Home Highlights November 2017 Year 2017 This

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1. Deduction u/s 80-IC in respect of the amount added back under Section 40(a)(ia) - even if the expenditure is disallowed u/s.40(a)(i) of the Act, the result will be that...

2. The High Court addressed the issue of deduction u/s 80-IC (2) (a) for a company manufacturing Pan Masala. The company's product was considered excluded for deduction due...

3. The High Court held that the deduction u/s 33AC for creating a reserve to acquire new ships must be factored in while computing the deduction u/s 80-I, which is based on...

4. On a conjoint reading of section 80-IC(7) read with section 80-IA(5), it can safely be gathered that for the purpose of determining the quantum of deduction under...

5. Benefit u/s 80-IC - manadation of having separate and distinct Unit - The building where the registered office was started in the assessment year 2009-10, was got...

6. The Appellate Tribunal held that the assessee is entitled to exemption u/s 10(34) & 10(23AAB) in computing income of insurance business u/s 44, based on precedent and...

7. Deduction u/s 80 IC/ 80 IB - assessee is eligible to deduction u/s 80 IB/ 80 IC of the Act on the damages against cancellation, commission from shipping while it is held...

8. Benefit of Section 80-IC - A person, an enterprise or an undertaking, is entitled to take the benefit of Section 80-IC only insofar as it carries on business, which is...

9. Entitlement to deduction u/s 80IC - Legislature has shown its intent, namely, where the industry is not located in North- Eastern State, the period for which deduction...

10. Disallowance of deduction u/s 80-GGA - even though the Revenue has claimed that Navjeevan Charitable Trust has been involved in a bogus transaction of accommodation...

11. Revision u/s 263 by CIT - assessee’ s claim of 100 % exemption of profits u/s 80 IC - Manufactured items - serial no. 5 of the negative list - on account of the clear...

12. Disallowance of Deduction u/s 80-IC - manufacturing activity - conversion of Jumbo Rolls of photographic films into small flats and rolls in desired sizes - deduction...

13. Deduction u/s 80-I - denial of deduction u/s 80-I(9) - Close relations between the assessee - company and the foreign buyer - burden of proof - Deduction u/s 10A read...

14. Profit of eligible unit by on account Baggase Purchase u/s 80-IA(8) r.w.s. 80-IA (10) - Assessee’s manufacturing unit has sold “bagaase” to assessee’s power unit at Rs....

15. Exemption u/s 80-IC - Claim denied as no work was carried at the Baddi Unit - There is no concrete material on record which would suggest that the assessee’s claim was...