Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
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Interest arising from State Government funds advanced to an assessee is not taxable in the assessee's hands where the interest belongs to the State Government, including where the same issue has been determined for an earlier assessment year. Conversely, a signature bonus received on transferring developed power projects constitutes a revenue receipt when developing and transferring such projects forms part of the taxpayer's ordinary business and involves expenditure on surveys, testing and approvals. The distinction turns on beneficial ownership of the interest and the receipt's direct connection with regular business operations.
Interest arising from State Government funds advanced to an assessee is not taxable in the assessee's hands where the interest belongs to the State Government, including where the same issue has been determined for an earlier assessment year. Conversely, a signature bonus received on transferring developed power projects constitutes a revenue receipt when developing and transferring such projects forms part of the taxpayer's ordinary business and involves expenditure on surveys, testing and approvals. The distinction turns on beneficial ownership of the interest and the receipt's direct connection with regular business operations.
Note: It is a system-generated summary and is for quick reference only.
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