Bombay High Court Allows Deduction for Provision for Research Contribution and Disallows Addition of Concessional Sugar Sale Difference Under Section 40A(2) of Income Tax Act, 1961. The court held that Section 40A(2) applies only to expenditure, not to sale of goods, and that a provision for contribution to a research institute is deductible under Section 35(1) even if not actually paid.
10 Feb 2012The case involved a tax appeal by the Commissioner of Income Tax against Shetkari Sahakari Sakhar Karkhana Limited, a cooperative sugar factory. Two i...
