“Section 17(1)”
The decision most relied on for Section 17(1) is CIT v. Yokogawa India Ltd. (341 ITR 385), cited in 270 judgments on BharatTax.
Leading authorities on Section 17(1)
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.
The Kerala High Court held that charitable institutions claiming exemption under Section 11 are not entitled to claim depreciation on assets used for charitable purposes, taking a view contrary to most other High Courts.
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.
When considering an application for condonation of delay, the court must examine whether the mistake causing the delay was bona fide or merely a device to cover an ulterior purpose, guiding the exercise of its discretion.
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.
Procedural law serves as an aid to justice, not an obstruction, and should not ordinarily be construed as mandatory; it is subservient to substantive justice.
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.
