[aaykarbhavan] Profit on sale of import license isn't eligible for deductions under sections 80-I and 80-IA

Profit on sale of import license isn't eligible for deductions under sections 80-I and 80-IA

May 1, 2015[2015] 56 taxmann.com 354 (Gujarat)

IT : Income from Advance License Benefit Receivable is taxable in subsequent year in which it has accrued to appellant

IT : Income from Pass Book scheme is taxable in subsequent year in which it has accrued to appellant

IT : Premium paid for leashold land is allowable as revenue expenditure

IT : Appellant, in respect of due from foreign party has got decree of a foreign court in his favour, and therefore, there was a possibility of realizing amount in near future, business loss suffered by appellant in foreign is not allowable in year under consideration

IT : Income from Advance License Benefit Receivable, Pass Book Benefit receivable and profit on sale of import license is not derived from industrial undertaking and thus not eligible for deduction under section 80-I and 80-IA

IT : Amount received by assessee on sale of DEPB credit; hence, expenditure cannot be set off against income for purpose of calculating deduction under section 80HHC

IT : When no expenditure are shown to have been incurred by assessee for earning gross dividend income, deduction under section 80M cannot be curtailed to reduce amount qualifying for claim of deduction under section 80M by assuming amount of expenditure, which is assumed to have been incurred by assessee

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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