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2004 (1) TMI 46 - HC - Income TaxAmount (subscription) paid for repairs of club building - "Whether Tribunal was justified in law in rejecting the claim of subscription paid to Borsola Gymkhana Club for repairs of club building, which was destroyed by fire, of Rs. 5,00,000 on the ground that the assessee was not the owner of the club building, although its employees are members of this club?" – Held no – In respect of computing eligible profit, Tribunal was justified in directing the Assessing Officer to compute 20 per cent. of the eligible profit inclusive of rental income, interest, dividend, profit on sale of assets, replantation subsidy along with other income as found in profit and loss account against the correct interpretation of section 32AB
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