“Section 43(1)(a)(iv)”
The decision most relied on for Section 43(1)(a)(iv) is Escorts Ltd. v. UOI (199 ITR 43), cited in 267 judgments on BharatTax.
Leading authorities on Section 43(1)(a)(iv)
A statute should not be construed to permit double deduction for the same expenditure unless specifically provided by law.
The write-back or waiver of a loan obtained for business purposes constitutes taxable business income under Section 28. This applies even if no prior deduction was claimed, thereby not attracting Section 41(1).
A wet dock of a dockyard is considered 'plant' for the purpose of depreciation.
The Assessing Officer has the discretion to select an accounting method and the assessee cannot compel the department to adopt a particular method.
Expenditure not allowable under Section 36(1)(iv) of the Income Tax Act may still be allowable under Section 37 of the Act, even if the Tribunal followed this decision.
