Home Highlights July 2012 Year 2012 This

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1. 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...

2. Section 80IB is available only for profit derived from business of manufacture of goods - AMC charges should be excluded for the purpose of computing relief under Section 80IB - AT

3. Deduction u/s 80IA - manufacture of ATM in Pondicherry unit - income arising from installation, AMC charges, technical charges, consultation charges and licence fee -...

4. Deduction under section 80IB - manufacturing process - the conversion charges received is in course of manufacturing activity by using the same machinery and labour -...

5. Deduction u/s 80IB and 80IC - Transport subsidy - Power subsidy - Interest subsidy - Insurance subsidy - are operational in nature - related to the production -...

6. Deduction u/s 80IC - proof of manufacturing activities provided or not? - whether certain incriminating documents were seized during the course of search operation as...

7. Disallowance u/s 40(a)(ia) of Wharfage charges - Wharfage charges paid by assessee are charges which facilitate the loading / unloading of goods at waterfront - no use...

8. Eligibility of deduction u/s 80IC on freezing charges - freezing charges earned by the assessee is an integral part of the processing of vegetables and therefore is...

9. Deduction u/s 80IC – Manufacture activity - air spring assembly - the imported material as well as local materials are used in a manufacturing process which results in...

10. 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...

11. Disallowance of deduction u/s 80IC - new unit or came into existence by splitting up or reconstruction of a business already in existence - Principle of consistency -...

12. Foreign Tax Credit (‘FTC’) - Currency conversion using telegraphic transfer buying rate (‘TTBR’)

13. Deduction u/s 80IC - whether sales tax rebate to be included as profit derived from Industrial Undertaking and eligible as deduction u/s 80IC - Held No - HC

14. Deduction u/s 80IC - the cutting and polishing of diamond amounts to manufacturing or production of article or thing as envisaged for the purpose of claiming deduction...

15. Deduction u/s 80IC - Revenue contending adjustment of losses of Delhi unit against profit of Baddi unit before providing deduction u/s 80IC - HC