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Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
The High Court examined various issues concerning the calculation of deduction u/s 80IC, eligibility for the deduction, disallowance of royalty payments, and treatment of income from house property. The key points are: The assessee is eligible for the deduction u/s 80IC as it established the manufacturing unit before amalgamation, and Section 80IC(4) is not applicable. The royalty payments were rightly allowed as the expenses were for enduring benefit and capital in nature, following the Hero Honda case. The rental income should be taxed under 'income from house property' and not 'income from other sources,' as the assessee earned rental income by letting out its property, irrespective of the agreement's nomenclature. The Assessing Officer was directed to tax the rental income under 'income from house property' as per law.
The High Court examined various issues concerning the calculation of deduction u/s 80IC, eligibility for the deduction, disallowance of royalty payments, and treatment of income from house property. The key points are: The assessee is eligible for the deduction u/s 80IC as it established the manufacturing unit before amalgamation, and Section 80IC(4) is not applicable. The royalty payments were rightly allowed as the expenses were for enduring benefit and capital in nature, following the Hero Honda case. The rental income should be taxed under 'income from house property' and not 'income from other sources,' as the assessee earned rental income by letting out its property, irrespective of the agreement's nomenclature. The Assessing Officer was directed to tax the rental income under 'income from house property' as per law.
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