Goa High Court

Income having no nexus with exports is to be included while deducting 90% of receipt u/s 80HHC clause (baa)

Sesa Goa Ltd. Vs CIT, (Goa High Court)

In the case of Sesa Goa Ltd. vs. CIT, High Court has held that that independent income having no nexus with exports would be covered by the words other similar receipts in clause (baa) of the Explanation to Section 80HHC of the Act....

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Deduction u/s 80HHC is to be allowed to the extent of Gross Total Income

V. M. Salgaocar & Brother Pvt. Ltd Vs The ACIT (Goa High Court)

In the case of V. M. Salgaocar & Brother Pvt. Ltd vs. The Asst. Commissioner of Income Tax, Goa High Court has held that deduction u/s 80HHC is to be allowed to the extent of gross total income and not to the extent of business profit only....

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Provision for doubtful debts not required to be add back to arrive at book profit u/s 115JA

CIT Vs M/s. Salgaonkar Mining Industries Pvt. Ltd. (Goa High Court)

In the case of The Commissioner of Income Tax vs. M/s. Salgaonkar Mining Industries Pvt. Ltd High Court of Goa has held that provision for doubtful debt is not required to add back while arriving book profit u/s 115JA....

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Cessation of loan liability taken for purchase of capital assets is capital receipt

CIT Vs V. S. Dempo & Company Ltd. (Goa High Court)

In the case of The Commissioner of Income Tax vs. V. S. Dempo & Company Ltd, Goa High Court has held that the principal amount of loan taken for purchase of capital assets was on capital account and therefore on cessation of its repayment there is no occasion to apply Section 41 (1) of the Act. And resultant income should only be treated ...

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