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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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
Expenses 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 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 MoreR & D Expenditure
In Deputy Commissioner of Income-tax vs. Metalman Auto (P.) Ltd. (78ITD327) the assessee was OE supplier to M/s Kinetic Honda…
......Read MoreRent- Unused Building
The Calcutta Bench of the Tribunal in the case of Vijay International v. ACIT (253ITR26) held that the expression “…
......Read MoreInterest Free Loans- Business Expediency
The Calcutta Tribunal in the case of ACIT v. Perfect Project Ltd. (253ITR16) upheld the disallowance out of interest paid…
......Read MoreFinance Lease- Need To Check Out Depreciation Claims
In the English case of Melluish (Inspector of Taxes) Vs. B.M.I. (No. 3) Ltd. (213ITR236) the assessee companies (lesser’s) carried…
......Read MoreCash Purchases
J.H. Metals vs. Income-tax Officer (77ITD71) the assessee, a dealer in metals made certain purchases of scrap from Kabarias, who…
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