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Income Tax - Highlights / Catch Notes

Home Highlights December 2011 Year 2011 This

Claim of deduction u/s 80IC - Where, on the filing of the ...

Income Tax

December 3, 2011

Claim of deduction u/s 80IC - Where, on the filing of the revised return the error was corrected, the assessee cannot be said to have not fulfilled the provisions of section 80IC of the Act in furnishing the return of income prescribed u/s 139(1) of the Act, keeping in mind that this was first year of e-filing of return of income by the assessee.... - AT

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  2. Assessee has withdrawn its claim of deduction under Section 80IB, which was accompanied by revised return – assessee again claimed deduction - deduction allowed - AT

  3. Deduction u/s 80IC cannot be denied invoking the provisions of section 80AC where the return has been filed belatedly but within permissible time u/s 139(4) - AT

  4. Deduction u/s 80IC - Hotel - eco-tourism project - Non-filing of Audit report alongwith return of income - Denial on ground of non-fulfillment of condition of eco-friendly - AT

  5. Deduction u/s 80IC - the cutting and polishing of diamond amounts to manufacturing or production of article or thing as envisaged for the purpose of claiming deduction...

  6. No reason to denial of claim u/s 80IC on the ground of filing the return belatedly - AT

  7. Penalty levied u/s.271(1)(c) - revised return filed - assessee has adopted the recourse of avoiding litigation, therefore, revised the return to buy peace of mind - no...

  8. Revised return of loss/unabsorbed depreciation – even if the assessee has not filed revised return, AO is bound to allow carried forward loss or depreciation as per the record - AT

  9. Exemption u/s 11 - Admittedly, the claim of exemption was made in the revised return filed within the statutory time limit but was treated as defective only on flimsy...

  10. Deduction u/s. 80IC - belated return filled - if deemed fit, the assessee can still approach the Board for consideration of its case and if the Board finds merit in the...

 

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