Home Highlights January 2016 Year 2016 This

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1. 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...

2. Deduction u/s 10B - profit of eligible undertaking for the purpose of allowing deduction u/s 10B of the Act at the source itself without deduction of unabsorbed brought...

3. The assessment u/s 143(3) was completed, disallowing the deduction u/s 10B on grounds that processing iron ore does not constitute manufacturing within Section 10B's...

4. Depreciation - Disallowance of amount released from reserves account under normal computation of income - The net result of the accounting entries passed in the books of...

5. Disallowance of deduction u/s 10B - The tribunal examined the appellant's claim regarding deductions under Section 10B for miscellaneous incomes like scrap sales and...

6. Deduction u/s 10B - computation - CIT(A) has rightly held that the assessee is eligible for deduction under section 10B of the Act prior to giving effect to the brought...

7. Deduction u/s 10B - business of the assessee is proved beyond doubt that it involves in the manufacturing activities, in the result, it is eligible to claim deduction u/s 10B - AT

8. Computation of deduction u/s 10B - 100% EOU - inter unit transfer should not be treated as part of the “Total Turnover” while computing deduction u/s.10B of the Act - AT

9. Deduction u/s 10B - Failure to produce the Ratification by the Development Commissioner - assessee have been registered with the STPI, is entitled for deduction u/s 10B - AT

10. Protective addition on account of unexplained credit entries appearing in the bank account - assessee company is a conduit - addition on account of unaccounted...

11. Addition u/s 68 - accommodation entry - issue of shares for consideration other than 'cash' - "Adjustment by way of book entry" can only be in the case where there is...

12. Disallowance of interest paid on service tax - interest on delayed payment of service tax - It is settled proposition of law that the entries made in the books of...

13. Penalty imposed u/s 271D r.w.s. 269SS - the entry in the books of account on description and treatment is not decisive as to the nature of the transaction

14. Royalty's nature - not a tax but contractual consideration paid by mining lessee to lessor for enjoying mineral rights. Entry 50 List II empowers State legislatures to...

15. Non setting off the losses from Export Oriented Unit (Section 10B unit) against the income earned in the Domestic Tariff Area Unit - Admittedly, in the instant case, the...