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Income Tax - Highlights / Catch Notes

Home Highlights February 2013 Year 2013 This

Disallowance of expenditure u/s 40(a)(ia) – Whether disallowance ...

Income Tax

February 4, 2013

Disallowance of expenditure u/s 40(a)(ia) – Whether disallowance of expenditure u/s 40(a)(ia) is ‘eligible profit’ from housing project u/s.80IB(10) - Held Yes - AT

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  8. TDS u/s 194J - payment to distributors on revenue sharing basis - neither fee for professional or technical services nor royalty - TDS not deductible - no disallowance...

  9. Levy of penalty levied u/s 271(1)(c) - disallowance under section 40(a)(ia), does not amount to concealment of income - No penalty.

  10. Assessee should be allowed deduction u/s 80IC at the enhanced amount of income resulting from disallowances u/s 40(a)(ia) or u/s 43B etc.

 

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