Deduction u/s 80IE - As such, this is the expenditure, which has ...

Income Tax Act: Excess Provision Write-Back Not Income, Section 80IE Deduction Restored for Ten-Year Eligibility.

July 26, 2016

Case Laws Income Tax AT

Deduction u/s 80IE - As such, this is the expenditure, which has been booked in excess in earlier year and by this amount the deduction u/s 80IE has been reduced in the said year since the deduction is available for the unit for consecutive 10 years. AO’s action in treating the excess provision written back as income cannot be justified, hence deleted - AT

View Source

← Previous Next →

Deduction u/s 80IE - As such, this is the expenditure, which has ...

Income Tax Act: Excess Provision Write-Back Not Income, Section 80IE Deduction Restored for Ten-Year Eligibility.

July 26, 2016

Case Laws Income Tax AT

You may also like:

Deduction U/s 80IE - eligible of deduction towards excess provision written back - by this amount the deduction u/s 80IE has been reduced in the said year since the...

The case pertains to deductions claimed by the assessee u/ss 36(1)(vii) and 36(1)(viia) of the Income Tax Act for amounts written off by rural branches and the...

Revision u/s 263 - reduction from provision created for bad and doubtful debts for rural advances - real income theory - This provision for bad and doubtful debts...

Deduction u/s 80IA -`Excess provision written back’ - it cannot be characterized as anything other than part and parcel of profit derived from eligible enterprise. In...

If provision for doubtful debts is not claimed as deduction in the computation of total income, then, naturally, the amount of provision written back cannot equally be...

The assessment years beyond six years but not exceeding ten years can be reopened u/s 153A only if the Assessing Officer possesses evidence depicting escapement of...

Deduction of Provision made towards long service benefit liability - Crystalization and Accrual of expenses - scientific basis for creating a provision - when the...

Reversal of CENVAT Credit - provision for slow moving inventory made - Admittedly, Revenue has not been able to identify the details of inventory or asset, for which the...

Addition towards undisclosed income being write back of redeemable non cumulative preference shares - write back of preference share capital cannot be taxed u/s 28(iv)...

Disallowance being amount of State Value Added Tax (VAT) paid for earlier years - Deduction u/s 80IB claimed - Assessee became liable to pay VAT for earlier years - The...

Deduction u/s 80IC - if substantial expansion is undertaken, say, in 8th year by an assessee such an assessee would be entitled to 100% deduction for the first five...

Deduction us.37(1) on account of “Escrow Disbursement Provision” ('EDP’) - Prior period expenditure - To put it simply, the AO will bifurcate total Escrow Disbursement...

Provision for retirement gratuity written back already stood allowed - unilateral act of the assessee in writing back would not be treated as remission or cessation of...

Notice issued for reopening assessment u/s 147 was beyond the limitation period stipulated in Section 149(1). The High Court, following Ojjus Medicare Pvt. Limited,...

TDS u/s 195 - Demand u/s 201(1) and interest charged u/s 201(1A) - the year-end provisions made by the assessee included “Commission payable to non-residents”, which is...

Quick Updates: