Home Highlights September 2012 Year 2012 This

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1. Deduction u/s.10A - he losses from non eligible units cannot be set off against the profit of the undertaking eligible for deduction u/s.10A - interest income will not...

2. Deduction u/s 10A - Though Section 10A, as amended, is a provision for deduction, the stage of deduction would be while computing the gross total income of the eligible...

3. Exemption / deduction u/s 10A or 10B - when to be allowed - Though Section 10A, as amended, is a provision for deduction, the stage of deduction would be while computing...

4. Deduction u/s 10A computation - whether loss from non-eligible unit can be set off against the profit of eligible unit or whether only profit of eligible unit is to be...

5. Deduction u/s 10A - setting–off losses relating to other non–eligible units - the stage of deduction would be while computing the gross total income of the eligible...

6. Disallowance of expenses on non-deduction of tax - Without going into the merit of the addition, we find the alternate argument of the ld. Counsel for the assessee...

7. Computation of deduction u/s 80IA - eligible business shall be treated as the only source of income- Assessee is eligible to deduction without adjustment of loss of other unit.

8. Deductibility of interest income from investments u/s 80P(2)(a)(i) of the Income Tax Act for a primary agricultural credit cooperative society. The key points are: The...

9. Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

10. Deduction u/s 80P(2)(d) - Interest income earned by the Society comes with the category of income from other sources and Section 80P(2)(d) deals with the eligible...

11. Computation of deduction u/s 10A - belated receipt of foreign remittances on account of export sales - The only reason for not considering the alleged amount while...

12. Section 10A deduction is to be done u/s 28 to 44B but separately and independent of computation of profits and gains from eligible business and without factoring...

13. Deduction u/s 80IA -`Excess provision written back’ - it cannot be characterized as anything other than part and parcel of profit derived from eligible enterprise. In...

14. The ITAT addressed various issues: disallowance u/s 40(a)(ia) for year-end provisions, deduction u/s 10AA for interest income, TDS u/s 195 for subscription fees, foreign...

15. 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,...