“Section 2(62)”
The decision most relied on for Section 2(62) is CIT v. Pfizer Ltd. (330 ITR 62), cited in 78 judgments on BharatTax.
Leading authorities on Section 2(62)
An insurance claim received on stock in trade constitutes business income and is not an independent source of income.
A society registered under the Karnataka Souharda Sahakari Act, 1997, qualifies as a co-operative society under Section 2(19) and is eligible for deductions under Section 80P.
A commission of 0.50% charged by a parent company for a corporate guarantee is considered to be at Arm's Length Price (ALP). This rate is used for adjustments in transfer pricing.
In a scenario involving amalgamation, the accumulated losses and unabsorbed depreciation of an undertaking can be carried forward by the amalgamating company if it continues the business of the undertaking.
Where an Assessing Officer rejects an assessee's accounts and estimates income to their detriment, the assessee is entitled to know the basis of the estimation and an opportunity to rebut it.
Tax authorities must assess business expenditure from the perspective of a prudent businessman, not their own viewpoint, when determining if it was wholly and exclusively for business purposes.
An Assessing Officer is not justified in rejecting a claim for exemption under section 11 of the Income-tax Act. The ITAT has also held that an opportunity of being heard need not be afforded under section 139(9) in certain circumstances.
Where land is agricultural land, recognized as such in revenue records, and the owner conducts agricultural operations on it, the transfer of such land is not a transfer of a capital asset, and the income derived is not taxable as business income.
