1.     THE ROADMASTER INDUSTRIES OF INDIA (P) LIMITED (PUNJAB and HARYANA High Court) [Related to section 35B(1)(b)(iii)]

Income Tax – Expenditure incurred by way of sea freight not eligible for    weighted deduction in terms of sub-clause (iii) of Section 35B (1)(b) of IT Act, 1961 – Sub-clause (viii) being a general provision cannot be applied when a specific provision debars eligibility.

(Click here for judgment)

2.   M/s UNITED EXPORTS (Delhi High Court)

Income tax - Sec 40A(2)(a) - Assessee is a partnership firm - deals in export of rice - debits certain sums on account of trading discount given to sister concern - AO finds 11% as excessive trade discount and reduces it to 3% - CIT(A) hikes it to 8% on the basis of high discounts allowed in the past AYs - Tribunal reduces the same to 5% - held, Tribunal's order is flawed as the trade discount is reduced without any basis or any documents.

(Click here for judgment) 

If you have any query please e-mail at voiceofca@gmail.com.

"Pray that success will not come any faster than you are able to endure it"