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Business expenditure — Entitlement provided to assessee for deduction of lease rentals on windmills used for purpose of business
Case Law Details
- Case Name
- Addl. CIT Vs Weizmann Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2004-2005
- Courts
- ITAT Mumbai
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Addl. CIT v Weizmann Ltd. ITAT, Mumbai
Deduction under s 80HHC
Allowability of deduction under s 80HHC while computing the book profit under s 115JB in spite of the fact that the deduction under s 80HHC computed under cl (a), (b) and (c) of sub-s (3) or sub-s (3A) is Nil.
Income on sale of DEPB licence is represented by entire sale proceeds of the licence and there is no logical justification in bifurcating the value of the sale consideration realised by the exporter on the transfer of the DEPB credit.
If the assessee carrying on more than one business, only the business of w...
