Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (6) TMI 433 - HC - Income TaxExport – Special deduction – Insurance claim on stock-in-trade – Not independent income nor receipt of a nature similar to Brokerage, Commission, Interest, or charges – Insurance claim part of Business income – Not liable to be reduced to the extent of 90% while calculating eligible profits. Rental income of ₹ 2,85,60,871 received by the assessee-company from sub-leasing of commercial premises is to be considered as Income from house property even though the renting out of the premises amounts to commercial exploitation for business purposes by the assessee-company Retrenchment compensation paid to workmen - Three units - None of the manufacturing units functioned as independent profit centres. All purchases for the manufacturing units were centralized at the head office. The sales and marketing function was also centralized. The working capital requirements and capital commitments with regard to plant operations were also centralized. - The closure of the unit at Ankleshwar did not involve the closure of the business. The retrenchment compensation paid to the workmen was therefore an allowable deduction within the meaning of section 37(1) since there was no closure of the business.
|