Home Highlights February 2012 Year 2012 This

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1. Amendment of section 80-IA. - deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc. - this...

2. Tribunal went wrong in allowing deduction under section 80HH and Section 80-I from the gross total income before granting deduction under section 35(2) of the Act,...

3. Allowability of deduction u/s 80-IA(4)(iii) - Additions against bogus purchases and bogus expenditure - the enhanced profit of the industrial park, is the income...

4. Deduction u/s 80-IA - book profit computation u/s 115JA - profit and gain from captive consumption of electricity supplied from generator set and which cannot be sold to...

5. Deduction u/s 80-IB - Duty Drawback and DEPB - on the profit from DEPB and Duty Drawback claims, the assessee shall not be entitled to the deductions under Section 80-IB...

6. Deduction u/s 80-IA - Whether the Tribunal was right in holding that the deduction under Section 80-IA is not allowable at all to the assessee since there was no taxable...

7. Income from house property or income from other sources - If they are inseparable and the intention is to carry on the business of letting out the commercial property...

8. Whether the electricity unit is an undertaking for the purpose of Section 80-IA and whether “profit and gain“ from captive consumption of electricity supplied from the...

9. Deduction u/s 80-IA - non-filing of Form 10CCB along with return of income - due to the technical glitches, Form 10CCB could not be uploaded on e-filing portal of the...

10. Deduction u/s 80-IA - the income on sale of certified emission reduction/carbon credit would form part of the profit and gains of business ; however, cannot be treated...

11. Deduction u/s 80-IA - assessee has not set up any power plant but only operating and maintaining the power plant set up and is a contractor for the purpose of rendering...

12. On a conjoint reading of section 80-IC(7) read with section 80-IA(5), it can safely be gathered that for the purpose of determining the quantum of deduction under...

13. Denial of deduction u/s 80-IA (4) - 'Cargo facility' operated and maintained by the assessee is infrastructure facility eligible for deduction u/s 80IA(4).

14. Disallowance of deduction u/s 80-IA(8) - computation of the market value or electricity - The High Court referred to a previous judgment and concluded that the market...

15. Amendment of section 80-IB. - deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings - he said...