Deduction u/s 80HHC - Ninety per cent of not the gross ...

Supreme Court Rules: Deduct 90% of Net Interest/Rent, Not Gross, for Business Profits u/s 80HHC.

February 14, 2012

Case Laws Income Tax SC

Deduction u/s 80HHC - Ninety per cent of not the gross interest/rent but only the net interest/rent, which has been included in the profits of the business of the assessee as computed under the heads ‘PGBP’ is to be deducted under clause (1) of Explanation (baa) to Section 80HHC for determining the profits of the business..... - SC

View Source

← Previous Next →

Deduction u/s 80HHC - Ninety per cent of not the gross ...

Supreme Court Rules: Deduct 90% of Net Interest/Rent, Not Gross, for Business Profits u/s 80HHC.

February 14, 2012

Case Laws Income Tax SC

You may also like:

Exemption of Gross Interest u/s 10(15) - exemption under section 10(15) was to be allowed on gross interest and not on the net interest - AT

The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for...

The assessee, a sole proprietor running a petrol pump allotted by BPCL, deposited unexplained cash in the current bank account. The AO invoked Section 69A and made an...

Estimation of gross profit - assessee had given a reasonable explanation for the lower gross profit shown by it during the relevant previous year - addition for lower...

Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

Interest paid to third parties falls under the head “business expenditure” which is liable to be deducted while computing the net profit - AT

Income Tax: Limit of remuneration to working partners in partnership firms allowed as deduction increased - on first Rs 6,00,000 of book profit or loss, Rs 3,00,000 or...

Estimation of net profits - addition on account of enhancement of net profit as the assessee has shown drastically low net profit as compared to preceding previous years...

Income estimation based on percentage of gross receipts - CIT(A) applied 12.5% net profit on gross receipts, assessee claimed thin margins in advertisement business....

Estimating net profit by applying 1.33% rate on estimated gross receipts based on audited profit & loss accounts for previous years. Separate addition for interest,...

Estimation of gross profit - There is a change in the business model of the assessee as compared to the previous year which has apparently escaped the attention of the...

Deduction u/s 80HHF -the interest income had been rightly treated as business income and 90% of the same had been rightly deducted by the AO from profit of business in...

Disallowance u/s 40(a)(ia) - Rejection of books of accounts - Once x net profit is estimated by applying net profit rate after rejecting the book results, no...

TP Adjustment - TDS deducted on interest paid to AE on External Commercial Borrowings - procedure followed by the assessee for grossing up of interest is contrary to...

Addition of interest on NPA - assessee has credited the gross amount of interest on credit side of the Profit & Loss Account and simultaneously shown on the debit side...

Quick Updates: