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2011 (2) TMI 86 - CALCUTTA HIGH COURTBusiness Expenditure - The amount of Cess paid by an assessee under the Assam Agricultural Income-tax Act on green tea leaf is allowable as a "business expenditure" in computing the composite income under rule 8 of the Income-tax Rules, 1962, has already been decided by a Division Bench of this Court in the case of CIT v. A.F.T. Industries Ltd.and it has been held that the amount of Cess so payable is deductible Under Section 263- There was no justification of invoking section 263 of the Income-tax Act for reopening of the assessment on the basis of a proposal given by the Assessing Officer himself after passing of the order of the assessment on the basis of the precedent of Gauhati High Court which has not been approved by a Division Bench of our High Court.
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