Home Highlights July 2012 Year 2012 This

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1. Disallowance of claim u/s 80 IB - The watchmen performing the duties like packaging, preparing gate pass, maintaining attendance register etc included in computation of...

2. Deduction u/s 80-IB – interest earned by him on FDRs kept as guarantee with Electricity Department - cannot be computed for deduction u/s 80-IB - HC

3. Deduction u/s 80IB - whether workers supplied by the contractor are also to be treated as workers employed by the assessee - held yes..... - HC

4. Disallowance of expenditure of an amount paid as Tips & Baksis by the bank to casual workers on festive occasion - The disallowance arbitrarily unjustified. - AT

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

6. 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...

7. Galvanized iron pipe is a different commercial commodity than a iron pipe, therefore the activity of galvanization in our considered opinion amounts to manufacture -...

8. Deduction u/s 80-IB/80-IC - assembling of air conditioner, DVD, microwave would fall within the ambit of expression “manufacture“. - AT

9. Deduction u/s 80IB(4) on account of insurance claim received on loss of stock – deduction allowed u/s 80 IB - AT

10. Deduction u/s 80 IB - depreciation has to be claimed and the resultant profits arrived at after claiming depreciation will alone qualify for deduction under section 80IA...