Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
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The HC upheld the assessee's methodology for computing deduction under Section 36(1)(viii) of the I.T. Act. Since the assessee's accounts did not segregate actual expenditure for eligible business, the court approved the proportionate allocation method where the ratio of total income to total expenditure was applied to eligible business income to determine eligible business expenses. This approach was justified as the accounts showed gross income and expenditure for the entire business, as well as gross income for eligible business, but not specific expenditure for eligible business. The court confirmed that 20% of the resulting profit figure from eligible business qualified for deduction under Section 36(1)(viii).
The HC upheld the assessee's methodology for computing deduction under Section 36(1)(viii) of the I.T. Act. Since the assessee's accounts did not segregate actual expenditure for eligible business, the court approved the proportionate allocation method where the ratio of total income to total expenditure was applied to eligible business income to determine eligible business expenses. This approach was justified as the accounts showed gross income and expenditure for the entire business, as well as gross income for eligible business, but not specific expenditure for eligible business. The court confirmed that 20% of the resulting profit figure from eligible business qualified for deduction under Section 36(1)(viii).
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