Home Highlights January 2014 Year 2014 This

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1. Deduction u/s 10A - foreign exchange gain - the gain on receipts of foreign exchange as export proceeds are extricably linked, eligible for exemption u/s 10A - AT

2. Exemption u/s 10A - t the foreign exchange gain on packing credit foreign currency loan is not eligible for deduction under section 10A - AT

3. Whether income on account of foreign exchange fluctuation is income “derived from exports” u/s 10A - Section 10A (4) is applicable when an assessee has domestic...

4. Set off of current year business loss against foreign dividend income - levy of tax u/s 115BBD on gross foreign dividend income - assessee would be entitled for set off...

5. Foreign exchange gain pertaining to marketing commission segment should be considered as operating income - AT

6. Disallowance of expenses on non-deduction of tax - Without going into the merit of the addition, we find the alternate argument of the ld. Counsel for the assessee...

7. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

8. Deduction u/s 80IB - there is substantial force in the claim of the assessee that deduction u/s 80IB has to be allowed on the amount of profits and gains derived by him...

9. Computation of deduction u/s 10A - belated receipt of foreign remittances on account of export sales - The only reason for not considering the alleged amount while...

10. Deduction u/s.10A - he losses from non eligible units cannot be set off against the profit of the undertaking eligible for deduction u/s.10A - interest income will not...

11. Denial of claim of deduction u/s 80IA on interest and other income - H various higher judicial authorities have held that profits of the business of the undertaking...

12. Insertion of new section 80-IAC - provides 100% deduction of the profits and gains derived by an eligible start-up from a business involving innovation, development,...

13. Deduction u/s 80IA in respect of profits of the eligible undertaking - So far as interest on delayed payment from customers is concerned, such payments were made by...

14. Deduction u/s 10A - compensation/damages received by the assessee on termination of export contract would be in the course of his export business and is to be treated as...

15. The amount received by the assessee towards notice period is to be treated as income derived from the eligible undertaking and deduction u/s 10A shall be allowed - AT