Characterisation of investment as fixed asset rejected for computing statutory percentage, prompting review and rectification of additional tax cases. Investments by a managing agency in shares of its managed company are not to be treated as fixed assets for computing the statutory percentage for additional tax; classification depends on the holder's business character, audit objections are accepted, officers must be informed and past cases reviewed for rectification with a report submitted.
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.
Characterisation of investment as fixed asset rejected for computing statutory percentage, prompting review and rectification of additional tax cases.
Investments by a managing agency in shares of its managed company are not to be treated as fixed assets for computing the statutory percentage for additional tax; classification depends on the holder's business character, audit objections are accepted, officers must be informed and past cases reviewed for rectification with a report submitted.
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