Read all Latest Updates on and about section 80-IA of the Income Tax Act

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ITAT sets aside PCIT’s Revision, Approves Additional Depreciation claim under Section 32(1)(iia) and Stamp Duty Deduction under Section 35DD [Read Order]

Adwaid M S

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) recently made a significant decision, overturning an order passed by the Principal...

Relief to Birla Corporation: ITAT allows Income Tax Deduction u/s 80IA for Thermal Power Plants...

Failure to file valid Income Tax Return or revised Return: ITAT disallows claim u/s 801A [Read...

Container Freight Station can claim deduction u/s 80 1A (4): ITAT [Read Order]

Exemption Period of 10 years u/s 80-IC is to be calculated from the Initial Year of Substantial...

Kannan Devan Plantations eligible for Income Tax Deduction u/s 80-IA: Kerala HC [Read Judgment]

The High Court of Kerala, last week came in to the relief of Kannan Devan Plantations as they were awarded with eligibility for deductions under section 80-IA of the Income Tax Act, 1961. There had...

Depreciation Claim is Mandatory for Claiming Benefit of s. 80-IA of Income Tax Act: SC [Read Judgment]

While dismissing an appeal filed by M/s Plastiblends India Limited, a two-judge bench of the Supreme Court held that assessee should claim for depreciation while computing incentive under section...

Bottling of LPG amounts to ‘Production’: SC allows Deduction [Read Judgment]

In a significant ruling, the Supreme Court of India held that, Bottling of LPG is an activity which amounts to ‘production’ or ‘manufacturing’ for the purposes of provisions of the Income Tax Act. A...

CAG slams Income Tax Dept for loss of 45000 crores by granting Irregular benefits to Infrastructure Companies

The Government auditor CAG today said that the Income Tax Department has granted irregular benefits to the infrastructure companies without verification, which resulted in resulted in a loss of 4500...

Method of Computation prescribed u/s 80HHC(3) can be applied for determining profit/loss from Trading Goods for the purpose of s. 80IA: Punjab & Haryana HC [Read Judgment]

A division bench of Punjab and Haryana High Court has directed the Assessing Officer to compute the deduction under section 80 IA of the Income Tax Act by following the method in Section 80 HHC (3)...

Mere Disallowance of Claim u/s 80-IA of the Income Tax Act would not attract Penalty: ITAT Hyderabad [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal, Hyderabad bench has ruled that mere disallowance of a claim under section 80-IA of the Income Tax Act is not sufficient to initiate penalty...