Income from special sources treated as aggregate of receipts, reimbursements and tax with no deductions permitted. Income from special sources is the aggregate of accruals or receipts, reimbursements of expenditure and tax borne by the payer; no deduction, allowance or loss set off is permitted, and such income is presumed to give full effect to all losses, allowances and deductions under the Code. Written down value of business assets used for such income is computed as if depreciation, initial depreciation and terminal allowance had been claimed and allowed, and common costs attributable to the special source are to be determined as prescribed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Income from special sources treated as aggregate of receipts, reimbursements and tax with no deductions permitted.
Income from special sources is the aggregate of accruals or receipts, reimbursements of expenditure and tax borne by the payer; no deduction, allowance or loss set off is permitted, and such income is presumed to give full effect to all losses, allowances and deductions under the Code. Written down value of business assets used for such income is computed as if depreciation, initial depreciation and terminal allowance had been claimed and allowed, and common costs attributable to the special source are to be determined as prescribed.
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