Search Results for "Explanation (baa)"

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Search Results for "Explanation (baa)"

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Supreme Court

Supreme Court Allows Revenue Appeals in Section 80HHC Deduction Case — Supporting Manufacturer Not Entitled to Same Deductions as Direct Exporter. The Court held that the statutory scheme under Section 80HHC of the Income Tax Act, 1961 treats supporting manufacturers differently from direct exporters, and the provisos to sub-section (3) do not apply to supporting manufacturers.

27 Aug 2019

The case involves a batch of appeals by the Revenue against a judgment of the Punjab and Haryana High Court, which had dismissed the Revenue's appeals...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Case on Deduction Under Section 80HHC and Disallowance Under Section 40(a)(i). The Court upheld ITAT's findings that interest income from business funds is business income, professional service receipts are not excluded under clause (baa), and Section 172 overrides Section 40(a)(i) for shipping income.

20 Jul 2019

The Commissioner of Income Tax appealed against the order of the Income Tax Appellate Tribunal (ITAT) concerning the assessment of V.S. Dempo & Co. Pv...

High Court

High Court of Bombay at Goa Allows Appeal in Part Regarding Computation of Deduction Under Section 80HHC of Income Tax Act, 1961 — Receipts from Hire of Barges, Proceeds of Services, Repairs of Vessels, and Extraction Charges Held Part of Total Turnover for Export Deduction.

7 May 2015

The appellant, Sesa Goa Ltd., is a company engaged in the business of mining and export of iron ore. For the assessment year 1996-1997, the appellant ...

High Court

Bombay High Court Allows Appeal in Part on Additional Barge Freight Liability and Depreciation on Leased Trucks in Income Tax Case. The Court held that liability for additional barge freight accrued in subsequent year despite mercantile accounting, and remanded issues of depreciation on leased trucks and Section 80HHC deduction for fresh consideration.

18 Oct 2013

The appeal arises from a decision of the Income Tax Appellate Tribunal (ITAT) dated 02.01.2006 for Assessment Year 1997-98. The assessee, Damodar Mang...

High Court

Bombay High Court Dismisses Appeal in Income Tax Case on Double Deduction Under Sections 80IA and 80HHC. Section 80IA(9) Mandates Reduction of Profits Allowed as Deduction Under Section 80IA(1) While Computing Deduction Under Any Other Provision Under Heading 'C' of Chapter VIA of the Income Tax Act, 1961.

10 Jan 2011

The appellant, Associated Capsules Private Limited, is engaged in the manufacture of Empty Hard Gelatin Capsules and PVDC Capsules. It set up four ind...

High Court

Bombay High Court Allows Revenue Appeal in Income Tax Case on Computation of Deduction Under Section 80HHC for Book Profits Under Section 115JB. The court held that the deduction under Section 80HHC for computing book profits under Section 115JB must be quantified with reference to the profits as per accounts adjusted under Section 115JB, not the normal computation under Chapter IV-D.

9 Jul 2010

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961 against an order of the Income Tax Appellate Tribunal for As...

High Court

Bombay High Court Allows Revenue Appeal in DEPB Taxation Case - Face Value of Duty Entitlement Passbook Chargeable Under Section 28(iiib) at Accrual, Excess Over Face Value Under Section 28(iiid) at Sale. The court held that the Tribunal erred in holding that the entire sale proceeds of DEPB are not profits under Section 28(iiid) and that face value should be deducted from sale proceeds.

28 Jun 2010

The appeal by the Revenue under Section 260A of the Income Tax Act, 1961 arose from a decision of the Special Bench of the Income Tax Appellate Tribun...

High Court

Bombay High Court Allows Revenue's Appeal in Part on Deduction Under Section 80HHC of Income Tax Act, 1961 — Insurance Claim and Sundry Receipts Held Not Directly Related to Business Profits, Rental Income Treated as Business Income, Retrenchment Compensation Held Revenue Expenditure.

18 Jun 2010

The case pertains to an appeal by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (...

High Court

Bombay High Court Dismisses Revenue's Appeal in Export Deduction Case — Freight, Insurance, Packing Receipts, Sales Tax Set-off/Refund, and Service Income Not Excludable from Profits of Business Under Section 80HHC Explanation (baa). The Court held that these receipts are not in the nature of 'receipts by way of brokerage, commission, interest, rent, charges or any other receipt of similar nature' and thus 90% thereof is not to be excluded from profits of business.

8 Apr 2010

The case involved an appeal by the Commissioner of Income Tax-6 against an order of the Income Tax Appellate Tribunal dated 6th June 2008 for Assessme...

High Court

Bombay High Court Allows Revenue Appeal in Section 80HHC Deduction Case — Net Interest on Fixed Deposits Cannot Be Considered for Computing Export Profits Deduction. The court held that Explanation (baa) to Section 80HHC of the Income Tax Act, 1961 requires exclusion of ninety per cent of gross interest receipts, not net interest, as the provision does not allow set-off of interest paid against interest received.

19 Mar 2010

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (ITA...

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