Explanation (baa) to s. 80HHC defines the term “profits of the business” to mean business profits as reduced by 90% of .. “receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature“. The Tribunal took the view, on the basis of Bangalore Clothing 260 ITR 371 (Bom) that receipts towards recovery of freight, insurance
Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that 90% of recovery of freight, insurance and packing receipts amounting to Rs.49,14,076/, sales tax set off/refund amounting to Rs.38,33,148/and service income of Rs. 2,89,17,545/are not to be excluded from profits of business
S. Ponniah Vs The Director General of Police and The Commissioner of Police – Writ Petitions are filed under Article 226 of the Constitution of India praying to issue a Writ of Mandamus directing the respondents to promote the petitioners for the post of Sub-Inspector of Police with effect from January 2008 and 2010 respectively.
We have given our due consideration to the aforesaid submissions of the counsel on the either side. The important fact which is to be borne in mind in the present case is that no advance tax was paid by the assessee at all in the assessment year in question on the plea that such tax was not payable as the assessee had set off the interest income earned
Having heard learned counsel for the parties, we have gone through the impugned orders and given our anxious consideration to the rival submissions.Section 2 (15)of the Act defines charitable purpose and Section 11 (1)of the Act provides exemption to the income derived by the trust applied for the charitable purposes
Whether on a true and correct appreciation of the relationship between the assessee and its distributors, the learned Income Tax Appellate Tribunal erred in holding that the payments paid by the assessee is not commission as envisaged under Section 194H of the Act?” This question has arisen for determination for the Assessment Years 2003-04 and 2004-05
This appeal preferred by the revenue is directed against the Income Tax Appellate Tribunal .s order dated 28.07.2006 passed in ITA No. 491/Del/2000 and relates to the assessment year 1998-1999.
The object of Section 80IA was to provide an impetus to the growth of infrastructure in the nation. A sound infrastructure is a sine qua non for economic development. Absence of infrastructure poses significant barriers to growth and development. A model which relied exclusively on the provision of basic infrastructure by the State was found to be deficient.
The principal challenge in these proceedings is to the notices issued by the first respondent under section 148 of the Income Tax Act, 1961 proposing to assess the income of the petitioner for assessment years 2005-06 and 2006-07 on the ground that there is reason to believe that income chargeable to tax had escaped assessment, within the meaning of section 147.
Where the gross total income of an assessee includes any profits and gains derived from an industrial undertaking or a ship or the business of a hotel or the business of repairs to ocean-going vessels or other powered craft to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to twenty per cent thereof:
