The ITAT Hyderabad upheld the estimation of income and profit, ...

Order of CIT(A) upheld: estimation of income & profit, disallowed deduction u/s 80-IA(4), interest disallowance, & cash payments.

June 1, 2024

Case Laws Income Tax AT

The ITAT Hyderabad upheld the estimation of income and profit, dismissing Revenue's appeal. The profit was modified to 11.5%. Deduction u/s 80-IA(4) was disallowed based on precedent. Disallowance of interest u/s 14A r.w.r 8D and section 36(1)(iii) was rejected due to business exigency. Interest earned on FDs was not taxed as it was already reduced from finance charges. Cash payments u/s 40A(3) were justified due to lack of banking facilities at remote sites. Business promotion expenses were allowed as connected to business promotion, given income estimation. The findings of CIT(A) were upheld, and Revenue's appeal was dismissed.

View Source

← Previous Next →

The ITAT Hyderabad upheld the estimation of income and profit, ...

Order of CIT(A) upheld: estimation of income & profit, disallowed deduction u/s 80-IA(4), interest disallowance, & cash payments.

June 1, 2024

Case Laws Income Tax AT

You may also like:

The assessee was held to be a "developer" and not merely a "works contractor" for the purposes of claiming deduction u/s 80-IA(4) of the Income Tax Act. The Tribunal...

Denial of deduction u/s 80-IA (4) - 'Cargo facility' operated and maintained by the assessee is infrastructure facility eligible for deduction u/s 80IA(4).

Allowability of deduction u/s 80-IA(4)(iii) - Additions against bogus purchases and bogus expenditure - the enhanced profit of the industrial park, is the income...

Deduction u/s 80-IA & 80-IB - revenue can not disregard the profits of Unit 4 only on the basis that the profits were significantly higher than profits earned from other...

Various issues related to allowability of expenses, deductions, transfer pricing adjustments, and other income tax matters for a pharmaceutical company. Key points are:...

Deduction u/s 80-IC in respect of the amount added back under Section 40(a)(ia) - even if the expenditure is disallowed u/s.40(a)(i) of the Act, the result will be that...

Disallowance of deduction claimed u/s 80-IA(4) - At the threshold, there is no ambiguity to the fact that all the development projects carried out by the assessee are...

Deduction u/s 80-IA(4)(iii) - Notification to be issued by CBDT is only a formality once the approval is granted by the Ministry of Commerce & Industry, Govt. of India,...

Denial of claim of deduction u/s 80-IA(4)(iv)(c) - assessee is an electricity distribution company - the expression “undertakes substantial renovation and modernisation”...

Deduction u/s 80-IA - Whether the Tribunal was right in holding that the deduction under Section 80-IA is not allowable at all to the assessee since there was no taxable...

Deduction u/s 80-IA - book profit computation u/s 115JA - profit and gain from captive consumption of electricity supplied from generator set and which cannot be sold to...

Eligibility of deduction u/s 80-IA - infrastructural facility set up and within the precincts of the port, - deduction admissible under sub-section (4) of section 80-IA...

The HC held that profits derived from captive consumption of electricity generated by the assessee's power generation unit, being an eligible business, would qualify for...

Deduction u/s 80IA(4) - whether assessee is not a contractor, but developer of infrastructure facilities? - we have analyzed one contract/agreement with the government...

The Income Tax Appellate Tribunal (ITAT) held that retention money should be included in contract receipts for computing deduction u/s 80-IA for profits from...

Quick Updates: