Home Highlights November 2012 Year 2012 This

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1. 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...

2. 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...

3. Deduction u/s 80IA in respect of profits of the eligible undertaking - So far as interest on delayed payment from customers is concerned, such payments were made by...

4. Deduction u/s 80IC - whether sales tax rebate to be included as profit derived from Industrial Undertaking and eligible as deduction u/s 80IC - Held No - HC

5. 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...

6. Calculation of deduction under Section 80IA - forfeiture of advance - income ‘derived from’ from the running of eligible industrial undertaking or not - Deduction allowed - HC

7. Dividend received by the assessee has no direct nexus with the profits and gains derived from the manufacturing activity and industrial undertaking - Not eligible for...

8. Set off of losses against income from STP units - the loss from other business activities should not be set off against profits derived from eligible industrial undertaking - AT

9. 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

10. 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

11. Deduction u/s 80IA(4)(iii) - Excluding signage income - It is not in dispute that the signage income is derived from the tenants occupying the building forming part of...

12. 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...

13. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

14. 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...

15. Determination of capital gain - allocation of sale consideration between the land and building - The historical cost of building or WDV of building cannot be...