Real Income Theory
In the case of Commissioner of Income-tax Vs. Modi Rubber Ltd. (No.1) (230ITR817) the assessee sold goods on credit to…
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Club expenditure ......Read More
Yesterday's Profiteering is not permissible in the field of professional/educational courses ......Read More
Yesterday's Profiteering is not permissible in the field of professional/educational courses ......Read More
Rent & Major Repairs- Developing Stage
In the case of Jainsons SS vs. Assistant Commissioner of Income-tax (76ITD51) the assessee had taken certain premises on rent…
......Read MoreCommission for renting of premises- Capital in Nature
Arijit Pasayat CJ of the Delhi High Court in Bharat Steel Tubes Ltd. (119TAX6) held that commission or brokerage paid…
......Read MoreBusiness Income Loan to Employees- Interest Waiver Implications
If an assessee acquires a right to receive the income, the income can be said to have accrued to him…
......Read MoreInterest Free Advances
In the case of CIT v. India Carbon Ltd. (2001) 118TAX207 the assessing officer could only prove that the interest…
......Read MoreCharacter of any Payment/Receipt- Guiding principle
The capital or revenue nature of any payment is to be judged from the business viewpoint of the payer and…
......Read MoreSet Up of Business – Principles
The Supreme Court in the case of Ramaraju Surgical Cotton Mills Ltd. [1967] 63 ITR 478 long back had allowed…
......Read MoreSource of Source- Unquestionable
The Ahmedabad Bench of the Tribunal in the case of Rohini Builders v. Dy. Commissioner of I Tax (2001) 117TAX25…
......Read MoreLimited Scope of Section 43B- Statutory Payments
Section 43 B provides that all statutory taxes, duties, cess etc. can be claimed as deductible expenditure only in the…
......Read MoreMatching Concept Under IT Act
Section 40(b) of the Income tax Act, 1961 imposes certain ceilings and conditions on the payments made to the partners.…
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