Home Highlights January 2014 Year 2014 This

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1. Deduction u/s 10A - foreign exchange gain - the gain on receipts of foreign exchange as export proceeds are extricably linked, eligible for exemption u/s 10A - AT

2. Exemption u/s 10A - t the foreign exchange gain on packing credit foreign currency loan is not eligible for deduction under section 10A - AT

3. Whether income on account of foreign exchange fluctuation is income “derived from exports” u/s 10A - Section 10A (4) is applicable when an assessee has domestic...

4. Export turnover brought into India does not qualify as 75% of total turnover for claiming exemption u/s 10A. Expenditure incurred in foreign exchange must be excluded...

5. The High Court held that rent income derived from letting out properties by the assessee should be treated as 'Income from Profits and Gains of Business' and not 'Income...

6. Set off of current year business loss against foreign dividend income - levy of tax u/s 115BBD on gross foreign dividend income - assessee would be entitled for set off...

7. Foreign exchange gain pertaining to marketing commission segment should be considered as operating income - AT

8. The assessee, a Foreign Portfolio Investor registered in India, entered into Forward Foreign Exchange Contracts (FCC) with HDFC Bank to safeguard against foreign...

9. Disallowance of expenses on non-deduction of tax - Without going into the merit of the addition, we find the alternate argument of the ld. Counsel for the assessee...

10. Computation of deduction u/s 10A - belated receipt of foreign remittances on account of export sales - The only reason for not considering the alleged amount while...

11. Insertion of new section 80-IAC - provides 100% deduction of the profits and gains derived by an eligible start-up from a business involving innovation, development,...

12. Deduction u/s.10A - he losses from non eligible units cannot be set off against the profit of the undertaking eligible for deduction u/s.10A - interest income will not...

13. Deduction u/s 80IB - there is substantial force in the claim of the assessee that deduction u/s 80IB has to be allowed on the amount of profits and gains derived by him...

14. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

15. Deduction u/s 80IA in respect of profits of the eligible undertaking - So far as interest on delayed payment from customers is concerned, such payments were made by...