Post-search scrutiny assessment remains available where original assessment limitation is unexpired, permitting timely completion under regular assess...
Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
The High Court examined various issues concerning the calculation of deduction u/s 80IC, eligibility for the deduction, disallowance of royalty payments, and treatment of income from house property. The key points are: The assessee is eligible for the deduction u/s 80IC as it established the manufacturing unit before amalgamation, and Section 80IC(4) is not applicable. The royalty payments were rightly allowed as the expenses were for enduring benefit and capital in nature, following the Hero Honda case. The rental income should be taxed under 'income from house property' and not 'income from other sources,' as the assessee earned rental income by letting out its property, irrespective of the agreement's nomenclature. The Assessing Officer was directed to tax the rental income under 'income from house property' as per law.
The High Court examined various issues concerning the calculation of deduction u/s 80IC, eligibility for the deduction, disallowance of royalty payments, and treatment of income from house property. The key points are: The assessee is eligible for the deduction u/s 80IC as it established the manufacturing unit before amalgamation, and Section 80IC(4) is not applicable. The royalty payments were rightly allowed as the expenses were for enduring benefit and capital in nature, following the Hero Honda case. The rental income should be taxed under 'income from house property' and not 'income from other sources,' as the assessee earned rental income by letting out its property, irrespective of the agreement's nomenclature. The Assessing Officer was directed to tax the rental income under 'income from house property' as per law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
