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2010 (1) TMI 117 - SC - Income TaxApplicability of Section 40(2) – appropriation of profit – payment to cane growers - Whether the above-mentioned differential payment made by the assessee(s) to the cane growers after the close of the financial year or after the balance-sheet date would constitute an expenditure under Section 37 of the Income Tax Act, 1961; and whether such differential payment would, applying the real income theory, constitute an expenditure or distribution of profits? – held that – matter remanded on the issue of determination of the question whether the obligation is attached to income or to its source – AO directed to determine whether the said differential payment constitutes an expense or distribution of profits
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