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2014 (7) TMI 1086 - HC - Income TaxDeduction u/s 80HHC - Business profits Computation - 90% reduction of gross hire charges or net hire charges as per Explanation (baa) to section 80HHC Held that:- Following the decision in ACG Associated Capsules Pvt. Ltd. V/s. Commissioner of Income-tax [2012 (2) TMI 101 - SUPREME COURT OF INDIA] - ninety percent of not the gross interest but only the net interest is liable to be included in the profits of the business of the assessee as computed under the heads "Profits and gains of business or profession" while making the computation under Section 80HHC no substantial question of law arises for consideration Decided against Revenue. Onetime payment made to forest department Capital or revenue expenses Held that:- Following the decision in Commissioner of Income Tax V/s. Dr. Prafulla R. Hede and Anr. [2014 (7) TMI 1085 - BOMBAY HIGH COURT] - The assessee was directed to pay the net present value for diversion of forest land for the purpose of mining - the expenditure so incurred to be for commercial expediency and that it should therefore not be treated as expenditure of capital nature Decided against Revenue.
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