“Section 49(1)(b)”
The decision most relied on for Section 49(1)(b) is (a) CIT Vs. Genesis Commet (P) Ltd. 163 Taxman 482 (Del) (b) CIT v. V. B. Aggarwal (49 ITR 650), cited in 35 judgments on BharatTax.
Leading authorities on Section 49(1)(b)
The Income Tax Officer has a duty to assist the assessee in producing evidence by exercising powers such as summoning parties, and an assessee is prejudiced if this duty is not fulfilled.
Interest paid on delayed payment of service tax or sales tax is compensatory in nature and therefore, it is an allowable business expense. The same principle applies to interest levied for delayed payment of TDS.
Goodwill arising on amalgamation is an asset and eligible for depreciation under Section 32(1) of the Income Tax Act, 1961. The actual cost of such goodwill in the hands of the amalgamated company is the same as it would have been in the hands of the amalgamating company.
