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Notional Interest Forms Part Of Value Of Excisable Goods |
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Our tax laws are complex by design. They tend to sub-serve too many objectives at the same time. The tax systems they represent are not all pervasive in scope. The exemptions are far too many. Yet, the real culprit is the absence of reasonable interpretation by the reasonable person. Full story |
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‘Derived From’ Is A Narrower Expression |
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There can be no doubt that the initial source which has produced the revenue is land used for agricultural purposes but to give to the words “revenue derived from land” the unrestricted meaning apart from its direct association or relation with the land, would be quite unwarranted. Full story |
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Taxation Of Income From Excess Share Application Money |
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It is interesting to note that although the interest on excess share application money is assessed under the head “Income from Other Sources”, one-tenth of share issue expenses, which is covered under section 35D of the Act which in turn falls under the provision governing determination of income under the head ’Business Income”, is allowed as a expense against the interest income. Full story |
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