bangalore Vs. GXS Technology Center (Pvt) Ltd. (ITAT Bangalore) - Where an undertaking existed in the same place, form and substance and did carry on the same business before and after the change in legal character of the form of organization, the taxpayer is eligible for deduction. ...

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ITAT rules on taxpayer’s option to choose initial year for claiming tax holiday for telecommunication services

Mastek Limited Vs Asst, CIT, Circle- 4 (ITAT Ahemdabad) - The option of choosing the initial year for claiming tax holiday under the Section for a consecutive period of 10 out of 15 years (20 years in some cases) from the commencement of operations of an eligible undertaking, is intended to provide meaningful benefit to such taxpayers, since these business...

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Initial assessment year for computation of profits eligible for tax holiday is the year in which taxpayer exercises the option to claim deduction

Under the Indian Tax Laws (ITL), a taxpayer carrying on the business of generation of electricity, which qualifies for income-linked deduction (eligible business), can opt to claim such deduction for a period of 10 assessment years (AYs) out of 15 years, beginning from the year in which the taxpayer...

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Amount eligible for tax holiday is specific to each undertaking of the Taxpayer: Chennai Special Bench

Scientific Atlanta India Technology Pvt. Ltd. (ITAT Chennai) - whether the losses of an undertaking of the Taxpayer which is not eligible for tax holiday (Non- eligible Undertaking), are required to be set off against the profits of another undertaking of the Taxpayer which is eligible for tax holiday (Eligible Undertaking). The SB held that the amount eligible...

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Recent Posts in "tax holiday"

IOC demands two year extension of tax holidays for its refineries

State-owned Indian Oil Corp (IOC) has sought a two-year extension of tax breaks available for refineries so that its delayed Rs 29,777 crore Paradip refinery can avail of the benefit. Exemption or holiday, under section 80IB(9) of Income Tax Act, from payment of income tax on revenues earned from refining of crude oil is available to unit...

Read More
Posted Under: Income Tax |

Deduction U/s. 10A available on conversion of existing Domestic Tariff Area unit into Software Technology Park unit

CIT Vs. Expert Outsource Pvt. Ltd. (Karnataka High Court)

The Karnataka High Court, in its recent ruling, in the case of CIT v. Expert Outsource Pvt. Ltd. held that deduction under section 10A of the Income-tax Act, 1961 is available to the assessee on conversion of existing Domestic Tariff Area (DTA) unit into a Software Technology Park (STP) unit. ...

Read More

An undertaking can continue to enjoy tax holiday even if the ownership changes

Income Tax Officer, Bangalore Vs. GXS Technology Center (Pvt) Ltd. (ITAT Bangalore)

Where an undertaking existed in the same place, form and substance and did carry on the same business before and after the change in legal character of the form of organization, the taxpayer is eligible for deduction. ...

Read More

ITAT rules on taxpayer’s option to choose initial year for claiming tax holiday for telecommunication services

Mastek Limited Vs Asst, CIT, Circle- 4 (ITAT Ahemdabad)

The option of choosing the initial year for claiming tax holiday under the Section for a consecutive period of 10 out of 15 years (20 years in some cases) from the commencement of operations of an eligible undertaking, is intended to provide meaningful benefit to such taxpayers, since these business are capital-intensive and typically hav...

Read More

Initial assessment year for computation of profits eligible for tax holiday is the year in which taxpayer exercises the option to claim deduction

Under the Indian Tax Laws (ITL), a taxpayer carrying on the business of generation of electricity, which qualifies for income-linked deduction (eligible business), can opt to claim such deduction for a period of 10 assessment years (AYs) out of 15 years, beginning from the year in which the taxpayer commences generation of power....

Read More
Posted Under: Income Tax |

Fm rejected tax holiday proposal for natural gas and coal bed methane (CBM)

The finance ministry has rejected the petroleum ministry’s demand for giving a seven-year income tax holiday to those who win sedimentary blocks for natural gas and coal bed methane (CBM) exploration in the next round of auctions later this year....

Read More
Posted Under: Income Tax |

Government rejected demand of tax holiday for power sector and port trusts

The government today rejected the demands for tax exemption on setting up power plants, state maritime boards and port trusts, saying it was inconsistent in a moderate tax regime....

Read More
Posted Under: Income Tax |

Amount eligible for tax holiday is specific to each undertaking of the Taxpayer: Chennai Special Bench

Scientific Atlanta India Technology Pvt. Ltd. (ITAT Chennai)

whether the losses of an undertaking of the Taxpayer which is not eligible for tax holiday (Non- eligible Undertaking), are required to be set off against the profits of another undertaking of the Taxpayer which is eligible for tax holiday (Eligible Undertaking). The SB held that the amount eligible for tax holiday was specific to each un...

Read More

Chennai Special bench ruling on computation mechanism of tax holiday benefits

Scientific Atlanta India Technology Pvt. Ltd. (ITAT Chennai)

The issue before the SB was that, while computing the amounts eligible for tax holiday under the Indian Tax Law (ITL), whether the losses of an undertaking of the Taxpayer which is not eligible for tax holiday (Non-eligible Undertaking), are required to be set off against the profits of another undertaking of the Taxpayer which is eligibl...

Read More

Duplication of computer software or processing of recordable media on blank CD amounts to ‘manufacture’

Oracle Software India Ltd. (Supreme Court of India)

Supreme Court (SC) [2010-TIOL-04- SC-IT] in the case of Oracle Software India Ltd. (Taxpayer) on the issue of whether the process of converting a blank compact disc (CD) into a recorded CD, by duplicating the master copy of software on it, constitutes 'manufacture' under the Indian Tax Law (ITL) for the purpose of claiming tax holiday...

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