Eligibility to claim deduction u/s 32AC - the extraction of ...

Case Laws Income Tax

September 22, 2023

Eligibility to claim deduction u/s 32AC - the extraction of minerals from beach sand involve change in non-living physical object / article into a new and distinct object / article having different name and use. Thus, the same would amount to manufacture. - Benefit of deduction cannot be denied, moreover by invoking revision proceedings u/s 263 - AT

View Source

← Previous Next →

Eligibility to claim deduction u/s 32AC - the extraction of ...

Case Laws Income Tax

September 22, 2023

You may also like:

Revision u/s 263 by CIT - The subject matter of the deduction in the reassessment order was the quantum of deduction but not the eligibility of the deduction and even in...

Export of Garnet produced from Beach Sand Mineral - allegation of illegal activity of mining - petitioner is at liberty to export his goods, as soon as he is able to...

Disallowing the investment allowance claimed u/s 32AC(1A) - The plain reading of Section 32AC makes it very clear in case the assessee claim depreciation on new asset...

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...

Revision u/s 263 by CIT - Claim made by the assessee u/s. 32AC in respect of investment made in the new plant & machinery - In assessee’s case while interpreting the...

Black sand produced during the manufacturing process of castings was held to be a non-dutiable good, not a manufactured product. The tribunal ruled that even if the...

Disallowance of deduction claimed u/s 10AA after claiming deduction / exemption u/s 10A - SEZ unit - As on the commencement of assessment year 2006-07, which is the...

Weighted deductions claimed u/s 35(2AB) - The petitioner challenged the restriction of the eligibility period for weighted deductions on R&D expenditure, contending it...

The assessee claimed deduction u/s 80P(2)(d) of the Income Tax Act for interest income earned on deposits with a Cooperative Bank. The Assessing Officer and CIT(A)...

Reopening of assessment u/s 147 - claim of deduction u/s 36(1)(viia) - provision for Non-Performing Advances as per the RBI Regulations - The court observed that the...

Revision u/s 263 by CIT - wrong claim of deduction u/s. 80JJA - the AO has not brought out anything explicitly and not recorded any finding with regard to the deduction...

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...

Deduction u/s 80IA on the enhanced expenditures made to sub-contractors - The issue of the claim of higher deduction on the enhanced profits has been a contentious one....

Eligibility of deduction u/s 54 and 54F - in return deduction claimed u/s 54F - in assessment proceedings revised his claim u/s 54 - AO is duty bound to allow deduction...

The circular addresses the disclosure requirements for Foreign Portfolio Investors (FPIs) regarding material changes and obligations. Amendments to SEBI regulations...

Quick Updates: