Home Highlights August 2012 Year 2012 This

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1. The case involves a dispute regarding the eligibility of deduction u/s 80IB for profits derived from repairs and maintenance services of moulds in an industrial...

2. Deduction u/s. 80IB - for setting up of new industrial undertaking, the number of building is wholly irrelevant. As all these units together constituted separate and...

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. 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...

5. Nature of assessee – Industrial undertaking or not – the film production unit or Company is an industrial undertaking and therefore section 80IB of the Act can be...

6. Deduction u/s 80IC - Customer advances written back as income derived from industrial undertaking - Revenue could not show us any reason that why above sum cannot be...

7. Computation of deduction u/s 80IB(9) - there is no scope to adjust expenses relating to other “undertakings” while computing deduction u/s 80IB(9) of the Act.

8. 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...

9. 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...

10. Deduction u/s 35(2AB) - Under Rule 6(7A), the Department of Scientific and Industrial Research is required to submit its report to the Income Tax Authorities in Form 3CL....

11. Deduction u/s 80IA and 80IB - the benefits of DEPB would constitute independent source of income beyond the first degree nexus between the profits and the industrial...

12. Transport subsidy and interest subsidy cannot be said to be ‘derived from’ the industrial undertaking of the assesse, not eligible for deduction u/s 80IB - HC

13. Transport subsidy and interest subsidy cannot be said to be derived from the industrial undertaking of the assesse, not eligible for deduction u/s 80IB - HC

14. Entitlement for deduction U/s 80IB - amount under the head VKGUY [Vishesh Krishi Gram Udhyog Yojana] and on account of DEPB - these benefits do not form part of the net...

15. Claim of weighted deduction u/s.35(2AB) - The assessee has furnished Form No.3CK to the Department of Scientific and Industrial Research(DSIR) but till date the approval...