“Section 17(2)”
The decision most relied on for Section 17(2) is CIT v. Yokogawa India Ltd. (341 ITR 385), cited in 270 judgments on BharatTax.
Leading authorities on Section 17(2)
A provision for doubtful debts cannot be added back while computing book profits under Section 115JB of the Income-tax Act for Minimum Alternate Tax (MAT) purposes.
Supplementary commission forional or extra services does not fall within the ambit of Section 194H of the Income Tax Act, 1961. This may affect the applicability of certificates issued under Section 197.
Allotment of shares to employees under an Employee Stock Option Plan (ESOP) before April 1, 2000, is not a taxable perquisite if the benefit's value is unascertainable at the time of option exercise due to conditions like a lock-in period.
While there is no statutory time limit for filing Form 10 to claim exemption for income accumulation under Section 11(2), it must be furnished before the completion of assessment proceedings for the Assessing Officer to grant the exemption.
Interest income earned by a cooperative society on its funds deposited with banks is considered business income, making it eligible for deduction under Section 80P(2)(a)(i).
Forfeited advance money received for the transfer of a capital asset is not taxable as revenue receipt. Such forfeiture pertains to a capital receipt directly related to the potential sale of a capital asset.
An assessee cannot be subjected to tax in the absence of a specific provision allowing for such taxation.
A transfer of an immovable asset for capital gains purposes requires an effective conveyance through a registered sale deed to pass title. Prior to the amendment introducing Section 2(47)(v), transactions involving mere execution of documents or granting possession without registration were not considered complete transfers for tax.
