Home Highlights January 2013 Year 2013 This

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1. Computation of deduction u/s 10B - Even in the common parlance, when the object of the formula is to arrive at the profit from export business, expenses excluded from...

2. 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

3. Denial of refund claim - Rule 5 of CCR, 2004 – input services – export of services – export turnover - branches turnover neither included in export turnover nor in the...

4. Exclusion of insurance charges from the export turnover for computing 10AA deduction - The assessee has not charged its customers separately in respect of the insurance...

5. Computation of exemption u/s 10B - exclusion of scrap sales from the total turnover as well as the export turnover while computing the exemption - Meaning given by the...

6. Deduction u/s 10A - what is excluded from ‘export turnover’ must also be excluded from ‘total turnover’, since one of the components of ‘total turnover’ is export...

7. Deduction u/s 10A - since the export turnover forms part of the total turnover, if an item is excluded from the export turnover, the same should also be reduced from the...

8. Deduction u/s 10B - Here in the case in hand, the total income was first arrived at by the Revenue through the AO in the Assessment Order by computing the total income...

9. Computation of deduction u/s 80IB/80IC - allocation of advertisement expenses to the eligible units in the ratio of turnover of eligible units to the total turnover of...

10. Computation of deduction u/s 10B - 100% EOU - inter unit transfer should not be treated as part of the “Total Turnover” while computing deduction u/s.10B of the Act - AT

11. TP Adjustment - comparable selection - upper turnover filter - The assessee submits that the turnover of the assessee is only Rs. 124 Crores during the relevant previous...

12. Exemption u/s 11 - the assessee is registered as a public charitable trust and the assessee carried only religious activities and no charitable activities are carried...

13. Disallowance u/s 10B - The term ‘manufacture’ has not been defined in Section 10B after the amendment was carried out in the year 2001. That has created an ambiguity if...

14. Exemption u/s 11 and 12 - assessee failed to file the Audit Report in Form 10B along with the Return of Income - None of the authorities had any occasion to verify Audit...

15. Interpretation of Total Turnover & Export Turnover under 10A - there should be uniformity in the ingredients of both the numerator and the denominator of the formula - HC