Law: Income Tax Act, 1961

Section: 256,45,48,49,50,55

(a) Income-tax---Capital gains---Computation of capital gains---Cost of acquisition of capital asset---Option to substitute fair market value as on 1-1-1954---Scope of S.50(2)---Option restricted to assets acquired in mode specified in S.49--¬Indian Income Tax Act, 1961, Ss.45, 48, 49, 50 & 55. (b) Interpretation of statutes--- General and special provisions (c) Income-tax. ----Business expenditure---Disallowance---Company---Gratuity---Payment through fund to which contributions have been made by employer---Not includible in salary or perquisite while computing expenditure for purposes of disallowance under S.40-A(5)---Indian Income Tax Act, 1961, S.40-A. (d) Income-tax--- ----Business expenditure---Disallowance---Company---Expenditure resulting in benefit or amenity to employee or director---House rent allowance, conveyance, allowance, medical insurance etc.---Ceiling for purposes of disallowance is in respect of remuneration paid to each employee separately---Expenditure on telephone, gas, electricity and insurance premia of directors---Computation of disallowance is a question of fact---Indian Income Tax Act, 1961, Ss.40-A & 256. (e) Income-tax. ----Capital or revenue expenditure---Company---Fees paid to Registrar for permission to increase authorised capital---Bank guarantee commission--¬Capital expenditure---Indian Income Tax Act, 1961, S.37. (f) Income-tax. ----Capital or revenue expenditure---Company---Foreign exchange---Assets acquired in foreign country on deferred payment---Excess payable on account of fluctuation in rate of foreign exchange---Capital expenditure---Indian Income Tax Act, 1961, S.37.---[Goculdas Dossa & Co. v. Shah (J.P.) (1995) 211 I T R 706 (Bom.) dissented from]. Subsection (2) of section 50 of the Income Tax Act, 1961, on its plain reading has been restricted in its operation to assets acquired in the modes specified under section 49 of the Act. Subsection (2) of section 55 has not been made applicable to depreciable assets generally. Section 50 lays down that the cost of acquisition in the case of depreciable assets would be the written down value in the case of assets acquired at a cost by the assessee, after such…

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