If cash assistance received or receivable against exports ...

Income Tax

March 12, 2016

If cash assistance received or receivable against exports schemes are included as being income under the head "profits and gains of business or profession", it is obvious that subsidies which go to reimbursement of cost in the production of goods of a particular business would also have to be included under the head "profits and gains of business or profession", and not under the head "income from other sources". - SC

View Source

← Previous Next →

If cash assistance received or receivable against exports ...

Income Tax

March 12, 2016

You may also like:

Correct head of income - Cash received as rental income - assessee could not prove the existence of the persons against whom he has shown the cash receipt as rental...

Correct head of income - taxability of rental income - the assessee is owner and thereby receives any income from house property, it should be taxed under the head...

Correct head of income - lease rent received by the assessee - Business of assessee taken over by the another Company as was running as JV - assessed under the head...

Correct head of income - Lease rent received - to be treated as business income or as income from other sources - There was no attempt to exploit the commercial assets...

Correct head of income - sale consideration received by the assessee from redemption of preference shares including the premium- capital income or income from other...

Correct head of income - Receipt by way of an option agreement cannot be assessed under the head income from house property. Once said receipt is not assessable under...

Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

Income from license fees - income under the head ‘Income from other sources’ OR 'business income' - AT

Service charges received by the assessee from tenants - Income from house property or business income - service charges received by the company from the tenants is...

Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

Nature of income - Income from warehouse - income from warehouse has to be assessed under the head income from house property not under the head income from business and...

Classification of imported goods - dried pomegranate seeds/anardana - The contention of the Revenue that the Import Policy is in the nature of delegated legislation...

Correct head of income - interest received under Section 28 of the Land Acquisition Act, 1894 - part take the character of the compensation and would fall under the head...

Correct head of income - income from letting out of warehouses or property to lessees - in cases where the earning of the rental income is the exclusive or predominant...

Treatment of surrendered income - apart from cash all other income surrendered may be brought to tax under the head "business income" while the cash has to be taxed...

Quick Updates: