Home Highlights January 2014 Year 2014 This

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1. 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...

2. Levying MAT u/s 115JB - 100% reduction of the profit u/s. 80IB(10) - while computing the book profit u/s. 115JB appellant had reduced it from book profit and claimed...

3. Profit of eligible unit by on account Baggase Purchase u/s 80-IA(8) r.w.s. 80-IA (10) - Assessee’s manufacturing unit has sold “bagaase” to assessee’s power unit at Rs....

4. On a conjoint reading of section 80-IC(7) read with section 80-IA(5), it can safely be gathered that for the purpose of determining the quantum of deduction under...

5. Exemption u/s 80-IC - Claim denied as no work was carried at the Baddi Unit - There is no concrete material on record which would suggest that the assessee’s claim was...

6. Benefit of Section 80-IC - A person, an enterprise or an undertaking, is entitled to take the benefit of Section 80-IC only insofar as it carries on business, which is...

7. Benefit u/s 80-IC - manadation of having separate and distinct Unit - The building where the registered office was started in the assessment year 2009-10, was got...

8. Deduction u/s 80 IC/ 80 IB - assessee is eligible to deduction u/s 80 IB/ 80 IC of the Act on the damages against cancellation, commission from shipping while it is held...

9. Apportionment of bad debt written off to the eligible units and registering profit of those eligible units for the purpose of allowing deduction u/s 80-IB and 80-IC, as...

10. Nature of expenditure - Disallowance of expenditure under the "head repairs and maintenance"- AO rejected the assessee's contention and held that the assessee is...

11. Revision u/s 263 by CIT - assessee’ s claim of 100 % exemption of profits u/s 80 IC - Manufactured items - serial no. 5 of the negative list - on account of the clear...

12. Minimum Alternate Tax (MAT) u/s 115JB - interpretation - reduction of exempted income u/s 80-IB from book profit u/s 115JB - not allowed - HC

13. Addition to the book profit u/s 115JB for the amount disallowed u/s 14A r.w. Rule 8D - the tribunal noted that the AO had made the disallowance under Section 14A, but...

14. Validity of provisions of Section 115JB & 80IC - whether ultravires - the provisions are in accordance with law and the Government has power to introduce such provisions....

15. Eligibility for deduction u/s. 80 IC - whether milk is an item of production eligible for deduction? - CIT(A) allowed claim - profit derived from production of milk is...