Home Highlights February 2019 Year 2019 This

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1. Deduction u/s 80IC - manufacturing of plastic packaging products such as PET and HDPE bottles, jars, caps and closures - products manufactured by the assessee come...

2. Allowable business expenditure - compensation paid by the assessee for the closure of agreement - as per AO company to whom the compensation has been paid did not have...

3. Relief u/s. 89 - ex-gratia amount of compensation to each of the 275 employees provided they accept the closure and termination of their services without agitating the...

4. Claim of the assessee u/s. 89 r.w. Rule 21A of I.T. Rules - The basis of compensation calculated by the company and the company also treated the one-time compensation as...

5. Nature of receipt - Compensation received for pre-closure of contract manufacturing agreement is in the nature of capital receipt paid for loss of profit from business /...

6. Disallowance u/s 40(a)(ia) for non-deduction of tax at source (TDS) - assessee in default - Assessee has paid interest u/s 201(1A) for non-deduction/short deduction of...

7. 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...

8. Amortization of expenses u/s 35DDA - Amount paid to employees as severance pay – there is no justification for denying the deduction to the Assessee Company and...

9. TDS u/s 194A OR 194C - short deduction of TDS - compensation paid by the assessee for breach of contract u/s.40(a)(ia) - If at all there is shortfall in TDS deducted by...

10. Retrenchment compensation paid by subsidiary to the workers of the two units which belonged to the assessee and which were transferred to the subsidiary and which amount...

11. Eligibility of relief u/s 89 r.w. Rule 21A of I.T. Rules - Amount to be spread over the years including future years - compensation received by the assessee as only...

12. TDS u/s 194LA - compensation amount paid on account of acquisition of land - High Court concluded that, after looking at from any angle, as long as the award is made...

13. Deduction u/s 80IC - whether process of deriving the finished products amount to manufacture? - each of the respondents is paying excise duty, some of the respondents...

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

15. Deduction u/s 80IB - Business of manufacturing of LED based products – Major manufacturing activity is done by the Job Worker - Further processing done by the assessee -...