https://www.taxtmi.com/caselaws?id=205972 Deferred sales tax paid at net present value was held not to trigger section 41(1) because there was no remission or cessation of liability, and the resulting surplus was treated as a capital receipt. The section 14A disallowance linked to dividend income was curtailed to 2% on an estimated basis. For section 80HHC, insurance claim receipts and cheque-bounce penalty were included in business profits, deduction under section 80HHC was computed without reducing section 80IB relief, and unutilised MODVAT credit was not added under section 145A. Interest receipts were to be netted against interest paid, while service charges, scrap sales, sales tax refund and club expenses were dealt with according to the applicable export-profit computation principles. en-us Mon, 07 Mar 2011 00:00:00 +0530 Mon, 03 Oct 2011 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205972 Deferred sales tax paid at net present value was held not to trigger section 41(1) because there was no remission or cessation of liability, and the resulting surplus was treated as a capital receipt. The section 14A disallowance linked to dividend income was curtailed to 2% on an estimated basis. For section 80HHC, insurance claim receipts and cheque-bounce penalty were included in business profits, deduction under section 80HHC was computed without reducing section 80IB relief, and unutilised MODVAT credit was not added under section 145A. Interest receipts were to be netted against interest paid, while service charges, scrap sales, sales tax refund and club expenses were dealt with according to the applicable export-profit computation principles. Case-Laws Income Tax Mon, 07 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205972