Home Highlights December 2018 Year 2018 This

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1. Disallowance of deduction claimed u/s 10AA after claiming deduction / exemption u/s 10A - SEZ unit - As on the commencement of assessment year 2006-07, which is the...

2. 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...

3. Transfer Pricing (TP) adjustments - Transfer Pricing (TP) adjustments - debar of deduction u/s 10A on addition income assessed u/s 92CD as per the Proviso to 92C(4) -...

4. Entitlement to deduction u/s.80IB(10) - additional receipts / income offered by the assessee against the project undertaken by the assessee u/s 132(4) - additional...

5. Exemption u/s 10AA or 10A - As such the assessee during the assessment proceedings has come forward and filed the revised return of income declaring income under the...

6. Grant received from holding company as capital receipt - AO has not specifically invoked section 56(2). The dubious method adopted by the assessee of claiming the...

7. Disallowance of deduction claimed u/s 80IB(10) - assessee had offered additional income in the proceedings initiated under section 153C of the Act - Restriction on claim...

8. Claim of deduction u/s 80P(2)(d) - interest income received from Co-operative Bank - In the present case even though the assessee’s claim of deduction under section...

9. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

10. TDS credit treated as income of the assessee - Nature of income - essentially the TDS credit now claimed by the assessee is in the nature of an additional income over...

11. Deduction claimed u/s 10AA - the relief to the assessee under section 10AA cannot be denied merely on the reasoning that the raw material, processing activities resulted...

12. SEZ unit - Deduction u/s 10AA - conversion of EPZ unit to SEZ unit - eligibility for additional 5 years after availing benefit of exemption u/s 10A for 10 years -...

13. Addition made towards interest expenses claimed - assessee derived income from letting out the properties i.e. rental income, which has been shown as income from...

14. Deduction u/s. 80IB(10) - declaration of additional income - No doubt there has been suppression of the actual income for the purpose of evading tax. Nevertheless,...

15. Denial of deduction u/s 10AA - assessee contended that filing of Audit Report as required u/s.10AA(8) of the Act, is procedural and directory in nature and thus, for...