Revision u/s 263 - assessee engaged in the business of ...

Pharmaceutical Manufacturer Granted Deduction u/s 263 Using Rented Machinery, Supervised by Own Staff.

April 20, 2015

Case Laws Income Tax HC

Revision u/s 263 - assessee engaged in the business of manufacture and processing of pharmaceuticals, entitled to benefit of deduction, though the activity was being done through machinery belonging to other company on hire, under direct supervision of own staff and under own quality control of assessee - HC

View Source

← Previous Next →

Revision u/s 263 - assessee engaged in the business of ...

Pharmaceutical Manufacturer Granted Deduction u/s 263 Using Rented Machinery, Supervised by Own Staff.

April 20, 2015

Case Laws Income Tax HC

You may also like:

The Appellate Tribunal reviewed a case involving a revision u/s 263 related to deduction u/s 80P(2)(a)(i). The AO allowed interest income from FD investments as a...

Additions u/s 30 - deduction of Lease Equalization Charges - type of lease undertaken- scope of accounting standards - AO noticed that, assessee has created Rent...

Under Customs Act s.25(1), MoF amended notification 16/2017-Customs to expand customs duty exemptions for specified pharmaceutical drugs distributed through Patient...

Classification of imported goods - Sucrose (pharmaceutical grade) - The products enumerated in the said Explanatory Notes clearly indicates that confectionary are mostly...

Oppression and Mismanagement - allegation of renting the premises on rent which would fetch higher rent if used as banquet hall - tribunal granted permission to let out...

Disallowance of depreciation - asset ready to use VS put to use - the use of the plant and machinery depended upon the operation of the furnace which was not put to use...

Revision u/s 263 - Non deduction of TDS u/s 194I - Assessee also shown evidence of payment of rent to different four persons @ Rs. 96,000/- per annum only. Such payment...

Validity of Revision u/s 263 - Admisibility of Deduction u/s 80P, Deduction from total income under chapter VI-A and business expenses - The ITAT quashed the order...

Revision u/s 263 by CIT - The subject matter of the deduction in the reassessment order was the quantum of deduction but not the eligibility of the deduction and even in...

Disallowance of depreciation claimed by the assessee u/s 32 on the fixed assets acquired/purchased during the year - asset put to use or not? - Once a new factory has...

Undervaluation – import of old and used machinery – enhancement of value – Old and used machinery is inherently prone to undervaluation - Adjudicating authority...

Cenvat credit allowed on Paint used by the appellant for painting of pipes and machinery.

Exemption from GST - Letting out of residential property for commercial use - Establishing the branch/office of the Lessee - The property in question has been...

Deduction under section 80IB - manufacturing process - the conversion charges received is in course of manufacturing activity by using the same machinery and labour -...

Grant received from holding company as capital receipt - AO has not specifically invoked section 56(2). The dubious method adopted by the assessee of claiming the...

Quick Updates: