Deduction under Section 80J: strengthened eligibility, audit and market value rules to prevent valuation and related party manipulation. Amendments revise eligibility and computation for the deduction for profits and gains from industrial undertakings, hotels and ships: the applicable rate for certain new undertakings is increased; exclusions for transferred previously used buildings are clarified; life for capital computation is extended; imported machinery not previously used in India and transfers below a twenty percent threshold are excluded from being treated as previously used; non company assessees must furnish audited accounts to claim the deduction; transfers between related businesses must be valued at market value and the Income tax Officer may re compute profits where arrangements produce abnormal profits.
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 under Section 80J: strengthened eligibility, audit and market value rules to prevent valuation and related party manipulation.
Amendments revise eligibility and computation for the deduction for profits and gains from industrial undertakings, hotels and ships: the applicable rate for certain new undertakings is increased; exclusions for transferred previously used buildings are clarified; life for capital computation is extended; imported machinery not previously used in India and transfers below a twenty percent threshold are excluded from being treated as previously used; non company assessees must furnish audited accounts to claim the deduction; transfers between related businesses must be valued at market value and the Income tax Officer may re compute profits where arrangements produce abnormal profits.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
