#section 80(ib)

[taxgurusandeep]

Furnishing of audit report is directory and not mandatory

Furnishing of audit report is directory and not mandatory

DCIT vs. M/s Surya Merchants Ltd. (ITAT Delhi), ITA Nos. 4309 to 4313/Del/2013, Dated- 18.02.2015

The issue in hand relates to allowability of enhanced claim of deduction of Rs.18,43,552/- u/s 80IB of the Act. It is an admitted position that the assessee is eligible for claim of reduction u/s 80IB of the Act, in as much as deduction claimed of Rs.41,83,813/- stand allowed during the original…

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[taxgurusandeep]

Deduction U/s. 80-IB(10) available on additional income offered u/s 132(4) in return filed u/s 153A

Deduction U/s. 80-IB(10) available on additional income offered u/s 132(4) in return filed u/s 153A

The appellant is a partnership firm engaged in construction business which was subject to a search action u/s 132(1) of the Act on 06.10.2009. In the course of search, Shri Rajesh Malpani, partner of the assessee firm in a statement recorded u/s 132(4) of the Act on 03.12.2009 admitted certain undisclosed income in relation to housing project undertaken by the firm i.e. ‘The Crest’ at Pimple…

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Leased Assets qualify for Industrial Undertaking Purposes- holds Bombay High Court

Leased Assets qualify for Industrial Undertaking Purposes- holds Bombay High Court

Aditya Shah

Preamble -Section 80IB of the Income tax provides for flat deduction in percentage terms in respect of profit or loss by certain industrial undertaking, subject to pre-conditions and eligibility of the assessee for deduction under that section. It has been a matter of contention for some time that whether a film production companies are allowed for deduction as postulated under…

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S. 80-IB(10) - Limit on extent of commercial area applies only to projects approved after 01.04.2005

S. 80-IB(10) – Limit on extent of commercial area applies only to projects approved after 01.04.2005

CA Sandeep Kanoi

We observe that on similar facts in the assessee’s own case for the same project, the Tribunal by its order dated 29.7.2011 relating to assessment years 2005-06 and 2006-07, the assessment years which also falls after the amendment made by insertion of Clause (d) to section 80IB(10) of the Act, applicable from 1.4.2005 has held that the assessee is eligible for deduction u/s…

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