Thursday, 13 December 2012

Understanding Allowability of Business Expenditure under section 37 of the Income Tax Act, 1961 with latest case laws

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Share sale by Passive Shareholder taxable as Long-Term Capital Gains and not Business Income irrespective of non-compete clause in the SPA

  As per Income Tax Laws, any sum received or receivable in cash or kind under an agreement for not carrying business or profession is treat...