Home Highlights July 2012 Year 2012 This

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1. Portfolio Management Services (PMS) fees paid is eligible for deduction while computing Short Term Capital Gain

2. Computation of depreciation while computing deduction under Section 32AB - HC

3. Deduction u/s 35AB allowed for acquiring technical know-how for business use, even if manufacturing facility not commenced during the year. Net incomes not derived from...

4. Exclusion of interest income for the purpose of computing the deduction u/s 32AB - interest derived by the industrial undertaking of the assessee on deposits made with...

5. Deduction u/s. 32AB - rental income - The court analyzes the definition of "eligible business or profession" under Section 32AB(2)(i) and determines that it encompasses...

6. Deduction u/s 80IA - eligible profit - Interest received from employees - the equipment hire charges would not be entitled to special deduction u/s 80I of the Act - AT

7. Deduction u/s.80IB(9) - Disallowance on aborted blocks - the deduction u/s 80IB(9) has to be computed after ascertaining profits and gains of eligible business in terms...

8. Tribunal went wrong in allowing deduction under section 80HH and Section 80-I from the gross total income before granting deduction under section 35(2) of the Act,...

9. Deduction u/s 80I - Service charge - Ownership is not necessary - The only thing that has to be seen is whether the source of the profit or gains is an industrial undertaking - HC

10. The assessee had not computed income under the provisions of Minimum Alternate Tax (MAT) and had not computed book profit, claiming that the provisions of MAT were not...

11. Whether assessee was liable to deduction u/s 36(1)(iii), on account of interest accrued in respect of capital converted into loan - Held No - Payment of a liability is...

12. After allowing depreciation, unabsorbed loss and unabsorbed depreciation, there was no positive income - the assessee was not entitled to any deduction u/s 80HH & 80I of...

13. Deduction u/s 80HH and 80I - Whether the conversion of granite boulders into small pieces of different size amount to production or manufacture – Held Yes - HC

14. Whether interest received from the debtors or customers on delayed payment was income derived from the Industrial Undertaking and Deduction under Section 80HH and 80I -...

15. Zarda Yukta Pan Masala is not a tobacco preparation under Item 2 of Schedule XI - deductions under Section 32AB and 80I disallowed - HC