Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights May 2014 Year 2014 This

Confirmation u/s 80IB - assessee is not entitled for the claim ...


Assessee Denied Deduction for Machinery Loss u/s 80IB; Loss Classified as Capital and Insured.

May 15, 2014

Case Laws     Income Tax     AT

Confirmation u/s 80IB - assessee is not entitled for the claim of deduction u/s 80IB in respect of loss of machinery because it was rightly held by the Revenue Department that the same was a capital loss which was recouped by the Insurance Company - AT

View Source

 


 

You may also like:

  1. Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

  2. Set off the business losses against the capital gains u/s 71 - The assessee in the return of income did not set off the business loss against the short term capital gain....

  3. Deduction u/s 80IB - whether freight charges recovered from the customers are eligible for deduction under section 80IB ? - since the department has allowed the claim of...

  4. Short term capital loss - sale of plant & machinery as scrap - the alleged short term capital loss as claimed by the assessee on sale of machineries cannot be allowed,...

  5. ITAT adjudicated a dispute regarding capital gains taxation, specifically addressing the set-off of non-grandfathered short-term and long-term capital losses against...

  6. Deduction u/s 80IB on Central Excise Duty refund - receipt of the subsidy was capital in nature as the assessee was obliged to utilize the subsidy only for repayment of...

  7. Claim towards bad debts - if the provision written back is the excess provision than the money realized, then that would 100% be brought to tax apart from the fact that...

  8. Nature of loss - short term capital loss or revenue loss - loss incurred on capital contribution in joint venture - short term capital loss adjustment against the...

  9. Loss on sale of land - ‘Business Loss’ or ‘Capital Loss’ - The present land transaction may be the first transaction of the assessee firm but the sister concern of the...

  10. Losses written off - ‘business loss’ or ‘capital loss - The present facts of the assessee’s case shows that the investment was made not for the purpose of expansion of...

  11. The assessee, a Foreign Portfolio Investor registered in India, entered into Forward Foreign Exchange Contracts (FCC) with HDFC Bank to safeguard against foreign...

  12. Regarding long-term capital gain determination, indexed cost of acquisition claimed by assessee at Rs. 45 lakhs for property valued over Rs. 45 lakhs, evidenced by...

  13. Transfer of capital asset by a company to its subsidiary company - Long term capital gain v/s long term capital loss - transaction cannot be regarded as transfer u/s...

  14. Deduction u/s 54 - Proportionate deduction - Denial of deduction as capital gains arising out of sale of original asset was not deposited in the Capital Gain Deposit...

  15. The assessee claimed weighted deduction u/s 35(1)(ii) for donation made to M/s Shri Arvindo Institute of Applied Scientific Research Trust at the end of the year. The...

 

Quick Updates:Latest Updates