Home Highlights February 2012 Year 2012 This

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1. Deduction u/s 80IB - Disallowance of Deduction as project was not completed as work-in-progress was reflected in the profit and loss account - Observing the facts and...

2. Deduction u/s.80IB(10) - when the assessee claimed the deduction with respect to the residential units, which are having built up area less than 1500 sq.ft, the...

3. Deduction u/s 80IB(7) - While claiming deduction u/s 80 IB(7) in the return, sub-clause mentioned was (a) and not (b) - Sub-clause (a) talks of a larger degree of...

4. Rejection of deduction u/s 80IB(10) – Conditions not fulfilled – Merger of three plots - scheme for redevelopment of the slum area - putting any extra condition for...

5. Deduction u/s 80IB (10) (a) - If this condition is not fulfilled, the assessee who maintains work in progress accounting method and has claimed deduction under Section...

6. The ITAT held that deduction u/s 80IB(10) is allowed for flats exceeding 1000 sq. fts excluding open sky balcony. The Tribunal upheld the use of "Project Completion...

7. Revision u/s 263 by CIT - Allowability of claim of deduction u/s. 80IB(10) - In case Revenue authorities are not satisfied with the contents of the completion...

8. MAT - Adjustments to book profit - Disallowance as per the clause (f) to Explanation-1 of Sec. 115JB of the Act independently - there is no mechanism provided under the...

9. Registration u/s 80G - Conditions imposed by CIT - Had the assessee moved to the PCIT under clause II & III of proviso 2 to section 80G then he would have been empowered...

10. Deduction u/s 80IB(10) - there could be no presumption that surrendered amount would represent business income unless and until assessees satisfies the authorities below...

11. Disallowance to 10% of the sub brokerage expenses - the Tribunal not accepting 20% disallowance and limiting the disallowance to 10% in these facts cannot be said to be...

12. Deduction u/s 80IB - Whether Ld.CIT(A) can re-estimate average profit @ 38.40%? - The powers given to assessing officer under sub-section 8 of section 80IA or 80IA(10)...

13. Pro-rata deduction u/s 80IB - merely because the assessee had violated the provisions of section 80IB(10)(c) of the Act in respect of two units i.e. row houses D-3 and...

14. Deduction u/s 80IB - whether freight charges recovered from the customers are eligible for deduction under section 80IB ? - since the department has allowed the claim of...

15. Deduction u/s 80IB(10) - cut of date for claiming deduction u/s 80IB(10) - No provision under the Municipal Corporation Act of Maharashtra Government was shown to us,...