Computation of deduction u/ss 80IB/80IC and 10B - AO allocated ...

Tribunal Rules on Tax Deductions, Expense Allocation, and Depreciation; Examines Dividends, CENVAT, and Transfer Pricing.

November 18, 2024

Case Laws Income Tax AT

Computation of deduction u/ss 80IB/80IC and 10B - AO allocated Head Office expenses to eligible units, reducing deduction. Tribunal consistently restores issue with directions to allocate common expenses and income to eligible units. Miscellaneous income from sale of scraps/by-products in eligible units held eligible for deduction. Adjustment for CENVAT credit u/s 145A - issue restored to AO to examine assessee's claim. Expenditure on relief materials for Tsunami victims disallowed as not wholly and exclusively for business u/s 37(1), not allowable as sales promotion or CSR expenses. Insurance claim amount to be added to WDV, not treated as capital receipt. Capital subsidy not to be reduced from WDV for depreciation. Rate of tax on dividend to non-residents decided against assessee by Special Bench. Transfer pricing adjustment at entity level under TNMM accepted following earlier year order.

View Source

← Previous Next →

Computation of deduction u/ss 80IB/80IC and 10B - AO allocated ...

Tribunal Rules on Tax Deductions, Expense Allocation, and Depreciation; Examines Dividends, CENVAT, and Transfer Pricing.

November 18, 2024

Case Laws Income Tax AT

You may also like:

CESTAT ruled that allocation of head office administrative expenses from SCB-UK to Indian branches does not constitute taxable business support services under Finance...

The tribunal allowed several of the assessee's appeals, directing adjustments in tax computations and granting deductions previously disallowed. It dismissed some...

ITAT ruled against disallowance of transportation expenses, finding the Assessing Officer failed to establish statutory grounds u/s 37 for rejection. The tribunal...

Deduction u/s. 80IA(4)(i) on storage tank MDI and storage tank EDA - By affirming the eligibility for deductions u/s 80IA(4) for the specialized storage tanks, the...

ITAT affirmed weighted deduction eligibility u/s 35(2AB) for in-house scientific research expenditure. While R&D expenses incurred within India qualify for weighted...

Adjustment of excess service tax paid with subsequent service tax liability - case of Revenue is that Rule 6 (3) of Service Tax Rules, 1994 do not provide for such...

The Appellate Tribunal addressed various issues in the case. It directed the AO to delete the disallowance of consequential depreciation on unverified expenses and remit...

The Appellate Tribunal addressed the disallowance of depreciation claimed on software purchases u/s 40(a)(i)/(ia) due to non-deduction of tax at source. The AO contended...

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)...

ITAT ruled favorably on multiple issues for the banking assessee. The tribunal allowed deduction under s.36(1)(viia) for NPA provisions, holding them equivalent to...

Disallowance of interest and financial expenses was not justified as the appellant paid interest and financial expenses to State Bank of India, Overseas Branch,...

CENVAT Credit - input service - non-payment of service tax on Ocean Freight - non-payment of service tax on Government Fees under RCM - The Appellate Tribunal considered...

CESTAT determined reimbursed expenses received by a Customs House Agent (CHA) from clients are not includible in the taxable value for service tax assessment. Following...

The assessee, after being amalgamated with another company, treated the excess consideration paid over the net assets acquired as goodwill and claimed depreciation at...

Deduction u/s 80IB - allocation of expenses, from Head Office - even if the assessee has made some allocation in the present year, it has to be seen that such allocation...

Quick Updates: