Un-necessary litigation initiated by the revenue forcing assessee to protest and contest and delayed justice in the case of NATIONAL CO-OPERATIVE DEVELOPMENT CORPORATION {NCDC}.

Un-necessary litigation initiated by the revenue forcing assessee to protest and contest and delayed justice in the case of NATIONAL CO-OPERATIVE DEVELOPMENT CORPORATION {NCDC}. https://www.taxtmi.com/article/detailed?id=9544 Interest earned on surplus funds is business income when arising in the ordinary course and grants made from that interest which are non refundable and applied to the corporation's objects are applications of income and allowable as business expenditure against that interest. Taxable income must be computed on principles of commercial accountancy by deducting permissible business expenses to ascertain real profits; distributions are distinct from deductions. The article criticises revenue officers for initiating unnecessary litigation and making additions or disallowances that inflate assessed income instead of objectively computing real income. en-us Wed, 11 Nov 2020 11:47:06 +0530 Wed, 11 Nov 2020 11:47:06 +0530 TaxTMI RSS Generator Un-necessary litigation initiated by the revenue forcing assessee to protest and contest and delayed justice in the case of NATIONAL CO-OPERATIVE DEVELOPMENT CORPORATION {NCDC}. https://www.taxtmi.com/article/detailed?id=9544 Interest earned on surplus funds is business income when arising in the ordinary course and grants made from that interest which are non refundable and applied to the corporation's objects are applications of income and allowable as business expenditure against that interest. Taxable income must be computed on principles of commercial accountancy by deducting permissible business expenses to ascertain real profits; distributions are distinct from deductions. The article criticises revenue officers for initiating unnecessary litigation and making additions or disallowances that inflate assessed income instead of objectively computing real income. Articles Income Tax Wed, 11 Nov 2020 11:47:06 +0530 https://www.taxtmi.com/article/detailed?id=9544