Home Highlights June 2014 Year 2014 This

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1. Computation of profit earned by non-resident from Shipping business u/s 44B - service tax collected by the assessee would form part and parcel of the aggregate amount as...

2. Section 44B is a special provision for computing profits and gains of shipping business for non-residents at 7.5% of specified amounts like freight receipts. The issue...

3. Disallowance of deduction claimed u/s 10AA after claiming deduction / exemption u/s 10A - SEZ unit - As on the commencement of assessment year 2006-07, which is the...

4. 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...

5. The deduction under section 10A in respect of the allowable unit under section 10A has to be allowed before setting off brought forwarded losses of a non-section 10A unit - AT

6. 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

7. Deduction u/s 10A computation - whether loss from non-eligible unit can be set off against the profit of eligible unit or whether only profit of eligible unit is to be...

8. MAT computation - Adjustments u/s 115JB - reduction of debenture redemption reserve - the liability, for the discharge of which the profits are being set aside, is in...

9. The High Court held that the deduction u/s 33AC for creating a reserve to acquire new ships must be factored in while computing the deduction u/s 80-I, which is based on...

10. Eligibility of deduction u/s.10A - The provisions of Sub Section (4) of Section 92CA of the Act specifically provides that addition made u/s.92CA(3) of the Act is not...

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

12. Deduction u/s 10A or 10B - Profits on one unit cannot be set off from the loss of another firm in the process of computation of deduction under section 10A of the Act - AT

13. Deduction u/s 10A/10B - sections 10A/10B having no definition of the expression "profits of the business" - AT

14. Initiation of CIRP - There being categorical default by the Respondent prior to Section 10A period, the Corporate Debtor was clearly not entitled to claim the benefit of...

15. Set off of indexed long term capital loss against non-indexed long term capital gains - the expression "similar computation" used in section 70(3) of the Act does not...