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Only profit on the sale of the licence should be chargeable to tax under s 28(iiia) and not the profit which may come in the future on the sale of the licence
Case Law Details
- Case Name
- GKW Limited Vs Commissioner of Income Tax (Calcutta High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Calcutta High Court
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GKW Limited Vs CIT (Calcutta High Court)- Only profit on the sale of the licence should be chargeable to tax under s 28(iiia) and not the profit which may come in the future on the sale of the licence.
Provisions relating to payment of advance tax are applicable in a case where the total income is deemed to be 30% of the book profits under s 115JA and the Tribunal was justified in upholding the charging of interest under s 234B in the appellant’s case for AY 1997–1998.
Expenditure incurred on the rent and repairs and maintenance of the guest house is allowable under s 30....
