Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
The ITAT upheld the disallowance of deduction under Section 80IC for lease rental income earned by the assessee company, holding it lacked a direct nexus with the manufacturing activity at the eligible unit. Lease income was classified as "Other income" and not profits derived from the eligible undertaking, thus ineligible for deduction. The tribunal emphasized the distinction between income "derived from" and "attributable to" the business, rejecting claims for lease rental and interest income under Section 80IC. Project development income and liabilities written back were remanded to the AO for fresh verification to determine eligibility. Capital subsidy amortization was held ineligible as it affects profits through depreciation, not direct business receipts. Miscellaneous income was disallowed due to lack of evidence. The tribunal also concurred that deduction cannot be claimed for manufacturing activities outside the specified eligible unit.
The ITAT upheld the disallowance of deduction under Section 80IC for lease rental income earned by the assessee company, holding it lacked a direct nexus with the manufacturing activity at the eligible unit. Lease income was classified as "Other income" and not profits derived from the eligible undertaking, thus ineligible for deduction. The tribunal emphasized the distinction between income "derived from" and "attributable to" the business, rejecting claims for lease rental and interest income under Section 80IC. Project development income and liabilities written back were remanded to the AO for fresh verification to determine eligibility. Capital subsidy amortization was held ineligible as it affects profits through depreciation, not direct business receipts. Miscellaneous income was disallowed due to lack of evidence. The tribunal also concurred that deduction cannot be claimed for manufacturing activities outside the specified eligible unit.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4786
Join Channel
TaxTMI 
