Home Highlights January 2014 Year 2014 This

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1. Deduction u/s 80IA on the enhanced expenditures made to sub-contractors - The issue of the claim of higher deduction on the enhanced profits has been a contentious one....

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 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...

4. 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...

5. Insertion of new section 80-IAC - provides 100% deduction of the profits and gains derived by an eligible start-up from a business involving innovation, development,...

6. Deduction u/s 80IA -`Excess provision written back’ - it cannot be characterized as anything other than part and parcel of profit derived from eligible enterprise. In...

7. Deduction u/s 80IA - AO held that the assessee maintained consolidated figure of power generation unit and no separate and independent books of account was maintained by...

8. Deduction u/s 80IA in respect of profits of the eligible undertaking - So far as interest on delayed payment from customers is concerned, such payments were made by...

9. Profit eligible for deduction u/s 80IA(4) - increased eligible profit due to disallowance of bogus purchase - All the activities carried on by the assessee are eligible...

10. Deduction u/s 80lB(10) - Profit attributable to Car parking space and preferential location charges - Since these are integral part of the housing project, the profit...

11. Computation of deduction u/s 80IA - Section 80IA is the clear cut to get 30% of the income as profit derived by the Assessee from the eligible business - it does say,...

12. Deduction u/s 80IA - notional carried forward of unabsorbed losses/depreciation - The deeming fiction created by sub-section (5) of Section 80IA does not envisage such...

13. Deduction u/s 80IB - there is substantial force in the claim of the assessee that deduction u/s 80IB has to be allowed on the amount of profits and gains derived by him...

14. Deduction-u/s 80IC - enhanced profit due to disallowance - CBCT Circular No.37/2016 dated 02.11.2016 - disallowance made u/s 32, 40(a)(ia), 40A(3), 43B, etc. and other...

15. It is not in dispute that the surplus funds were of the 100% EOU. As such, the interest earned thereon has to be regarded as part of the “profit of the business of the...