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Income Tax - Highlights / Catch Notes

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Entitlement to deduction u/s 10B - it is trite law that ...

Income Tax

January 4, 2016

Entitlement to deduction u/s 10B - it is trite law that accounting entries are not decisive in determining the question of eligibility for a claim of deduction or exemption - AT

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  1. Penalty imposed u/s 271D r.w.s. 269SS - the entry in the books of account on description and treatment is not decisive as to the nature of the transaction

  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 - 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

  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. Entitlement u/s 10B - 100% EOU - The assessee had undertaken detailed engineering drawings and as per the specification and drawings, the actual manufacture and...

  7. 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...

  8. 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

  9. 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

  10. 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

 

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