Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
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The Calcutta High Court addressed the nature of a sales tax incentive received under the "West Bengal Incentive Scheme, 2000" for industrial promotion. The scheme aimed at industrializing backward areas by providing incentives. The court held that the subsidy received was a capital receipt, not subject to Section 41(1) of the Income Tax Act, 1961. Referring to a previous case, the court emphasized the capital nature of the subsidy. The appellant failed to differentiate this case from a prior judgment on the same scheme. Consequently, the court ruled in favor of the respondent, affirming the subsidy as a capital receipt.
The Calcutta High Court addressed the nature of a sales tax incentive received under the "West Bengal Incentive Scheme, 2000" for industrial promotion. The scheme aimed at industrializing backward areas by providing incentives. The court held that the subsidy received was a capital receipt, not subject to Section 41(1) of the Income Tax Act, 1961. Referring to a previous case, the court emphasized the capital nature of the subsidy. The appellant failed to differentiate this case from a prior judgment on the same scheme. Consequently, the court ruled in favor of the respondent, affirming the subsidy as a capital receipt.
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