incentive of Rs.
18,98,162/- under Goa VAT Deferment cum Net Compulsory
Payment Scheme 2005. The assessee claimed 80IB benefit
on the above income
salary
in US Dollars 3329 by calculating 50% of the net amount after
usual compulsory deductions, in US Dollar, at the official rate ... issue regarding payment of
difference in Dollars calculating the 50% of net emoluments of the
applicant in US Dollars at the official rate of exchange
after reducing compulsory excess at 0.5% of IDV is Rs. 10,800/- and the salvage net liability of the insurers assessed
added back in the
normal computation of income then it is not compulsory to add back
the said amount while computing the book profit ... clearly prescribed that the "book
profit" means the net profit as shown in the P&L Account which is
to be computed
preceding years when
there were no purchases from SKS. Even of the compulsory requirement
of consumable material is allowed on an estimate looking ... furnished by the assessee:
A.Y. Gross receipt G.P. G.P. Net Profit % Consumption of % of Consumption
Rate consumables vis-à-vis receipts
issued by the ICAI, the percentage completion method has been made
compulsory in the case of developers w.e.f. 01/04/2004. After being ... long term project, it would be totally unrealistic to
estimate the net profit and offer the same for taxation within a period of
six months
immovable property used
for residence, land used for agricultural purposes, compulsory acquisition of
lands and buildings and other capital assets are exempt from income ... After the aforementioned amendments, where the amount of capital gains or
the net consideration, as the case may be, is not appropriated or utilised
made by the SMC on the
amount received on account of compulsory acquisition of land, the
appellant's submission is that the Assessing Officer ... this regard, it is also stated
that at the time of making compulsory acquisition of the appellant's land,
SMC was not required
prior to the assessment year 2008-09 as it was necessary and compulsory for
getting the CC Limit and L/C in favour ... paid the interest of Rs. 26,10,761/-. Thus
there was no net interest received by the assessee. In view of the above said discussion
surveyor is Ex. R-4 vide which
he assessed the net payable amount is Rs. 1,13,000/-. He has
allowed the spare parts ... After deducting the
depreciation of metal and plastic parts, less compulsory deductible
and salvage value, a bill of Rs. 1,13,000/- was assessed
