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Income Tax - Highlights / Catch Notes

Home Highlights July 2023 Year 2023 This

Allowability of the deduction u/s 80-IAB with regard to car ...

Income Tax

July 11, 2023

Allowability of the deduction u/s 80-IAB with regard to car parking rental - nexus with the business carried on by the assessee - The provision of car parking services is essential part of carrying out the business of development, operation and maintenance of SEZ - the income from car parking rental would squarely qualify for deduction u/s 80IAB - AT

 

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  1. Whether lease rental income shall continue to be eligible for deduction under section 80-IAB? - Held Yes - AT

  2. CENVAT credit - eligible input service - office rental and the rental charges paid for car parking space - in or in relation to manufacture of goods - credit allowed - AT

  3. Demand and penalty - extended period of limitation - providing the cars/scooter parking facilities in various areas in the Airport - levy of penalty confirmed - no...

  4. 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...

  5. Deduction u/s 80O or 80HHE - one cannot make Section 80-O as an alternate to an allowability of the deduction under Section 80HHE for the purpose of better tax deduction - HC

  6. Allowability of deduction u/s 80-IA(4)(iii) - Additions against bogus purchases and bogus expenditure - the enhanced profit of the industrial park, is the income...

  7. Deduction u/s 80IA - Rental income - letting out of Industrial park buildings - Income from House Property or of business income - AT

  8. Allowability of deduction u/s 37(1) of the Act - Amount of service tax included with interest – expenses have direct nexus with the business operation - expense allowed - HC

  9. Eligibility for CENVAT credit – Renting of Car Parking Space - credit allowed - AT

  10. Exemption u/s 54 is available on purchase of car parking space along with flat - AT

 

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