S. 37(1) : Business expenditure-Wholly and exclusively-Remuneration paid to promoter-Director-Consultation-Allowable as deduction though not attended the office for six years.
S. 37(1) : Business expenditure-Wholly and exclusively-Remuneration paid to promoter-Director-Consultation-Allowable as deduction though not attended the office for six years.
S. 37(1) : Business expenditure-Capital or revenue-Hotel business-Renovation and repair of hotel rooms is allowable as revenue expenditure.
S. 36(1)(vii) : Bad debt-Income offered as income-Reduced from asset side of balance sheet-Order was set aside. [S. 36(2)]
S. 35 : Scientific research-No product was manufactured in a particular unit-Allocation of expenses is held to be not justified-Research and development-Capital expenditure towards research and development R & said expenditure was to be excluded from toil capital expenditure while allowing expenditure on R & D units.
S. 28(i) : Business income-Electricity company-Electricity distribution-Efficiency gain amount which was not refunded to customers, said surplus fund being at disposal of State Electricity Regulatory Commission, could not be included in business profit. [S. 4]
S. 4A : Disallowance of expenditure-Exempt income-Insurance Company-Provision not applicable-Ground not raised before the Tribunal cannot be argued before the High Court. [S. 44, 260 A]
S. 14A : Disallowance of expenditure-Exempt income-Enhancement by the Assessing Officer-Considering the facts disallowance is held to be justified. [R. 8D]
S. 10AA : Special economic zones-Export turnover-Expenses incurred in foreign currency not meant for rendering any services outside India, could not be excluded from export turnover.
S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Hearing concluded on 23-7-2019 and order was passed on 18-10-2019-Monetary limit prescribed Circular Nos. 3 of 2018 dated 11-7-2018 ie. 20 lkhs would apply and not circular No 17 of 2019 dated 18-8-2019 wherein the monitory limit of Rs. 50 lakhs was fixed. [S. 268A]
S. 254(1) : Appellate Tribunal-Powers-Delay of 124 days was condoned-Mistake of counsel-Supported by affidavit-Delay was condoned-Ex parte order passed by the Commissioner (Appeals) was set aside and directed him to decide on merits. [S. 251]