Approved gratuity fund provisions remain deductible despite general actual-payment requirements, preventing revision of the allowed gratuity deduction...
Verification of intangible software expenditure and duplicated disallowances requires record-based reassessment before depreciation and income computa...
Cash receipt aggregation requires a single transaction, event or occasion; separate partner capital contributions cannot attract cash-receipt penaltie...
Interest received under s.28 of the Land Acquisition Act on enhanced compensation for compulsory acquisition of agricultural land was held taxable as "income from other sources" under s.56(2)(viii) read with s.145B(1), as the statutory language is clear and mandates such tax treatment; consequentially, deduction under s.57(iv) applies while recomputing such interest. The claim of exemption under s.10(37) was rejected because that provision covers only "compensation" for compulsory acquisition and does not extend to "interest on compensation/enhanced compensation." The appellate direction to recompute interest under s.56(2)(viii) with s.57(iv) deduction was upheld and the assessee's grounds were dismissed - ITAT
Interest received under s.28 of the Land Acquisition Act on enhanced compensation for compulsory acquisition of agricultural land was held taxable as "income from other sources" under s.56(2)(viii) read with s.145B(1), as the statutory language is clear and mandates such tax treatment; consequentially, deduction under s.57(iv) applies while recomputing such interest. The claim of exemption under s.10(37) was rejected because that provision covers only "compensation" for compulsory acquisition and does not extend to "interest on compensation/enhanced compensation." The appellate direction to recompute interest under s.56(2)(viii) with s.57(iv) deduction was upheld and the assessee's grounds were dismissed - ITAT
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