Deduction exclusivity prevents duplicate tax deductions and requires market-value treatment for intra-entity transfers. The amendment to section 80A establishes that deductions claimed under the chapter's incentive provisions are exclusive and cannot be duplicated under other Act provisions; deductions are disallowed unless claimed in the return; and where goods or services are transferred between the eligible undertaking/unit/enterprise and the assessee's other businesses, profits for chapter deductions are computed as if transfers occurred at market value, with market value defined by open-market sale or acquisition price subject to statutory or regulatory restrictions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deduction exclusivity prevents duplicate tax deductions and requires market-value treatment for intra-entity transfers.
The amendment to section 80A establishes that deductions claimed under the chapter's incentive provisions are exclusive and cannot be duplicated under other Act provisions; deductions are disallowed unless claimed in the return; and where goods or services are transferred between the eligible undertaking/unit/enterprise and the assessee's other businesses, profits for chapter deductions are computed as if transfers occurred at market value, with market value defined by open-market sale or acquisition price subject to statutory or regulatory restrictions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
