S. 80IC : Special category States-Manufacture-Production–Most of manufacture carried out outside specified area-Not entitled to deduction.
CIT v. Usha Infrasystems (2023)456 ITR 163 /146 taxmann.com 473 (HP)(HC)
Digest of case laws
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This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws S. 80IC : Special category States-Backward area-Value added tax remission-Eligible for deduction.
CIT v. Barak Valley Cements Ltd. (2023)456 ITR 665/(2022) 145 taxmann.com 28 ((Cal)(HC)S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Generation of power-Interest on Bonds issued by Grid Corporation in lieu of unpaid energy bills-Eligible for deduction. [S.80IA (iv)(a),80IB, 80IC]
Odisha Power Generation Corporation Ltd. v. ACIT (2023)456 ITR 495 /[2022] 138 taxmann.com 341(Orissa)(HC)/Editorial : SLP of Revenue is dismissed , ACIT v. Orissa Power Generation Corporation Ltd. (2024) 298 Taxman 273 (SC)S. 80IA : Industrial undertakings-Books of account not rejected-
Capping of profits by Assessing Officer is not proper.[S.80IA(10), 145]
S. 69 : Unexplained investment-Bogus purchases-Accommodation entries-Estimation of 12.5 Per cent on alleged bogus purchases is affirmed. [S. 69C]
PCIT v. Ashwin Purshotam Bajaj (2023)456 ITR 365 /155 taxmann.com 478 (Bom)(HC)S. 68 : Cash credits-Bogus purchases-Estimate of 5% of alleged bogus purchases confirmed by the Tribunal is affirmed-No substantial question of law. [S. 69, 260A]
PCIT v. Jigisha Satishkumar Mehta (2023) 456 ITR 661 / 155 taxmann.com 279 (Guj)(HC) Satish Kumar Pandey v. ACIT (2023) 456 ITR 459 / 149 taxmann.com 90 (Karn)(HC)S. 48 : Capital gains-Mode of Computation-Amount paid for professional advice-Allowable as deduction. [S. 45, 48(i)]
Chincholi Gururajachar Venkatesh v. ACIT (2023)456 ITR 459/149 taxmann.com 90/ 333 CTR 552 (Karn.)(HC)/Satish Kumar Pandey v. ACIT (2023)456 ITR 459/149 taxmann.com 90 / 333 CTR 552 (Karn)(HC)S. 37(1) : Business expenditure-Commercial expediency-Agreement for services relating to increased efficiency-Foreign travel of wives of directors-Allowable as deduction.
Rockman Cycles Industries Ltd. v. CIT (Appeals) (2023)456 ITR 443/155 taxmann.com 34 (P&H)(HC) Highway Cycles Industries Ltd. v. CIT (Appeals) (2023)456 ITR 443/155 taxmann.com 34 (P&H)(HC)S. 37(1) : Business expenditure-Contract business-Provision For estimated loss-Accounting Standard 7-On facts held to be not allowable. [S. 145]
Flsmidth Pvt. Ltd. v Dy. CIT (2023)456 ITR 300 /155 taxmann.com 297 (Mad)(HC)S. 37(1) : Business expenditure-Provision for future expenses based on turnover-Provision is not contingent-Allowable as deduction. [S. 145]
PCIT. v. CEC Soma CICI JV (2023)456 ITR 705 /155 taxmann.com 285 (Karn)(HC)