Home Highlights August 2016 Year 2016 This

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1. The Income Tax Appellate Tribunal considered whether an assessee can claim deduction under Chapter VI-A of the Income Tax Act, 1961 for the first time in the return...

2. Disallowance of claim u/s 80IA - return of income was not filled as per provisions of section 139(1) - Since the assessee has made substantial compliance to claim the...

3. The assessee, a works contractor, filed a return in compliance with Section 153A notice and claimed deduction u/s 80IA, which was not claimed in the original return...

4. Deduction u/s 80 IB - depreciation has to be claimed and the resultant profits arrived at after claiming depreciation will alone qualify for deduction under section 80IA...

5. Excess work in progress detected during survey was accepted by assessee as income u/s 69B, taxable at 30%. Assessee claimed such income as part of closing stock to be...

6. Deduction u/s 80IA - treating the assessee-company as a ‘Contractor’ and not ‘Developer’ by the Department - merely because in the agreement for development of...

7. Deduction u/s 80IA - Treatment to carbon credit receipt - Section 115BBG of the Act was introduced by Finance Act, 2017 with effect from 01.04.2018, prior to which,...

8. Deduction u/s 80IA - claim of higher depreciation from 30% to 15% on commercial vehicles - this depreciation is related to B.T.Road Project. Hence the disallowance of...

9. Deduction u/s 80IA - merely because in the agreement for development of infrastructure facility, assessee is referred to as contractor or because if some basic...

10. Deduction u/s 80IA - AO held that the assessee maintained consolidated figure of power generation unit and no separate and independent books of account was maintained by...

11. Deduction u/s 80IA on the enhanced expenditures made to sub-contractors - The issue of the claim of higher deduction on the enhanced profits has been a contentious one....

12. Assessee voluntarily declared income under "income from other sources" in return. AO disallowed deduction claimed for coordination and settlement expenses due to lack of...

13. Claim of higher depreciation of ‘Bizerba weighing scales’ - A photocopy (xerox) machine can also be attached to a computer, however, that does not entitle it for...

14. Disallowance of depreciation on the Project Berth - cost of construction / development - Circular can be applied retrospectively in respect of deductions claimed in...

15. Eligible to claim deduction u/s 80IA - Contracts awarded to JVs - constituents of JVs are eligible to claim deduction u/s 80IA