https://www.taxtmi.com/caselaws?id=36637 A political election fund contribution was not deductible because it lacked a direct nexus with the shipping business and was not laid out wholly and exclusively for business purposes. The profit on sale of S. S. Jalakirti was not taxable under section 10(2)(vii) or section 10(2A) because the ship had ceased to be used for business before delivery to purchasers. Amounts realised on transfer of assets to wholly owned subsidiaries were chargeable in the parent company's hands, as the exemption in the proviso to section 12B(1) operated only for the subsidiary. Surplus on cancellation of debentures was capital, not business profit. Refund receivable by a liquidated Burma company formed part of accumulated profits for dividend purposes. en-us Tue, 01 Nov 1977 00:00:00 +0530 Tue, 23 Mar 2010 15:52:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36637 A political election fund contribution was not deductible because it lacked a direct nexus with the shipping business and was not laid out wholly and exclusively for business purposes. The profit on sale of S. S. Jalakirti was not taxable under section 10(2)(vii) or section 10(2A) because the ship had ceased to be used for business before delivery to purchasers. Amounts realised on transfer of assets to wholly owned subsidiaries were chargeable in the parent company's hands, as the exemption in the proviso to section 12B(1) operated only for the subsidiary. Surplus on cancellation of debentures was capital, not business profit. Refund receivable by a liquidated Burma company formed part of accumulated profits for dividend purposes. Case-Laws Income Tax Tue, 01 Nov 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36637