S. 43B : Deductions on actual payment-Contributions to provident fund and employees’ state insurance-Not deposited in respective fund within stipulated time-Not allowable as deduction. [S. 36(1)(va)]
S. 43B : Deductions on actual payment-Contributions to provident fund and employees’ state insurance-Not deposited in respective fund within stipulated time-Not allowable as deduction. [S. 36(1)(va)]
S. 40(a)(ii) : Amounts not deductible-Rates or tax-Education cess-Not allowable as business expenditure-Amended by Finance Act, 2022 with retrospective effect from 1-4-2005 (2022) 442 ITR 91 (St). [S. 37(1)]
S. 37(1) : Business expenditure-Capital or revenue tests-Rubber plantation-Amount spent on upkeep and maintenance of mature rubber trees-Allowable as revenue expenditure-Cost of replacement of dead and useless rubber trees deductible as replacement cost [R. 7A(2)].
S. 37(1) : Business expenditure-loss on forward contracts for foreign exchange-Transactions to hedge against risk of foreign exchange fluctuations-loss not speculative and to be allowed. [S. 28(i), 43(5)]
S. 37(1) : Business expenditure-Donation given for public welfare of construction of ring road-Allowable expenditure.
S. 37(1) : Business expenditure-Corporate Social Responsibility-Expenses of public sector company-Allowable as deduction.
S. 14A : Disallowance of expenditure-Exempt income-Disallowance of expenditure on basis that some deployment of manpower for managing investment cannot be ruled out-Tribunal reducing the disallowance on ad hoc basis-No question of law [R.8D]
S. 4 : Charge of income-tax-Capital or revenue Receipt-Preoperative expenditure pending capitalization-Interest Earned from fixed deposits of unutilised foreign external commercial borrowing loans during period of construction-Interest capitalised in the books of account-Capital receipt. [S. 28(i), 56, 145]
S. 4 : Charge of income-tax-Capital or revenue-Race Club-Membership fees received from members-Capital receipt. [S. 28((i), 260A]
Interpretation of taxing statutes — Precedent – Ratio of judgments relating to one tax enactment not to be treated as precedent in case relating to another tax enactment — Especially when language, object and purpose of enactments are different.[ Interest-tax Act, 1974, S. 2(5A), 2(5B), 2(7) ]