Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights April 2019 Year 2019 This

Deduction u/s. 80-IB - Profit derived from the business of ...


Profit from Pig Iron and Slag Sales Qualifies for Section 80-IB Deduction, Says Tax Tribunal and Appeals Commissioner.

April 30, 2019

Case Laws     Income Tax     HC

Deduction u/s. 80-IB - Profit derived from the business of manufacture and sale of Pig Iron - Profit from the sale of slag, being a by-product - concurrent findings of facts by the CIT(A) & Tribunal that the slag generated out of the manufacturing process - satisfy the test of 'first degree source' - eligible for deduction u/s 80-IB

View Source

 


 

You may also like:

  1. Deduction u/s. 80IB(11A) - When the statue in section 80 IB of the Act has not made any distinct between export and domestic sales and the profit arising from both the...

  2. ITAT upheld CIT(A)'s finding regarding unaccounted sales, dismissing Revenue's appeal. The tribunal determined that a substantial portion of allegedly unaccounted sales...

  3. Advance tax payment obligation does not apply when assessee claims agricultural land sale proceeds are exempt u/s 2(14). CIT(Appeals) should admit appeal for...

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

  5. Payment of Interest for Sales Tax Default - interest paid by the assessee to the sales tax department on arrears of sales tax/purchase tax was an admissible deduction - AT

  6. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

  7. Deduction u/s 80-IB - Duty Drawback and DEPB - on the profit from DEPB and Duty Drawback claims, the assessee shall not be entitled to the deductions under Section 80-IB...

  8. The appellant contested the service tax demand on trade discounts and incentives received from Tata Motors Limited for promoting or marketing vehicles. The Tribunal held...

  9. Clandestine removal - The allegation has been raised on the basis of hypothetical and illogical input-output ratio of iron ore to pig iron

  10. Deduction u/s 80P - interest income - The tribunal noted that section 80P(2)(a)(i) allows deduction for cooperative societies engaged in banking or providing credit...

  11. Deduction u/s 80lB(10) - Profit attributable to Car parking space and preferential location charges - Since these are integral part of the housing project, the profit...

  12. Sales Tax Subsidy Classification and Tax Implications The ITAT upheld the capital nature of a sales tax subsidy received from state governments. The tribunal directed...

  13. Recovery of sales tax dues - encumbered property or not - liability of auction purchasers - this is a clear case in which the Sales Tax Department had a charge on the...

  14. Levy of tax and interest on sales made by the petitioner - sale in the course of import - resale of goods in Daman - first point of sale - Since the goods in question...

  15. Tax collected at source (TCS) u/s 206C on sale of scrap - Revenue treated assessee as "defaulter" for non-collection of TCS u/s 206C. Held: Sale categorized into three...

 

Quick Updates:Latest Updates