Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Interest on borrowings used to acquire plant, machinery, scrap, land and buildings held as current assets for sale in an asset-trading business is revenue expenditure. The proviso to section 36(1)(iii), which restricts interest deduction until an acquired asset is first put to use, does not apply where the assets are acquired solely for resale and are neither intended nor required to be used in manufacturing. Borrowings for buying and selling such assets are for business purposes. Acquisition-related expenses incurred in dealing in current assets for sale are likewise revenue expenditure allowable under section 37(1), rather than capital expenditure.
Interest on borrowings used to acquire plant, machinery, scrap, land and buildings held as current assets for sale in an asset-trading business is revenue expenditure. The proviso to section 36(1)(iii), which restricts interest deduction until an acquired asset is first put to use, does not apply where the assets are acquired solely for resale and are neither intended nor required to be used in manufacturing. Borrowings for buying and selling such assets are for business purposes. Acquisition-related expenses incurred in dealing in current assets for sale are likewise revenue expenditure allowable under section 37(1), rather than capital expenditure.
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