Home Highlights October 2013 Year 2013 This

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1. Disallowance of deduction u/s 10B - The tribunal examined the appellant's claim regarding deductions under Section 10B for miscellaneous incomes like scrap sales and...

2. Deduction u/s 10B - business of the assessee is proved beyond doubt that it involves in the manufacturing activities, in the result, it is eligible to claim deduction u/s 10B - AT

3. Exemption u/s 10A/10B - Interest income - deposits made with banks for obtaining letters of credit - Benefit of deduction u/s 10B on interest income related to export...

4. Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

5. Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

6. Deduction u/s. 10B - Even though an estimation of excess stock in the middle of the year, while accepting the Books of Accounts of the year, is not generally permitted...

7. Deduction u/s 10B - computation - CIT(A) has rightly held that the assessee is eligible for deduction under section 10B of the Act prior to giving effect to the brought...

8. Deduction u/s 10B denied - manufacturing / production activity in the course of export or not - finishing activity after procurement of semi-finished garments - claim of...

9. Deduction u/s 10B - profit of eligible undertaking for the purpose of allowing deduction u/s 10B of the Act at the source itself without deduction of unabsorbed brought...

10. Deduction u/s 80P - interest income - The tribunal noted that section 80P(2)(a)(i) allows deduction for cooperative societies engaged in banking or providing credit...

11. Deduction u/s.80IA - Interest and other income - the assessee is not entitled for deduction towards eligible profit u/s.80IA of the Act in respect of other income...

12. Deduction u/s. 32AB - rental income - The court analyzes the definition of "eligible business or profession" under Section 32AB(2)(i) and determines that it encompasses...

13. Deduction u/s 10B - Here in the case in hand, the total income was first arrived at by the Revenue through the AO in the Assessment Order by computing the total income...

14. 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....

15. Disallowance of deduction u/s 80P - Addition in respect of rental income earned and Income from sale of crackers - The Tribunal held that the deduction u/s 80P is...