Deduction not allowable for an eligible business when eligibility was recognised by subsequent amend

IT: In view of fact that sub-section (1A) was inserted to section 80-I with effect from 1-4-1990 whereby operation of cold storage plant qualified for deduction assessee's claim for deduction in respect of cold storage business relating to assessment year 1989-90 was to be rejected

Sum incurred on pre-operative activities allowed as revenue expenditure

IT: While making addition, closing stock of stores, spares, tools, etc. is also to be considered

Sec. 80-IC relief couldn’t be denied merely on procurement of raw material from other States

IT: Deduction under section 80-IC could not be denied on ground that assessee procured raw material from other State

Delay in notification can't nullify an enactment; delay in notifying NSE as recognized SE won't bash

IT: Derivative transactions carried on through National Stock Exchange even prior to recognition of NSE as recognised Stock exchange are entitled to benefit under proviso (d) to section 43(5)

RBI notifies definition of ‘group company’ in context of FDI

FEMA/ILT : Foreign Direct Investment (FDI) in India – Definition of 'Group Company'

ITAT to consider question of law even if it wasn’t not raised as ground of appeal before CIT(A)

IT : Where legal question was raised even first time before Tribunal, Tribunal was required to consider same in accordance with law

Payment of wages to manpower includible in value of ‘Manpower Supply’ services

ST : Supply of crew/seafarers to ships amounts to 'manpower supply services' and reimbursement of wages paid to crew/seafarers is includible in value of services

Profits as computed after inclusion of export incentives are relevant for comparison under TNM Metho

IT/ILT: Export incentive was to be included in export sale to determine profit margin for making comparison with comparable under TNM method