Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 2009 (7) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (7) TMI 11 - SC - Income TaxSection 80P(2)(e) – Interpretation of - whether "commission" received by the appellant from the State Government was really in the nature of payment for the letting of the godowns? – appellant is doing the work of distribution of controlled commodities such as wheat, sugar, rice and cloth on behalf of the Government under the Public Distribution Scheme (PDS) for which it is getting commission - issue price is set-off against the sale - netting/difference between the two prices constituted receipt on a commercial basis or net profit – held that assessee was storing the commodities in question in its godowns as part of its own trading stock, hence it was not entitled to claim deduction for such margin under Section 80P(2)(e) of the 1961 Act
|