Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Income Tax Officer-27 (3) (5) Versus M/s. Yashomandir Sahakari Patpedhi Limited

Deduction u/s 80P on the enhanced profit - “gross total income” - Held that:- The income which has been computed by the AO after making certain additions/disallowances has to be taken as eligible for deduction under section 80P(2)(a)(i) if it complies the conditions stipulated therein. - Somewhat similar issue has been decided in the case of M/s. S.B. Builders & Developers vs. Income Tax Officer[2010 (5) TMI 686 - ITAT MUMBAI] wherein decided similar issue in the context of deduction under .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

eld that profit “derived” for the purposes of section 80- IB(10) would mean profit as computed in the manner laid down in the Act, i.e. as per the provisions of Section 30 to 43D. - Decided against revenue - ITA No. 3939 /Mum/2017 - Dated:- 4-9-2017 - Shri P K Bansal, Vice President And Shri Pawan Singh, Judicial Member Appellant by : Shri V. Vidhyadhar Respondent by : Shri V.G. Ginde ORDER Per Bench This appeal has been filed by the Revenue against the order of the CIT(A)-25, Mumbai dated 06.03 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rder of the CIT(A) on the above ground be reversed and that of the assessing officer be restored. 2. The brief facts of the case are that the assessee is a cooperative credit society registered under the Maharashtra Co-operative Act, 1960 and is engaged in the business of providing credit facilities to its members. In this case the return of income was filed on 13.08.2010 declaring Nil income. The AO vide order dated 28.03.2013 under section 143(3) determined the total income at ₹ 1,52,65, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

eby he had held certain receipts as income from other sources not eligible for deduction under section 80P(2). While giving effect to the CIT(A) s appeal order under section 143 r.w.s. 250 of the Income Tax Act the AO allowed the deduction under section 80P with reference to business income as per the return of income filed in accordance with assessee s business income. Hence the income was determined after taking the disallowance at ₹ 1,08,93,180/- and the assessee went in appeal claiming .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

also gone through the provisions of Section 80P. Section 80P(1) allow the deduction to assessee from the gross total income. The expression gross total income has been defined under section 80B(5) to mean the total income computed in accordance with the provisions of the Income Tax Act, before making any deduction under Chapter VI-A. The expression total income has been defined in section 2(45) of the Act as the total income referred to in section 5, computed in the manner laid down in this Act. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f certain incomes , and therefore for the purpose of making deduction under section 80P, the profits as computed under the provisions of the Act shall alone be deemed to be the income received from the activity specified in section 80P(2)(a)(i) and included in the gross total income from which the deduction under section 80P(1) is to be allowed. Thus, it is only the finally assessed business income had to be considered for the purpose of allowing deduction under section 80P(2)(a)(i), notwithstan .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

Highlight: National Advisory Committee on Accounting Standards - Tenure of the NACAS extended from one year to two years

Notification: National Advisory Committee on Accounting Standards

Forum: Duty Drawback- Urgent

Notification: Central Government appoints the 20th September, 2017 as the date on which proviso to clause (87) of section 2 of the Companies Act 2013, shall come into force - "subsidiary company" or "subsidiary"

Highlight: Restriction on number of layers for certain classes of holding companies - More than two layers of subsidiaries not allowed subject to certain exceptions.

Forum: GST on RCM on rent in a unregistered state

Forum: COMPOSITION SCHEME

Forum: Input Tax Credit - Reg

Forum: GST Invoice

Article: Websites of Government Departments need lot of improvement. We are noticing detoriations in them for example, case of website of ITAT.

Highlight: Levy of additions tax u/s 115O on distribution of dividend - shares of its profits declared as distributable among the shareholders is not impressed with the character of the profit from which it reaches the hands of the shareholder - not to be bifurcated as agriculture and non-agriculture dividend - SC

Highlight: Rate of GST on old and scrap buses - 28% or 18% - at such initial tender process initiated by the Respondents-KSRTC, the present petitions filed by the petitioners are premature and misconceived and do not require any interference by this Court at this stage. - HC

Forum: Rent a cab operator

Highlight: In view of amendment made u/s 132A of the Income Tax Act, 1961 by Finance Act of 2017, the 'reason to believe' or 'reason to suspect', as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal, SC dismissed the appeal of the assessee

Highlight: Validity of Assessment Order - period of limitation u/s 153 (2A) is applicable even if the entire order was not set aside but matter was remanded back for for limited aspects with directions - HC

News: Note ban was a shake-up, achieved its main objectives

Notification: Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017.

Highlight: Levying interest u/s 234C - interest is to be charged on the returned income and not on assessed income.

Highlight: Accrual of income - sale of right to develop and sell incentive FSI under LOI - till the conditions of LOI are fulfilled transfer is not complete and income does not accrue to the assessee

Highlight: TPA - determination of ALP - TP adjustment by applying Bright Line Test (BLT) is not sustainable on protective basis having no statutory mandate.

Highlight: Safeguard Duty - Advance License Scheme - as there is no exemption from safeguard duty leviable under Section 8C, which is imposed on the goods imported from China, the importer has to pay safeguard duty

Highlight: Manufacture - process of cutting of waste plastic container - Such plastic containers before and after cutting are nothing but waste / scrap - Not a manufacturing activity as no new product emerges.

News: NITI Aayog and Govt. of Assam organizes workshop on health sector reforms in Guwahati; launches SATH- Sustainable Action for Transforming Human Capital

Notification: Seeks to amend notification no. 5/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of refund on corduroy fabrics

Notification: Seeks to amend notification no. 2/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

Notification: seeks to exempt Skimmed milk powder, or concentrated milk

Notification: Seeks to amend notification no. 2/2017- integrated tax(rate) dated 28.06.2017 to give effect to GST council decisions regarding GST exemptions.

Notification: Seeks to amend notification no. 1/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates

Notification: Seeks to amend notification no. 1/2017- integrated tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates.

News: Notification Issued For GST Actionable Claim On Branded Food Products

Highlight: Classification printed computer stationary/manifold Business Forms - to be classified under Chapter Heading 4820.00 or under Chapter Heading 4901.90 - items like A4 sheets, advertisement and job card to be classified under Chapter 49

Article: RCM – Applicability to persons not liable to get registered us 23(1)

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

News: GST Refund - Blockage of Working Capital of Exporters - earlier also there was a normal blockage of funds for a period of 5-6 months at least

News: Clarification about Transition Credit - ₹ 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of ₹ 65,000 crore is not unexpected

Article: 20 Things You must know about E Way Bills in GST Law

Article: MISTAKES IN DRAFTING

Highlight: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg. - Circular

Highlight: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Highlight: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

Notification: All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities – Review

Notification: Exemptions on supply of services under UTGST Act

Notification: Rates for supply of services under UTGST Act

Notification: Exemptions on supply of services under IGST Act

Notification: Rates for supply of services under IGST Act

Notification: List of Exempted supply of services under the CGST Act

Notification: Rates for supply of services under CGST Act

Highlight: Acceptance of deposits by companies from its members - conditions relaxed in case of Specified IFSC Public company and a private company - Rule 3 amended

Notification: Rate of exchange of conversion of the foreign currency with effect from 8th September, 2017



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version