Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights April 2015 Year 2015 This

Deduction u/s 80IA - Merely because the license was obtained ...


Advance License Sales Not Deductible u/s 80IA; No Direct Link to Manufacturing Business, Court Rules.

April 15, 2015

Case Laws     Income Tax     HC

Deduction u/s 80IA - Merely because the license was obtained for procuring the raw material for manufacturing finished products for its exports, does not mean that the sale of advance license has nexus with the business of manufacturing and sale of finished product. - HC

View Source

 


 

You may also like:

  1. The CESTAT held that a "deemed sale" under Article 366(29A)(d) of the Constitution had occurred when the appellant granted the right to use the brewery license to...

  2. CENVAT credit - sales commission - there need not be manufacture unless there is sale of product. Hence, the commission paid on sales becomes part of sales promotion...

  3. Advance licence - advance licence had been obtained by misrepresentation or not - importing a different material than one permitted under the licence - violation of the...

  4. Valuation of imported goods - inclusion of licence fee in the invoice value - It can be seen that Rule 10 (1) (c) uses the words ‘as a condition of sale’. The...

  5. Advance Licence scheme - Imposition of penalty - suspension of the IEC - The petitioner has not availed any benefit under the Advance Licence Scheme. Once the petitioner...

  6. Availment of exemption under Advance License Scheme - Classification of imported goods - goods imported by the appellant qualifies as crude iodine, hence eligible for...

  7. Export effected by the petitioner prior to the date of issuance of Advance Licence cannot be considered in fulfillment of Export Obligation under the Advance Licence - HC

  8. Failure to mention Advance License Number in Bills of entry – Denial of advance license scheme – appellants are eligible for conversion of all nine shipping bills from...

  9. Confiscation of goods - Goods imported under advance license - Act of fraud established - AT

  10. Royalty payment - revenue expenditure or capital expenditure - payment is purely revenue in nature, as they provide for payment of license fee for manufacture and sale...

  11. Taxable event - Completion of contract - profit on sale of the flats - Advance received from VGP which in fact is the sale proceeds of the flats, on completion of the...

  12. Deduction u/s 80IC - whether process of deriving the finished products amount to manufacture? - each of the respondents is paying excise duty, some of the respondents...

  13. Denial of benefit of Value Based Advance Licenses (VABAL) to the appellants-transferees and the recovery of customs duty, along with the imposition of penalties. The key...

  14. TP Adjustment - The manufacturing agreement in an unambiguous manner has restricted the assessee to manufacture for Sandoz and its affiliates. Since the import and...

  15. Disallowance u/s 40 (a) (iib) - payment of Gallonage Fee, Licence fee, Shop rental (Kist) and Surcharge on Sales Tax - the levy of Gallonage Fee with respect to the...

 

Quick Updates:Latest Updates