Home Highlights November 2010 Year 2010 This

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

2. Deduction u/s 80IB - Gross receipt of DDB incentive, without reduction of expenditure spent for its recovery, is to be excluded from allowable deductions under Section...

3. Claim of deduction of credit balance appearing under the head “Settlement Bargain” u/s 80IB - fluctuation of rate of exchange - amount is eligible for deduction u/s 80IB - AT

4. Deduction u/s 80IB - if the disallowance u/s 40A(3) is directly relatable to the profit of the eligible projects, then the deduction u/s 80IB be accordingly recomputed - AT

5. Entitlement to deduction u/s.80IB(10) - additional receipts / income offered by the assessee against the project undertaken by the assessee u/s 132(4) - additional...

6. Deduction u/s 80IB – embroidery work on cloth. - held as manufacturing activity eligible for deduction - AT

7. Whether income earned on mixing of rubber compound is eligible for deduction u/s. 80IB, being intermediate product - Held Yes - AT

8. Deduction u/s 80IB(10) - housing project - whether ownership of land is necessary - computation of eligible land - AT

9. 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

10. 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