Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
For section 80-IA, the market value of captive power had to be benchmarked to the tariff charged by the State Electricity Board to industrial consumers, including the electricity duty component, and not to the assessee's sale price for surplus power; the assessee therefore succeeded on quantification. Deduction under section 80-IA did not require any reduction from profits eligible under section 80HHC, so the assessee also succeeded on that computation issue. For section 115JB, the entire profits eligible under section 80HHC had to be excluded from book profit, as the phased restriction in section 80HHC(1B) did not govern MAT computation. Applying the purpose test, sales tax remission linked to industrial expansion in backward areas was held to be a capital receipt and excludible from book profit.
For section 80-IA, the market value of captive power had to be benchmarked to the tariff charged by the State Electricity Board to industrial consumers, including the electricity duty component, and not to the assessee's sale price for surplus power; the assessee therefore succeeded on quantification. Deduction under section 80-IA did not require any reduction from profits eligible under section 80HHC, so the assessee also succeeded on that computation issue. For section 115JB, the entire profits eligible under section 80HHC had to be excluded from book profit, as the phased restriction in section 80HHC(1B) did not govern MAT computation. Applying the purpose test, sales tax remission linked to industrial expansion in backward areas was held to be a capital receipt and excludible from book profit.
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