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Income Tax - Highlights / Catch Notes

Home Highlights August 2016 Year 2016 This

Eligibility for the benefit of Section 10B - the scrap and spent ...

Income Tax

August 8, 2016

Eligibility for the benefit of Section 10B - the scrap and spent solution are part of the manufacturing process - exemption allowed - HC

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  1. Exemption u/s 10B – Process of segregation of metal scrap from cable scrap - process would derive ferrous metal, other non-metallic parts etc. - the process amounted to...

  2. Waste and scrap aroused from manufacturing of parts for repair / replacement of damaged plants/ structures are excisable commodity.... - AT

  3. Exemption u/s 10B - eligibility criteria - whether deduction can be claimed for a period of 10 consecutive years beginning with the previous year in which the assessee...

  4. Levy of duty on Scrap - metal scrap were generated out of scrapping of the capital goods (Machinery and components) -when the scrap had not arisen out of manufacture, no duty - HC

  5. Manufacture - process of cleaning of scrap rubber to crumb rubber - segregation of different types of rubber produced naturally - The conversion of scrap rubber into...

  6. Entitlement to deduction under section 80HHBA - sale of scrap - scrap materials come within the manufacturing process of the industrial undertaking in the manufacture of...

  7. Eligibility to exemption u/s 10B - whether duty draw back / export incentive is eligible for deduction / exemption - Held Yes

  8. Waste and scrap - removal without payment of duty - when the capital goods are sold as waste and scrap the manufacture shall pay the duty leviable on such waste and scrap - AT

  9. Item sold in scrap i.e. Tin, iron scrap, plastic drum etc. is not scrap generated from manufacturing process - No liability to deduct TCS U/s 206C - AT

  10. 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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