DY. COMMISSIONER OF INCOME TAX , CIRCLE-2(2), HYDERABAD vs. GURUVAYOOR INFRASTRUCTURE PRIVATE LIMITED, HYDERABAD

In the result, appeal of the revenue is partly allowed for statistical purposes in above terms

Bench: Shri R.K. Panda & Shri Laliet Kumar

section 45Q,an overriding effect is given to the directions vis-a-vis 'income recognition' principles in the Companies Act. These directions constitute a code by themselves. However, these directions and the Income-tax Act operate indifferent areas. These directions have nothing to do with the computation of taxable income', These directions cannot overrule the 'permissible deductions' or 'their exclusion

DY. COMMISSIONER OF INCOME TAX , CIRCLE-2(2), HYDERABAD vs. GURUVAYOOR INFRASTRUCTURE PRIVAT LIMITED, HYDERABAD

In the result, appeal of the revenue is partly allowed for statistical purposes in above terms