Where deduction under section 10A was denied on ground that assessee-firm was formed by splitting up of an existing business, but nothing was there on record to suggest that business of assessee-firm was carried on by other entity including partners in individual capacity and subsequently business of said entity was split or there was a reconstruction, it could not be said that assessee had violated any of conditions of clause (ii) or (iii) in section 10A(2)

APS Technologies [2015] 58 taxmann.com 104 (Pune - Trib.)

Section 80-IC of the Income-tax Act, 1961 - Deductions - Special provisions in respect of certain undertakings or enterprises in certain special category States - Assessment year 2008-09 - Assessee claimed deduction under section 80-IC which was disallowed by Assessing Officer as return of assessee was not filed within time as prescribed under section 139(1) - Assessee had given reasons for delay of 74 days submitting that computer in which accounts were maintained got corrupted due to virus; that back up data were available only for 10 months and entire data for last two months had to be re-entered - Whether there was a reasonable cause for filing return of income belatedly and this was beyond control of assessee - Held, yes - Whether further since assessee was legally entitled to deduction under section 80-IC, his claim could not be disallowed on technical ground that return of income was filed belatedly - Held, yes [In favour of assessee

S. Venkataiah[2012] 22 taxmann.com 2 (Hyd.)

Section 139, read with sections 80AC and 80-IC, of the Income-tax Act, 1961 - Return of income - E-return - Assessment year 2008-09 - Whether filing of return electronically is a directory provision and if return is filed manually on or before due date, such return cannot be ignored - Held, yes - Assessee filed its return manually before due date prescribed under section 139(1) wherein deduction was claimed under section 80-IC - Subsequently, on instruction of CBDT, assessee filed its return electronically - Assessing Officer finding that e-return, was filed beyond prescribed period, held that assessee was not entitled for deduction by virtue of provision contained in section 80AC - Whether in view of aforesaid legal position, Assessing Officer was not justified in ignoring manual return filed by assessee before due date of filing of return - Held, yes - Whether, therefore, impugned order passed by Assessing Officer was to be set aside - Held, yes [Para 13] [In favour of assessee]

Gemini Communication Ltd.[2015] [2013] 29 taxmann.com 13 (Chennai)

Where electronic return not filed before due date and also mannual return not filed before due date and also no plausible explanation provided for non filing of return except that the consultant was not aware about timely filing for deduction under S. 80IC, deduction can not be claimed

Sucram Pharmaceuticals [2015] 58 taxmann.com 138 (Chennai - Trib.)

Where a manual return was furnished before due date while electronic return after due date, provision of section 80-IC so as to claim deduction under section 80-IC was complied with

Sucram Pharmaceuticals [2015] 58 taxmann.com 138 (Chennai - Trib.)

Rajiv Gandhi Equity Saving Scheme 80CCG

Newly inserted Section 80CCG provides deduction wef assessment year 2013-14 in respect ofinvestment made under notified equity saving scheme. The deduction under this section is available if following conditions are satisfied:

Taxation of New Pension Scheme

New pension scheme was intiated by PFDRA(Pension Fund Regulatory and development authority). NPS has been extended to all the citizens of India from 1-5-2009

New pension scheme is applicable to new entrants to government service or any other employer. As per the scheme, it is mandatory for persons entering service on or after January 1, 2004, to contribute 10 percent of salary every month towards notified pension account. A matching contribution is required to be made by the employer to said account. The tex treatment under the new scheme is as follow --