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Income Tax - Highlights / Catch Notes

Home Highlights January 2014 Year 2014 This

Whether income earned on mixing of rubber compound is eligible ...

Income Tax

January 21, 2014

Whether income earned on mixing of rubber compound is eligible for deduction u/s. 80IB, being intermediate product - Held Yes - AT

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  2. Claim of deduction of credit balance appearing under the head “Settlement Bargain” u/s 80IB - fluctuation of rate of exchange - amount is eligible for deduction u/s 80IB - AT

  3. Deduction u/s 80IB - if the disallowance u/s 40A(3) is directly relatable to the profit of the eligible projects, then the deduction u/s 80IB be accordingly recomputed - AT

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  5. Deduction u/s 80IB(11) - no deduction could be allowed on the profits earned on potato trading claimed by the assessee. - AT

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  7. Deduction u/s 80IB – embroidery work on cloth. - held as manufacturing activity eligible for deduction - AT

  8. Deduction u/s 80IB - AO to examine the nexus between the borrowed money and money utilized for the purpose of earning interest income - AT

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  10. Transport subsidy and interest subsidy cannot be said to be ‘derived from’ the industrial undertaking of the assesse, not eligible for deduction u/s 80IB - HC

 

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