S. 37(1) : Business expenditure-Factory shifting expenditure-Transportation expenditure from one site to another site, did not give any enduring benefit, same could not be treated as capital in nature.
S. 37(1) : Business expenditure-Factory shifting expenditure-Transportation expenditure from one site to another site, did not give any enduring benefit, same could not be treated as capital in nature.
S. 37(1) : Business expenditure-Commission-AO failed to considered the letter submitted by recipient wherein confirmed that entire commission paid was for relevant assessment year, matter needs remanded for consideration. [S.254(1)]
S. 37(1) : Business expenditure-Penal in nature-Contributed 15 per cent of sale proceeds to SPV account, these payment did not fall under category of penalty-Allowable as deduction. [Explanation 1 to section 37 (1)]
S. 36(1)(iii) : Interest on borrowed capital-Acquisition of capital asset is not an extension of existing business-Advance less than available free funds-Interest cannot be disallowed. [S. 37(1)]
S. 28(iv) : Business income-Value of any benefit or perquisites-Forfeiture of advance money-Benefit or perquisite arising from the business shall not be in monetary form-Not taxable-Amount would go to reduce the cost of property. [S. 51]
S. 28 (iv) : Business income-Grant received for specific purpose i.e., for procuring a capital asset, this receipt being in cash could not have been taxed u/s. 28(iv) [S.4]
S. 23 : Income from house property-Annual value-Unsold flat as stock in trade-buildings or land appurtenant thereto-Occupied by owners for the purpose of business-Excluded for the purpose of computing notional rent. [S. 22]
S. 14A : Disallowance of expenditure-Exempt income-Disallowance is restricted to extent of exempt income. [R.8D]
S. 12A : Charitable or religious trust-Registration-Cancellation of registration-Assessee unwilling to avail benefit of registration obtained u/s. 12A cannot be bound to, by action of or by inaction of revenue authorities, continue with said registration-Benefit could not be forced upon the assesseee. [S. 12A(3), 13(1)(d)]
S. 11 : Property held for charitable purposes-Rental income derived from letting out studio to artists for teaching Indian classical music comes within the ambit of “education”-Assessee is entitled to exemption. [S. 2(15), 11(4A)]