TMI BlogChargeability - Section 28X X X X Extracts X X X X X X X X Extracts X X X X ..... and Hydrochloroflourocarbons ) from Govt. of India is not taxable (iii) Income derived by a trade, profession or similar association from specific services performed for its members . ( iiia ) Profits on sale of a licence granted under the Imports (Control) Order, 1955, made under the Imports and Exports (Control) Act, 1947 ( iiib ) Cash assistance (by whatever name called) received or receivable by any person against exports under any scheme of the Government of India ; ( iiic ) Any duty of customs or excise re-paid or re-payable as drawback to any person against exports under the Customs and Central Excise Duties Drawback Rules, 1971 ; ( iiid ) Any profit on the transfer of the Duty Entitlement Pass Book Scheme, being the Duty Remission S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reated as, a capital asset determined in the prescribed manner. (vii) Any sum received (or receivable) in cash or kind ,on account of any capital assets (other than land or goodwill or financial instrument being demolished, destroyed, discarded or transferred, if the whole of the expenditure on such capital asset has been allowed as a deduction under section 35AD . Explanation 2 : Speculative business to be distinct business. Where speculative transactions carried on by an assessee are of such a nature as to constitute a business, the business (hereinafter referred to as speculation business ) shall be deemed to be distinct and separate from any other business. Other Relevant Information - Section 28 Clause (iv) The benefit or perquisite ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Temporary letting out of plant equipment is business income The court held that it was a part of the normal activities of the assessee s business to earn money by making use to tis machinery by either employing it in own manufacturing concern or temporarily letting it to others for making profit for that business when for the time being it could not itself run it. - Commissioner of Excess Profits Tax, Bombay City versus Shri Lakshmi Silk Mills Limited 1951 (9) TMI 1 - Supreme Court Relevant Case Laws Income form business carried on by promoters of company prior to dated of incorporation of company, cannot be taxed as income of company. it shall be taxable in the hand of promoter in the status of AOP/BOI. [ CIT v/s City Mills distributors P ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
