Deduction u/s 10 B - The AO argued that the units were formed by ...

Case Laws Income Tax

April 17, 2024

Deduction u/s 10 B - The AO argued that the units were formed by the transfer of previously used machinery, disqualifying them from certain deductions. - The tribunal, however, noted that the CIT(A) had provided a detailed examination of the history and operations of these units, establishing that they were indeed new undertakings that satisfied the statutory requirements for the deduction under Section 10B. - One of the significant issues was whether the sales proceeds of exported goods were received in India within the prescribed time frame to qualify for exemptions under Section 10B. The tribunal found that despite minor discrepancies in documentation, the majority of proceeds were indeed received within the permissible period, thus supporting the assessee's claim for deduction.

View Source

← Previous Next →

Deduction u/s 10 B - The AO argued that the units were formed by ...

Case Laws Income Tax

April 17, 2024

You may also like:

Claim of deduction u/s 80IB for Unit II – The new unit has also not been formed by transferring to the new business machinery and plant previously used for any purpose -...

Transfer of CENVAT Credit to lessee unit - Rule 10 of CCR 2004 - On going through the entire agreement, it is clear that there is consensus ad idem to transfer the...

Deduction u/s 80IC - independent unit v/s extension of unit - the assessee has claimed wages expenses which were subject to PF, electricity expenses. Likewise, there was...

Exemption u/s 10AA - The new unit was not formed by transferring any machinery or plant previously used. Fresh investment was made in the new unit. The revenue earning...

Transfer of CENVAT Credit - closure of Delhi unit & merger with its Baddi unit - Rule 10 of CCR - prima-facie with respect to claim of the appellant or request for...

CENVAT Credit - transfer of unutilized credit, on shifting of factory - Transfer of unutilized credit also denied on the ground that appellants have shifted on inputs...

Eligibility for claiming deduction u/s. 80IB(10) - 5 units were left out to make space for construction of septic tank. The non-construction of 9 units, in our...

Failure to file Form 10/10B before due date prescribed u/s 139(1) cannot be fatal to deny exemption u/s 11(2), especially when Form 10/10B was available on record when...

The ITAT Chennai ruled on deduction u/s 80IA, focusing on determining the market value of power supplied by the assessee to its industrial units. The AO argued for using...

Deduction u/s.80IB(10) - when the assessee claimed the deduction with respect to the residential units, which are having built up area less than 1500 sq.ft, the...

Deduction u/s 80IB - converting the proprietorship into a partnership firm resulted into transfer of plant and machinery previously used by the undertaking - there was a...

Exemption u/s 11 - accumulation of 15% of income - Form 10 can be filed before the conclusion of the assessment proceedings - AO should provide opportunity for...

Providing Services to SEZ unit - Benefit of exemption - The appellant couldn't submit Form A1 due to unavailability to SEZ units but submitted Form A2. The revenue...

Transfer of capital goods to sister unit (transfer of business) - Rule 3 (5) of the Cenvat Credit Rules, 2004 - The conditionalities of Rule 10 given in sub-rule (3)...

CENVAT credit - transfer of credit - Rule 10 - transfer of second unit to the first unit - revenue argued that the factory as a whole need to be shifted. - This appears...

Quick Updates: