Friday, 2 March 2012

Expenditure incurred on closure of business

Expenditure incurred on closure of business of manufacturing activity - since the assessee had been doing other business activity also, namely, 'trading' it could not be said that the assessee had closed its business. - HC
Commissioner of Income-tax Versus KJS India P. Ltd. - High Court

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Section 56(2)(ix): Forfeiture of Advance Money Received – A Critical Analysis

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