Home Highlights September 2012 Year 2012 This

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1. Deduction u/s.80IC on the profits - gross total income - Going with the prescription of section 80A(2) of the Act, if the gross total income is more than the aggregate...

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. Exemption u/s 10B - setting off of carried forward loss - Section 10A, as amended, is a provision for deduction, the stage of deduction would be while computing the...

5. Deduction u/s 10B - setting off of the brought forward unabsorbed depreciation loss of the earlier years - the deductions either under Section 10A or 10B would be made...

6. 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...

7. Gross total income of the assessee has first got to be determined after adjusting losses etc., and if the gross total income of the assessee is 'Nil' the assessee would...

8. Computation of deduction u/s 80-0 - overall deduction under Chapter-VIA could not exceed gross total income of the assessee in terms of Section 80A(2).

9. The Income Tax Appellate Tribunal considered whether an assessee can claim deduction under Chapter VI-A of the Income Tax Act, 1961 for the first time in the return...

10. Deduction of depreciation while determining the deduction u/s 80IB - for the purposes of deduction under Chapter VIA, the gross total income has to be computed inter...

11. 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,...

12. In the case before ITAT Mumbai, the issue revolved around the deduction u/s 80G for a charitable trust. The assessee, now assessable as an AOP, had donated an amount...

13. Set off of current year business loss against foreign dividend income - levy of tax u/s 115BBD on gross foreign dividend income - assessee would be entitled for set off...

14. Deduction made to charitable institutions u/s. 80G - assessee cannot be denied the benefit of claim under Chapter VI A, which is considered for computing ‘Total Taxable...

15. Deduction u/s 80G - CSR expenses - assessee cannot be denied the benefit of claim under Chapter VI A, which is considered for computing ‘Total Taxable Income”. If...