Addition of amount representing 10% of sale proceeds deducted by ...

Supreme Court Directive: 10% Deduction from Mineral Stock E-Auction Proceeds Allowed Under Income Tax Act Section 37(1.

March 15, 2022

Case Laws Income Tax AT

Addition of amount representing 10% of sale proceeds deducted by the Monitory committee from e-auction sale of mineral stock belonging to the assessee and which was contributed to Special Purpose Vehicle, as per the direction given by Hon'ble Supreme Court - there is merit in the submission of the Ld. A.R. that, without making these payments, the assessee could not have resumed the mining operations. Hence, these expenses are incidental to carrying on the business and hence allowable u/s. 37(1) of the Act. - AT

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Addition of amount representing 10% of sale proceeds deducted by ...

Supreme Court Directive: 10% Deduction from Mineral Stock E-Auction Proceeds Allowed Under Income Tax Act Section 37(1.

March 15, 2022

Case Laws Income Tax AT

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