Insurance Money
In the case of CIT v. Needle Industries (India) Ltd.(108TAX524) the assessee is reimbursed for the loss of raw materials…
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Today's
54F exemption is protected even in multiple ownership of residential properties ......Read More
Yesterday's Club expenditure ......Read More
Yesterday's Club expenditure ......Read More
Tax Free Incomes In Business- Fate of Related Expenditure
In CIT v. Indian Bank Ltd. [1965] 56 ITR 77 (SC), the assessee had income from interest on securities, both…
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After the Apex Court rulings in Sterling foods, Tuticorn and Bokara Steel the Benches of the Tribunal are taking a…
......Read MoreExpenses of Personal Nature
The Gujarat High Court in Sayaji Iron & Engg. Co. v. CIT (2002) 121TAX43 held that the assessing officer has…
......Read MoreForward Exchange Contract
Often assessees who have exposure to forex transactions book forward contracts and in that process they incur either a loss…
......Read MoreDeduction u/s 80I/80IA- Gross or Net- Part II
The Andhra Pradesh High Court in the case of Commissioner of Income-tax Vs. Visakha Industries Ltd. (251ITR471) held that the…
......Read MoreOptimizing Export Profits Deduction
Often the margins are found to be more in exports than in domestic business. At times the domestic business may…
......Read MoreBusiness Depreciation
In the case of CIT v. Union Carbide (I) Ltd. (254ITR488) the assessee running existing business had set up two…
......Read MoreModvat Claim
In the present day controversy for deduction of Modvat/Excise Duty/Custom duty paid on inputs the revenue has often opined that…
......Read MoreWide Powers of Rectification
The P&H High Court in Commissioner of Income-tax Vs. Smt. Aruna Luthra (252ITR76) explained the scope of the authority given…
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