Law:

Section:

[2009] 311 ITR 468 (Madras) [2009] 311 ITR 468 (MAD.) HIGH COURT OF MADRAS Commissioner of Income-tax v. Khursheed Anwar D. MURUGESAN AND P.P.S. JANARTHANA RAJA, JJ. TAX CASE (APPEAL) NO. 241 OF 2004 AUGUST 13, 2007 Section 36(1)(iii) of the Income-tax Act, 1961 - Interest on borrowed capital FOR PURPOSE OF BUSINESS Where assessee had shown a building in balance-sheet of business and Tribunal had held that building was used for business, assessee was entitled to deduction of interest on loans used for purchase of property [Assessment year 1996-97] [In favour of assessee] CIT v. Khursheed Anwar [2009] 311 ITR 468 (Mad.) Where the assessee had shown a building in the balance sheet of the business and the Tribunal had held that the building was used for business and the Tribunal had also held that the revenue had not brought any material on record to show that the building was not used for business except stating that the building was not used for business, the finding of the Tribunal being on appreciation of record, the assessee was entitled to deduction of interest on the loans used for the purchase of property. Section 80-o of Income-tax Act, 1961 - Deductions - Royality etc. from certain foreign enterprises ROYALTY, ETC., FROM FOREIGN ENTERPRISE [SECTION 80-O] Where assessee had claimed deduction under section 80-O on commission received in foreign currency from a company in Italy on basis that an exclusive agency agreement had been entered into by assessee with said foreign enterprise for promoting and concluding sales contract in territory of India but there was no evidence that commercial information had been furnished, assessee was not entitled to special deduction under section 80-O [Assessment year 1996-97] [In favour of revenue] CIT v. Khursheed Anwar [2009] 311 ITR 468 (Mad.) For the purpose of entitlement as to the deduction under section 80-O, it is for the assessee to satisfy the revenue, firstly as to the receipt of the commission, secondly, that such commission was received from the foreign enterprise outside India, and, thirdly, that the commission was in respect of the information relating to the commercial transaction. The assessee must prove…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492