S. 37(1) : Business expenditure-Commercial expediency-Agreement for services relating to increased efficiency-Foreign travel of wives of directors-Allowable as deduction.
S. 37(1) : Business expenditure-Commercial expediency-Agreement for services relating to increased efficiency-Foreign travel of wives of directors-Allowable as deduction.
S. 37(1) : Business expenditure-Contract business-Provision For estimated loss-Accounting Standard 7-On facts held to be not allowable. [S. 145]
S. 37(1) : Business expenditure-Provision for future expenses based on turnover-Provision is not contingent-Allowable as deduction. [S. 145]
S. 37(1) : Business expenditure-Capital or revenue-Security deposit for lease premises-Foregone in dispute with lessor-Capital expenditure-SLP dismissed.[Art. 136].
S. 36(1)(viia) : Bad debt-Provision for bad and doubtful debts-Schedule bank-Advances written off-Allowable as deduction-Limited purpose the matter is remanded to the Assessing Officer. [S. 36(1)(v), S.36(1)(vii), 36(2)]
S. 36(1)(iii) : Interest on borrowed capital-Tribunal deciding on the basis of Judgement of High Court-High Court judgement is overruled by Supreme Court-Directed to recompute the disallowance in line with Supreme Court judgement.[S. 260A]
S. 28(i) : Business loss-Bad debts-Commercial expediency-Expenditures incurred by subsidiary till its winding up-Amount disallowed as bad debt can be claimed as business loss. [S. 36(1)(vii), 36(2), 37(1)]
S. 12A : Registration-Trust or institution-Registration is granted based on facts-Order of Tribunal is affirmed. [S. 12AA, 13(1) (c), 260A]
S. 11 : Property held for charitable purposes-Activities of Commercial nature-Exclusive rights relating to GSI coding in India-Receipts from trade and business significantly high-Not entitle to exemption. [S. 2(15), 12]
S. 11 : Property held for charitable purposes-Warehousing agricultural produce and connected activities-Activities incidental to main objects-Entitle to exemption.[S.2(15) 12, 12AA]