Human-probability test defeats political donation deductions where banking records mask accommodation-entry fund layering rather than genuine contribu...
Electronic evidence and search statements in tax assessments require authenticity review and corroboration, while procedural manuals lack statutory fo...
Tariff rate quota authorisations govern preferential imports of specified New Zealand goods through export certification and electronic customs debiti...
Electronic Continuity Bond Registration replaces manual container permissions, with quarterly reporting and re-export monitoring for duty-free contain...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
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