Search Results Page

Search Results

1 - 5 of 5 (3.56 seconds)
Documents citing A.R.Overseas Tradecom Pvt Ltd vs The Addl.Commissioner Of ... on 9 January, 2014

Shashi Sadh , New Delhi vs Department Of Income Tax on 30 December, 2014

The appellant has relied on the recent Special Bench Judgment in the case of Maral Overseas Ltd. Vs. Addl. CIT reported at 2012-TIOL-197- ITAT-Indore-SB. In the judgment dated 28.03.2012, the Special Bench of the ITAT has held that, "...In case of Liberty India, the Hon'ble Supreme Court has dealt with the provisions of section 80IA of the Act wherein no formula was laid down for computing the profits derived by the undertaking which has specifically been provided under sub-section (4) of section 10B while computing the profits derived by the undertaking from the export. Thus, the decision of the Hon'ble Supreme Court is of no help to the 20 revenue in determining the claim of deduction under section 10B in respect of export incentives".
Income Tax Appellate Tribunal - Delhi Cites 25 - Cited by 1 - Full Document

Sashi Sadh, New Delhi vs Assessee on 30 June, 2016

The appellant has relied on the recent Special Bench Judgment in the case of Maral Overseas Ltd. Vs. Addl. CIT reported at 2012-TIOL- 197- ITAT-Indore-SB. In the judgment dated 28.03.2012, the Special Bench of the ITAT has held that, "...In case of Liberty India, the Hon'ble Supreme Court has dealt with the provisions ofsection 80IA of the Act wherein no formula was laid down for computing the profits derived by the undertaking which has specifically been provided under sub-section (4) of section 10B while computing the profits derived by the undertaking from the export. Thus, the decision of the Hon'ble Supreme Court is of no help to the revenue in determining the claim of deduction under section 10B in respect of export incentives".
Income Tax Appellate Tribunal - Delhi Cites 27 - Cited by 0 - Full Document

Oliver Valves India Pvt. Ltd., Chennai vs Dcit, Chennai on 20 September, 2017

2. Shri G. Baskar, the Ld.counsel for the assessee, submitted that the assessee claimed deduction under Section 10B of the Income-tax Act, 1961 (in short 'the Act'). According to the Ld. counsel, the assessee is a 100% Export Oriented Unit. The assessee exported valves and also earned management fee which was incidental to the export of valves. According to the Ld. counsel, the assessee claimed before the Assessing Officer that management fee partakes the character of profits and gains from business or profession. The Assessing Officer however, rejected the claim of the assessee and found that the management fee, sale of scrap and interest are not derived from industrial undertaking. Referring to Section 10B of the Act, the Ld.counsel submitted that this section clearly says that the deduction shall be from the profits and gains of 100% Export Oriented Unit. Placing reliance on the order of the Special Bench of this Tribunal in Maral Overseas Ltd. v. Addl. CIT (2012) 16 ITR (Trib) 565, the Ld.counsel submitted that in view of Section 10B(4) of the Act, the entire profit of the undertaking is eligible for deduction under Section 10B of the Act. According to the Ld. counsel, the interest on the fixed deposit receipt has to be treated as profit of the undertaking, therefore, the assessee is 3 I.T.A. Nos.1055 & 1056/Mds/17 eligible for deduction under Section 10B of the Act.
Income Tax Appellate Tribunal - Chennai Cites 9 - Cited by 0 - Full Document
1