Tag Archives: Section 80IA

Section 80-IA deduction will start as per option of Taxpayer, not from first year of commencement of operations :HC

By | March 20, 2020

  HIGH COURT OF MADRAS Commissioner of Income Tax, Salem v. Chola Spinning Mills (P.) Ltd. DR. VINEET KOTHARI, ACTG., CJ. AND C. SARAVANAN, JJ. TAX CASE (APPEAL) NOS. 793 & 794 OF 2019 OCTOBER  30, 2019 M. Swaminathan, Sr. Standing Counsel and Ms. V. Pushpa, Jr. Standing Counsel for the Appellant. A.S. Sivaraman and S. Sridhar for the Respondent. JUDGMENT Dr.Vineet Kothari,… Read More »

For Section 80I and 80HH deduction allowed for Interest due to Late Payment from Debtor : HC

By | March 17, 2020

In the case of Nirma Industries Ltd. v. Dy. CIT [2006] 283 ITR 402 (Guj) in which the court upheld the assessee’s claim for deduction under section 80-I of the Act on the interest received on late payment of sale consideration as amount derived from eligible business. These questions are, therefore, not required to be considered. The question… Read More »

Sec. 80-IA deduction not allowed if area is declared to be backward area u/s 80HH (2) : HC

By | March 13, 2020

It is pertinent to note here that section 80HH and section 80-IA(2)(iv)(c) are two different and independent provisions. The decision of Hon’ble Rajasthan High Court relied upon by the learned counsel for the respondent is of no assistance to the assessee in the fact situation of the case as the aforesaid decision was based on… Read More »

DEPB and Duty Drawback not eligible for deduction u/s 80-IB

By | March 16, 2016

Held Duty drawback receipt/DEPB benefits do not form part of the net profits of eligible industrial undertaking for the purposes of section 80-I/80-IA/80-IB of the 1961 Act. SUPREME COURT OF INDIA Liberty India v. Commissioner of Income-tax* S.H. KAPADIA AFTAB ALAM, JJ. CIVIL APPEAL NO. 5891 OF 2009 AND OTHERS AUGUST 31, 2009 JUDGMENT S.H.… Read More »

Foot over bridges and bus shelters are parts of infra facility

By | August 22, 2015

Construction of foot over bridges and bus shelters are parts of infra facility for claiming section 80IA Deduction Q : Whether bus shelters  are part of a highway project as per clause (b) of the Explanation? yes  Construction of foot over bridges and bus shelters are parts of infra facility for claiming section 80IA Deduction Facts… Read More »