COMMISSIONER OF INCOME TAX, COIMBATORE vs. M/S. LAKSHMI MACHINE WORKS

gains of business of profession: Rs. Net profit as P & L account Add: Amount not deductible by virtue of secs.40 and 40A 10,30,000 51,600 Less: Excise duty of 1991-92, deductible by virtue of section 43B [see para 49.10] 10,81,600 (-) 86,920 Business income (under section 28) Capital

M/S MUNJAL SALES CORPORATION vs. COMMR.OF INCOME TAX,LUDHIANA

capital borrowed within the meaning of this clause; AMOUNTS NOT DEDUCTIBLE 40. Notwithstanding anything to the contrary in Sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head "Profits and gains of business or profession", - (b) in the case of any firm, any payment of interest, salary, bonus, commission or remuneration

M/S SNOWTEX INVESTMENT LIMITED vs. PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL -2, KOLKATA

The appeal is dismissed in terms of the signed reportable

Bench: HON'BLE THE CHIEF JUSTICE

Capital gains” and “Income from other sources”, or a company the principal business of which is the business of trading in shares or banking or the granting of loans and advances) consists in the purchase and sale of shares of other companies, such company shall, for the purposes of this section, be deemed to be carrying on a speculation business