Home Highlights August 2017 Year 2017 This

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1. Export incentive is not eligible for deduction u/s 80IB

2. 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...

3. 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...

4. 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...

5. 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...

6. Eligibility of exemption claimed u/s. 10B on call centre operation - It is not in dispute that a call centre operation has been duly notified as IT enabled services and...

7. Entitlement to deduction u/s 10B - it is trite law that accounting entries are not decisive in determining the question of eligibility for a claim of deduction or exemption - AT

8. Eligibility of deduction u/s.10A - The provisions of Sub Section (4) of Section 92CA of the Act specifically provides that addition made u/s.92CA(3) of the Act is not...

9. 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

10. Deduction u/s 10B of the Income Tax Act – whether printing of textbooks is eligible activity for claiming exemption u/s 10B - held yes - HC

11. Deduction u/s 10B - Probably the Legislature did not want duplicity in exemption on export profit. - inter-unit sales in the Export Processing Zone are not treated as...

12. Deduction u/s 10B - ready to print books exported by the appellant in the form of a CD or e-mail are customised electronic data eligible for claiming benefit of deduction - AT

13. Duty draw back - The appellant made an application for draw back under Rule 6 - the department’s out-right rejection without verification is unacceptable. - AT

14. 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...

15. Restriction of deduction u/s 10B – 100% Export Oriented Unit (EOU) - assessee will not be entitled for exemption u/s 10B in respect of turnover sold to 100% EOU in India - AT