Income Tax Judgements

DEDUCTIBILITY OF DEPRECIATION FOR DETERMINING ELIGIBLE PROFITS UNDER SECTIONS 80-IB AND 80HHC OF IT ACT, 1961 RATIO DECIDENDI Depreciation allowance under section 32 will have to be deducted in arriving at the “profits and gains” of business

NATURE OF INCENTIVE SUBSIDY RECEIVED BY A SUGAR FACTORY UNDER SCHEME OF 1980, 1987,1988 & 1993 FOR PURPOSE OF IT ACT, 1961 RATIO DECIDENDI It is the object for which the subsidy/assistance is given which determines the nature of the incentive

Where the applicant is in the business of providing bioanalytical services to various pharmaceutical companies around the world, the consideration/fee paid by the Indian pharmaceutical companies to the applicant in respect of bioequivalence tests con

The ex-gratia payment in excess of the limits prescribed under the payment of Bonus Act either under section 36(1)(ii) or section 37(1) of the Income-tax Act, is allowable as business expenditure although the payment does not cover contractual or cus

It is the object for which the subsidy/assistance is given which determines the nature of the incentive subsidy; the form of the mechanism through which the subsidy is given is irrelevant

Depreciation allowance under section 32 will have to be deducted in arriving at the “profits and gains” of business derived by an assessee, from an industrial undertaking specified under section 80-1B or export business under section 80HHC.

The ex-gratia payment in excess of the limits prescribed under the payment of Bonus Act either under section 36(1)(ii) or section 37(1) of the Income-tax Act, is allowable as business expenditure although the payment does not cover contractual or cus

Section 44ab, read with section 271B, of the Income-tax Act, 1961 - Compulsory tax audit - Assessment years 2001-02 and 2002-03 - Whether for purpose of section 44AB, it is not necessary that any books of account or any accounts maintained by asses

Agricultural Produce Market committees are not local authorities for tax tax exemption and are liable to pay tax

Whether income form lease of property is income form business or housing property?