Home Highlights November 2011 Year 2011 This

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1. Denial of deduction u/s 80IB(8A) - CIT(A) cannot override the approval/renewal granted by the prescribed authority and deny the benefit to the assessee - AT

2. Denial of claim of deduction u/s 80IB - the “industrial undertaking” should not be formed by “splitting up” or “re-construction” of a business already in existence - AT

3. Deduction u/s 80IB - Whether cutting, grinding and sieving of old rubber tyres and rubber scrap and converting the same into rubber crumbs is “manufacture” - Held yes - HC

4. Denial of exemption under section 80P on the mere ground of belated filing of return by the assessee concerned not justified - HC

5. Computation of deduction u/s 80IB(9) - there is no scope to adjust expenses relating to other “undertakings” while computing deduction u/s 80IB(9) of the Act.

6. Deduction u/s 80IB(11C) - additional income offered during survey - investment in building - excess cash found - while confirming the additions, deduction 80IB(11C) disallowed.

7. Deduction u/s 80IB - amount declared during the course of survey as additional income - assessee is not entitled to the deduction under section 80IB of the Act on the...

8. 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

9. Eligibility of deduction u/s 80IB - a violation under the Factories Act does not disentitle a deduction claimed under Section 80IB - AT

10. Entitlement to the deduction under Section 80IB - surrendered amount - appellant was not entitled to the deduction under Section 80IB on the surrendered amount though...