Whether compulsory deduction made by sugar cooperative societies on account of non-refundable and refundable deposits and other funds are revenue receipts liable to be taxed under the Income Tax Act.
Section 28(i) of the Income-tax Act, 1961 - Business loss/deductions - Allowable as - Assessment year 1986-87 - ‘A’ Ltd., which carried on business of a financier, was amalgamated with assessee-company - Prior to its amalgamation, ‘A’ Ltd. had issued
The profits of super profit companies should not be “normalized”; instead they should be excluded from the list of comparables; The proviso to section 92 C (2) provides a standard deduction of 5% to the taxpayers at their option.
There are two types of "debt". A debt payable by the assessee is different from a debt receivable by the assessee.
A statutory authority despite receipt of such a request could have kept mum. It should have taken some action. It should have responded to the prayer of the appellant. However, another principle should also be borne in mind, namely, that a statutor
Neset Holdings (P) Ltd. v. CIT (2006) Relevant section: 37(1)
3. Can the value of bus donated by the assessee-employer to a school where the employees’ children were receiving education be allowed as deduction? CIT v. Rajasthan Spinning and Weaving Mills Ltd. (2006) Relevant section: 37
2. Are refunds of liquidated damages made, not voluntarily but solely to comply with the directions of an authority, allowable as deduction? Mahanagar Telephone Nigam Ltd. In re (2006) Relevant section: 37(1) and 57(iii)
Profits and Gains of Business or Profession Special 1. Are expenditure incurred by a company on account of stamp duty and registration fees for the issue of bonus shares allowable as revenue expenditure? CIT, Mumbai v. General Insurance Corporati
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