Home Highlights August 2012 Year 2012 This

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1. Penal Charges paid to Sister Concern towards cost of storage - deduction disallowed - AT

2. Reimbursement of salary expenses of employees to the sister concern, who were deputed by the sister concern to the assessee does not require deduction of tax at source.

3. 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...

4. Assessee failed to substantiate the difference between purchases shown in its Profit and Loss Account and TCS reflected in Form 26AS. Sample bills showed invoices raised...

5. Deduction u/s 80IB(11C) - additional income offered during survey - investment in building - excess cash found - while confirming the additions, deduction 80IB(11C) disallowed.

6. Interest free loan was advanced to the sister concerned - in the absence of any reference to any business transaction between the assessee and the sister concerns, the...

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

8. Interest expenses u/s 36(1)(iii) - Addition of interest component considering that there is no commercial expediency in lending to sister concerns - AR explained the...

9. This is a summary of an order from the Income Tax Appellate Tribunal (ITAT) covering various issues related to the allowability of deductions and expenses claimed by the...

10. Disallowance u/s 36(1)(iii) - interest expenses - The only plea of the assessee is that the assessee had mortgaged its property to avail bank loans for the sister...

11. The assessment u/s 143(3) was completed, disallowing the deduction u/s 10B on grounds that processing iron ore does not constitute manufacturing within Section 10B's...

12. Disallowance of depreciation on vehicle on the ground of personal use - Once the claim of depreciation on passenger vehicle is accepted by the AO then the depreciation...

13. CENVAT credit - captive consumption - steam produced by appellant used by sister concern - it would be determined whether the end products of the sister concern are...

14. Merely because, the assessee had leasing out the land to its sister concern for establishing RMC Plant with the understanding that the RMC would be supplied to it at...

15. Deduction under section 80IB - Nature of processing charges received by assessee - Assessee is engaged in the business of manufacturing of agro chemical products and...