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Income Tax - Highlights / Catch Notes

Home Highlights December 2016 Year 2016 This

Interest subsidy - Composite income - growing and manufacturing ...

Income Tax

December 21, 2016

Interest subsidy - Composite income - growing and manufacturing of tea - there is no reason why this income should not be considered as part of the composite income before apportionment between income from agriculture and income from nonagricultural income. - AT

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  1. Deduction u/s 80IB and 80IC - Transport subsidy - Power subsidy - Interest subsidy - Insurance subsidy - are operational in nature - related to the production -...

  2. Process amounting to manufacture - blending and packing of tea - after the processing tea remained tea - mere mixing of different types of tea only for the purpose of...

  3. Nature of Subsidy - The predominant purpose of the scheme is to ensure that tea manufactures function more profitably and not for setting up of a new unit or expansion...

  4. Computation of the quantum of deduction under section 33AB - in rare cases, where a very few fortunate assessees who grow and manufacture different varieties of tea and...

  5. Levy of Service Tax - business auxiliary service - Tea, an agricultural produce or not - the said Notification does not distinguish between Tea or Green Tea or Black...

  6. Transport subsidy and interest subsidy cannot be said to be ‘derived from’ the industrial undertaking of the assesse, not eligible for deduction u/s 80IB - HC

  7. Capital or revenue receipt - incentives - excise duty refund, interest subsidy and insurance subsidy held as capital receipts .... – HC

  8. Transport subsidy and interest subsidy cannot be said to be derived from the industrial undertaking of the assesse, not eligible for deduction u/s 80IB - HC

  9. Characterization of income - cash receipt due to waiver of loan by the state government - whether in the nature of subsidy - to be treated as benefit / perquisite u/s...

  10. Deduction u/s 80 IB - Central Excise Duty refund & interest subsidy - held as Capital receipt - AT

 

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