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Income Tax - Highlights / Catch Notes

Home Highlights March 2015 Year 2015 This

Deduction u/s 10B - manufacturing of testing of equipment - ...

Income Tax

March 9, 2015

Deduction u/s 10B - manufacturing of testing of equipment - manufacturing of assembling the plants which are disassembled for exports - exemption allowed - AT

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  1. Deduction u/s 10B - business of the assessee is proved beyond doubt that it involves in the manufacturing activities, in the result, it is eligible to claim deduction u/s 10B - AT

  2. Deduction u/s 10B - profit of eligible undertaking for the purpose of allowing deduction u/s 10B of the Act at the source itself without deduction of unabsorbed brought...

  3. Deduction u/s 10B denied - manufacturing / production activity in the course of export or not - finishing activity after procurement of semi-finished garments - claim of...

  4. Computation of deduction u/s 10B - 100% EOU - inter unit transfer should not be treated as part of the “Total Turnover” while computing deduction u/s.10B of the Act - AT

  5. Deduction u/s 10B - Failure to produce the Ratification by the Development Commissioner - assessee have been registered with the STPI, is entitled for deduction u/s 10B - AT

  6. Exemption u/s 10A/10B - Interest income - deposits made with banks for obtaining letters of credit - Benefit of deduction u/s 10B on interest income related to export...

  7. Exemption u/s 10B - mere location of the ‘SESA Plant’ outside the EOU and customs bonded area is not a disqualification to claim deduction u/s 10B - HC

  8. Restriction of deduction u/s 10B – 100% Export Oriented Unit (EOU) - assessee will not be entitled for exemption u/s 10B in respect of turnover sold to 100% EOU in India - AT

  9. Deduction u/s 10B of the Income Tax Act – whether printing of textbooks is eligible activity for claiming exemption u/s 10B - held yes - HC

  10. Deduction u/s 10A/10B - sections 10A/10B having no definition of the expression "profits of the business" - AT

 

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