Read all Latest Updates on and about Section 80IB of the Income Tax Act

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Deduction Allowable towards Allocation of R&D Expenses for Eligible Units u/s 80IB and 80IC of Income Tax Act: ITAT [Read Order]

Fathima Karama A.M

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the deduction should be allowed towards allocation of Research and...

Income Tax Deduction to Manufacturing Unit cannot be Disallowed Even If Part of Activities are done...

Income Tax Deduction under Sec 80 IB allowable even If Goods were not manufactured by own plant and...

Interest Income Derived from Business Advances, Fixed Deposits shall be eligible for Profit and...

Profit Earned from DEPB and Duty Drawback Scheme is not entitled to deduction u/s 80-IB of IT Act:...

Rent from Letting Out Industrial Undertaking not eligible for Deduction: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Cochin has held that the assessee by letting out the industrial undertaking is not having any direct connection with the manufacture or production of an...

Film Production Unit eligible for Income Tax Deduction: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Chennai has held that a film production unit is eligible for income tax deduction under section 80IB of the Income Tax Act, 1961. The Assessing Officer...

S. 80IB Deduction available even if Form 10CCB Audit Report is filed before Completion of Assessment: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the benefit of Section 80IB of the Income Tax Act is available to the assessee even if the audit report in Form 10CCB is not filed...

Apportioning R & D Expenditure and ESOP cost to Units which Claimed Exemption u/s 10B, 80IB and 80IC not justified: ITAT [Read Order]

The Hyderabad Bench of the Income Tax Appellate Tribunal ( ITAT ) in the case of Dr. Reddy’s Laboratories Ltd. v. DCIT holding in favor of the assessee was of the view that Tax Authorities were not...

Entertainment Tax Receipt is Not Taxable: ITAT [Read Order]

A two-member bench of the Income Tax Appellate Tribunal ( ITAT ) in The DCIT vs. Shipra Hotels Ltd has held that Entertainment Tax Receipt cannot be taxed as revenue receipts when the State Government...

No IT Deduction If Assessee purchases Another entities’ Business Unit including plant & Machinery to Form a Separate Industrial Undertaking: Allahabad HC

A division bench of the Allahabad High Court recently ruled that the benefit of Section 80IB of the Income Tax Act, 1961 is not available to assessee for the purchase of business unit including plant...

Once Relief for Industrial Undertakings u/s 80IB is allowed for Initial Year, the Dept cannot Withdraw the same for Subsequent Years: Bombay HC

The Nagpur bench of the Bombay High Court in Simple Food Products Pvt. Ltd. Nagpur v. CIT, held that the Department cannot withdraw the relief for Industrial Undertakings under Section 80IB of the...