Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
Deduction u/s 80IC - AO reallocated management fees and remuneration paid to managing director on gross profit basis. ITAT held allocation basis accepted by AO in past assessment years must be followed as per rule of consistency, directing AO to accept assessee's basis of allocation. Set off of loss of non-eligible unit against profit of eligible unit for computing deduction u/s 80IC - Following precedents, ITAT directed AO to allow deduction @30% on eligible unit's profit without setting off losses from other units, overriding provisions of sub-s. (7) of s. 80-IA prohibiting such set-off.
Deduction u/s 80IC - AO reallocated management fees and remuneration paid to managing director on gross profit basis. ITAT held allocation basis accepted by AO in past assessment years must be followed as per rule of consistency, directing AO to accept assessee's basis of allocation. Set off of loss of non-eligible unit against profit of eligible unit for computing deduction u/s 80IC - Following precedents, ITAT directed AO to allow deduction @30% on eligible unit's profit without setting off losses from other units, overriding provisions of sub-s. (7) of s. 80-IA prohibiting such set-off.
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