Home Highlights April 2012 Year 2012 This

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1. Exemption u/s 10B - consideration received in convertible foreign exchange which was not brought to India within six months (or extended period) to India - Deduction...

2. Limitation – Extended period of 5 years - the proviso cannot interpreted to mean that since Revenue has knowledge of suppression, the extended period of limitation...

3. 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...

4. 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

5. 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

6. 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

7. Area based exemption - The attempt to set up the Unit-II as a separate Unit on first floor of the Unit-I appears to be an attempt by the appellant company to enjoy the...

8. 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...

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

10. Deduction u/s. 10B - Even though an estimation of excess stock in the middle of the year, while accepting the Books of Accounts of the year, is not generally permitted...