“Section 2(14)(iv)”
The decision most relied on for Section 2(14)(iv) is Escorts Ltd. v. UOI (199 ITR 43), cited in 267 judgments on BharatTax.
Leading authorities on Section 2(14)(iv)
A statute should not be construed to permit double deduction for the same expenditure unless specifically provided by law.
A charitable trust can claim depreciation on assets when computing the income applied for charitable or religious purposes under Section 11 of the Income Tax Act, for assessment years prior to the introduction of Section 11(6). The restriction on claiming depreciation, as introduced by Section 11(6), is prospective from AY 2015-16.
Activities of a sovereign nature, executed as an arm of the government and under its direct control, cannot be classified as business activities, even if they relate to trade or commerce. Such activities are considered for general public utility.
An insurance policy assigned by an employer to an employee loses its character as a keyman insurance policy and becomes an ordinary life insurance policy, with tax implications determined by its status at the time of assignment.
A revisionary action under Section 263 is permissible only when there is a lack of inquiry by the Assessing Officer, not merely when the Commissioner disagrees with the Assessing Officer's conclusion.
