The following important judgements are available for download at itatonline.org.
CIT vs. Hritnik Exports Pvt. Ltd (Delhi High Court)
S. 10B(4): All business profits of the undertaking are eligible for deduction and it is not necessary to show that they have a "direct nexus" with the undertaking
Sub-section (4) of s. 10B does not require an assessee to establish a direct nexus with the business of the undertaking and once an income forms part of the business of the undertaking, the same would be included in the profits of the business of the undertaking. Thus, once an income forms part of the business of the eligible undertaking, there is no further mandate in the provisions of section 10B to exclude the same from the eligible profits
CIT vs. J. B. Boda & Co.P. Ltd (Bombay High Court)
Chapter VI-A deductions are not limited to the business profits but are available to the extent of the Gross Total Income
The only question sought to be canvassed is that out of these deductions the admissible deduction under section 80-O ought to be limited to the extent of Rs.69,70,127 which represents business income. In other words, the income from interest and dividend shall not form part of the gross total income as defined under section 80B(5) of the Act. The submission is misconceived
Regards,
Editor,
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