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Where the assessee-society was storing the controlled commodities in its godowns as part of its own trading stock, it was not entitled to claim deduction for the margin of profit between issue price and sale price of the controlled commodities under section 80P(2)(e).
In assessment proceedings, the AO raised a query about disallowance of expenditure attributable to exempted dividend income u/s 14A. After considering the assessee’s reply, no disallowance was made u/s 14A, though interest expenditure was disallowed on the ground that it was not for business purposes. This was confirmed by the CIT (A). On appeal by the assessee
The assessee incurred expenditure on issue of convertible debentures. The department claimed that convertible debentures were akin to shares and that in line with the judgement of the Supreme Court in Brooke Bond 225 ITR 798 the expenditure was capital in nature. HELD rejecting the claim that:
Brief facts of the case giving rise to this appeal are that assessee, a non-resident foreign company, engaged in the business of providing services in connection with extraction and production of mineral oils, submitted its return of income declaring income at Rs. 2,11,79,270/ – for the Assessment Year 1999-2000. The case was processed under Section 143(1) of the Income Tax Act
9. In the instant case, since it is not in dispute that the amount, in question, has already been utilized by the Assessee for the purpose of its business from time to time and by Board Resolution the Assessee has transferred the amount to the Reserve Fund Account, and considering the judgment of the Supreme Court in the case of Commissioner of Income-tax vs. T. V. Sundaram Iyengar
H.H. Maharaja v. ACIT – September 12, 2008 – Section 166 can be invoked only when the income is received by the assessee; unless and until the trustees exercise the discretion and distribute the income in favour of any of the beneficiaries, i.e. the assessee, such income cannot be said to be received by the assessee; merely on the basis of presumption, income cannot be taxed in the hands of the assessee.
