Home Highlights May 2011 Year 2011 This

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1. Deductibility of interest income from investments u/s 80P(2)(a)(i) of the Income Tax Act for a primary agricultural credit cooperative society. The key points are: The...

2. Deduction u/s 80RR - Income derived from profession as a 'sportsman' - The entire role of the assessee and the activity performed by him for which he was remunerated,...

3. Computation of deduction u/s 80IB/80IC - allocation of advertisement expenses to the eligible units in the ratio of turnover of eligible units to the total turnover of...

4. Deduction u/s 80RR - playback singer - remuneration in foreign currency - deduction allowed where certificate in the name of assessee - deduction disallowed where...

5. Classification of service - sale of space and time for advertisement service or not - The Appellate Tribunal carefully examined the agreements between the parties and...

6. Deduction u/s.80IC on the profits - gross total income - Going with the prescription of section 80A(2) of the Act, if the gross total income is more than the aggregate...

7. Deduction u/s 80IA -`Excess provision written back’ - it cannot be characterized as anything other than part and parcel of profit derived from eligible enterprise. In...

8. The amount of tax paid in a foreign country which is not eligible for benefit u/s 91 of the Act, is expenditure eligible for deduction u/s 37(1) of the Act. It is...

9. Deduction u/s 36(1)(iii) - double deduction for deduction of interest - once these amounts are allowed as deduction in the year of incurring the expenditure, the same...

10. Deduction u/s 35(2AB) - Expenditure which was not eligible for weighted deduction u/s 35(2AB) - scientific research and development expenditure - such R&D expenditure...

11. Deduction u/s. 10B - Even though an estimation of excess stock in the middle of the year, while accepting the Books of Accounts of the year, is not generally permitted...

12. Capital gain or salary received - Recognizing the compensation received by the assessee as the share holding of the company - the amount received quivalent to the...

13. Levy of advertisement tax - MSOs - The MSO is only retransmitting the programing services received from the broadcaster. It is not the case of the Respondent Department...

14. 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...

15. Deduction u/s.80IA - Interest and other income - the assessee is not entitled for deduction towards eligible profit u/s.80IA of the Act in respect of other income...