Cost of Raising Loans – Always Revenue in Nature in case of Running Business
The Pune Bench in the case of Chintamani Hatcheries (P.) Ltd. vs. Deputy Commissioner of Income-tax (75ITD116) held that if…
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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
Time of income accrual- Worth Exploring
Under Income tax Act any income is taxable at the point of its accrual irrespective of actual receipt. For any…
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The Bombay High Court in their ruling in the case of CIT v. Echjay Forgings Pvt. Ltd. (251ITR15) held that…
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In the light of the Patna High Court ruling in the case of H.P. Biswas &Co. v. CIT (105TAX469) it…
......Read MoreStatutory liability and contractual liability.
In the case of Deputy Commissioner of Income-tax vs. Esquire Video Film Services (P.) Ltd (74ITD57) the assessee who followed…
......Read MoreGifts made to Dealers/Distributors- Is Trading Receipt
Often manufacturers come out with incentive schemes from time to time whereunder gifts in kind such as gold, vehicles or…
......Read MoreDiscrepancy in bank statement (stocks)- Deliberate or not deliberate
In CIT v. Punjab Rice & General Mills (2004) 137TAX314 the assessing officer made certain addition to the income on…
......Read MoreIf not bad debt then trading loss
In CIT v. Sree Ganesh Stores (2004) 137TAX261 the Madras Tribunal was persuaded to hold that the result of the…
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In CIT v. Rajasthan Spg. & Wvg. Mills Ltd. (2004) 137TAX249 the assessee running a textile mill set up an…
......Read MoreAccrual Concept under Income tax Act- Lesson to the Revenue
In Narasu Pictures Circuit (Pvt.) Ltd. Vs. Commissioner of Income-tax (80ITR82) the assessee showed commission received from a sister concern…
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