Home Highlights November 2014 Year 2014 This

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1. Exemption u/s 10(1) - Agricultural Income or not - A.O. held that the portion relating to other than supply of plants and saplings cannot be characterized as...

2. Agricultural income - exemption u/s 10(1) - Merely because instead of horizontal use on soil, vertical space is used, does the growth of mushrooms stand apart from...

3. Exemption u/s 10(1) - agricultural income - proof of agricultural operations - business of plant floriculture / tissue culture - exemption allowed.

4. Exemption u/s.10(23C)(vi) - payment of lease rent to trustees of the trust - ld. CIT(E) had stated that this payment of lease rent is in violation of provisions of...

5. Gratuity exemption u/s Section 10(10)(iii) - exemption limit raised to ₹ 25 lakhs

6. ₹ 1,10,828 crore GST Gross Revenue collected for January, 2020

7. Exemption u/s. 10B - Tribunal correctly held that the assessee cannot be allowed to blow hot and cold. Having set up and established the claim of being engaged in the...

8. Rate of duty of excise increased from 10% to 12% and 1% to 2%

9. Depreciation - plant and machinery could not be used during the year due to shifting / relocation of plant - Though, the unit could not generate revenue during the year...

10. Transfer of unutilized credit - shifting of a factory - a shifted unit if dealt discriminately under Rule 10(1) of CENVAT credit Rules, 2004, use of the word shifts in...

11. Exemption u/s 10(23C)(iiiad) – computation of limit of ₹ 1 crores - sale proceeds of land and bonds cannot be equated to annual receipts as stated u/s 10(23C) - HC

12. CENVAT Credit - transfer of unutilized credit, on shifting of factory - Transfer of unutilized credit also denied on the ground that appellants have shifted on inputs...

13. Revision u/s 263 - exemption u/s 10(1) - agricultural income - no details are filed by the assessee and the Ld.AO has not verified the exemption claimed by the assessee...

14. Disallowance of Additional Depreciation u/s 32(1)(iia) - 50 % (@ 10%) disallowed being used less than 180 days - balance additional depreciation @ 10% on such new plant...

15. Exemption u/s 10(10D) on the maturity value of the Keyman Insurance Policy - Assessee received the amount on maturity of Keyman Insurance Policy after coming into effect...