HC

HC: Income from growing hybrid seeds not agricultural income

Income from growing hybrid seeds on contract manufacturing basis taxable as ‘Business income’ and not exempt as ‘Agricultural Income’

Nov 10,2011

HC: Partner's remuneration not deductible when partnership deed failed to provide manner of quantification

Mere specification of partner's remuneration upto limits provided under Income-tax Act not sufficient to claim deduction; Sec 40(b) disallowance is attracted in the absence of specific mention of ‘quantum of remuneration’

Nov 08,2011

HC: Exclusion from Export Turnover to be reduced from Total Turnover for Sec 10A

Any exclusion from ‘export turnover’ to also be excluded from ‘total turnover’ for Sec 10A relief

Nov 07,2011

HC: STP unit’s profits for Sec 10A relief to be computed before adjusting loss and depreciation

Brought forward business losses & unabsorbed depreciation not to be adjusted in computing profits eligible for Sec 10A relief (which is an undertaking specific benefit); Sec 10A an exemption section

Nov 07,2011

HC: Software expenses deductible as revenue expenditure

Expenditure incurred for use of software in order to run business more efficiently, allowable as revenue expenditure; Test of ‘enduring benefit’ not conclusive for determining the nature of expenditure; Legitimate claim for

Nov 07,2011

HC: Expenditure for use of software, allowable as revenue expenditure

  Expenditure incurred for acquiring license to use software application as well as making improvements in respect of leasehold premises, allowable as revenue expenditure

Nov 07,2011

HC: Transaction charges paid to BSE is 'managerial service', TDS u/s 194J applicable

BOLT transactions charges paid to BSE amounts to payment for ‘managerial services’, TDS u/s 194J applicable

Nov 05,2011

HC: Perquisite valuation for educational facilities to be based on actual ‘Cost’ and not comparable ‘fees'

Perquisite valuation of free or concessional educational facilities to be based on ‘Cost’ and not ‘fees’ charged: Delhi HC  

Nov 03,2011

HC: Amount spent for removal of encumbrance, discharge of which essential to gain title to property, eligible for deduction u/s 48

Amount spent for removal of encumbrance, discharge of which essential to gain title to property, eligible for deduction u/s 48

Nov 02,2011

HC: Amount used to discharge encumbrance on property created by assessee himself not deductible u/s 48(1)

Expenditure incurred to remove encumbrance created by the assessee himself, on a property in which he held absolute interest, not allowable u/s 48(1)  

Nov 02,2011

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