CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
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Deduction under Section 80I on the profits and gains of an industrial undertaking had to be computed without first reducing the deduction claimed under Section 32AB. Applying the Supreme Court's distinction between 'profits and gains' and 'income' in Vijay Industries, the Court held that Section 80I is to be worked out on the undertaking's profits themselves, not on a net figure after the 32AB reduction. The Tribunal was therefore wrong to direct such reduction, and the question was answered for the assessee and against the Revenue.
Deduction under Section 80I on the profits and gains of an industrial undertaking had to be computed without first reducing the deduction claimed under Section 32AB. Applying the Supreme Court's distinction between 'profits and gains' and 'income' in Vijay Industries, the Court held that Section 80I is to be worked out on the undertaking's profits themselves, not on a net figure after the 32AB reduction. The Tribunal was therefore wrong to direct such reduction, and the question was answered for the assessee and against the Revenue.
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