Home Highlights August 2012 Year 2012 This

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1. Transfer of CENVAT Credit - closure of Delhi unit & merger with its Baddi unit - Rule 10 of CCR - prima-facie with respect to claim of the appellant or request for...

2. Disallowance u/s 80IA/80IB - There is no requirement u/s 80IA(5) of the Act to adjust profits derived from the eligible units against the losses that stand absorbed...

3. Deduction u/s 80IC - Since in the present case the fact that the assessee had undertaken substantial expansion is not disputed, the assessee, we hold, is entitled to...

4. Deduction u/s 80IC - @ 25 % OR 100% - Claim during the 7th year - even when an old unit completes substantial expansion, such a unit also becomes entitled to avail the...

5. Deduction u/s 35AD and set off u/s 73A against the loss incurred by it in other unit - Loss of assessee on account of a specified business claiming deduction u/s 35AD...

6. Deduction u/s 80IC - AO has held that the profits are not matching with the consumption of the electricity at the said Unit - comparison of consumption of electricity in...

7. Deduction u/s 10A computation - whether loss from non-eligible unit can be set off against the profit of eligible unit or whether only profit of eligible unit is to be...

8. TP Adjustment - non granting of adjustment on import duty - as necessary consumption of the material is only booked in the profit and loss account for which the...

9. Deduction u/s.80IC - as per AO assessee has diverted expenses pertaining to Dehradun unit being eligible unit to other manufacturing units not eligible for deduction u/s...

10. Deduction u/s 80IC - whether sales tax rebate to be included as profit derived from Industrial Undertaking and eligible as deduction u/s 80IC - Held No - HC

11. Computation of deduction u/s 80IA - eligible business shall be treated as the only source of income- Assessee is eligible to deduction without adjustment of loss of other unit.

12. Computation of relief u/s 80 IC - Baddi Unit had transferred the goods to other units on cost basis - The separate books maintained have not been rejected - deduction allowed - AT

13. Disallowance of deduction u/s 80IC - new unit or came into existence by splitting up or reconstruction of a business already in existence - Principle of consistency -...

14. Disallowance u/s 80IC - allegation that assessee has inflated the receipts in Baddi unit - In the absence of establishing such relationship between two units assessing...

15. 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...